React to the Situation and Reality: Reassess Risks and Measures
- The situation is constantly changing over time. What threatened you yesterday may not tomorrow, and vice versa: new threats and risks can emerge. You must respond to current and future risks, not just those from the past. New risks may arise, and original ones may disappear or change in their impact or probability of occurrence.
- This dynamic nature must be taken into account, and risks should be reassessed at least once a year, along with the measures taken to address them. Continuous monitoring and evaluation of the state of risks is therefore crucial.
What is a Risk Reassess Review?
Risk reviews are an essential part of the risk management process. Risks need to be regularly updated as both internal and external conditions change. Reassessment of risks is crucial for staying up-to-date. Regular risk review meetings help manage associated risks before they occur.
Goals of a Risk Review
- Reassess Risks: Evaluate risks according to the current situation and conditions, to and the status of your measures.
- Identify and Prioritize New Threats: Recognize and rank potential new threats.
- Reassess Impact and Likelihood: Reevaluate the impact and probability of occurrence.
- Evaluate Mitigation Measures: Assess existing risk mitigation measures and develop enhanced strategies where necessary.
- Facilitate Collaboration: Build consensus and collaboration among stakeholders to align risk management efforts with organizational goals.
Key Questions for Risk Review
- Does the risk still exist?: Confirm if the risk is still relevant.
- Does it have the same impact?: Reassess the impact of the risk.
- Does it have the same probability?: Reevaluate the likelihood of the risk occurring.
- Are our mitigation measures still valid and effective?: Ensure that current mitigation strategies are still appropriate and effective.
How to organize a risk review?
- You can use audits or simply evaluate individual risks with risk owners
- See here how to organize risk reviews and how to register