How to Conduct High Quality Risk Assessments 2020

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Risk assessments establish the foundation for all other components of the risk management program. Simply put, if a risk is not identified, there is no chance that key risk indicators, scenario analysis, or any other analysis of that risk will be performed. Additionally, if a risk is not properly assessed and prioritize, mitigating strategies may be inadequate, which will create unacceptable residual risk. The value of conducting both high-level assessments of all business units and detailed assessments of their most significant processes has been confirmed throughout the years as firms that have a rigorous risk assessment process are less vulnerable to unexpected risk events.