Organizations face a wide range of risks each day that can affect their ability to achieve certain business objectives and stay in business. Risk assessment is an important and sophisticated process used to assess an organization’s risks so that it can mitigate and reduce risks to an acceptable level.
Over the past 30 years as risk control consultants, the authors have performed, facilitated, participated in and observed thousands of risk assessments for almost all industry types and sizes. Based on those experiences, they have concluded that many organizations fail to perform effective risk assessments.
This article describes the authors’ top 10 reasons organizations fail to perform good risk assessments and provides advice on avoiding these failures. Most of these observations can be tied directly to key components found in two consensus standards:
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