1st for Formalities, Insurance, Shareholders, etc.
It for the external world and branding show-off
This should not take more than 10% of your time
2nd for Optimization for Risk-based-Decision-Making
it for the internal operational and processing
This requires 90% of your time
https://riskacademy.blog/2019/04/29/82-each-company-needs-2-risk-managements-alex-sidorenko/