5 Reasons to Get an Independent Annual Risk Assessment for Your Company
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Introduction
Most companies are required to conduct an annual risk assessment. It is a key part of business planning and risk management. This can help you to make informed decisions about whether to take on new risks, and help you to assess the risks posed by current and future operations. The Word Economic Forum recommends an annual risk assessment for all companies
As we all know, sometimes, it is hard to be impartial when you are embedded in a project or facing deliverables and deadlines. An independent risk assessment is a great way to get an unbiased look at your company and its potential risks. As we all know, sometimes, it is hard to be impartial when you are embedded in a project or facing deliverables and deadlines.
Here are five reasons why you should get an independent risk assessment for your company:
1. An impartial assessment is more likely to be accurate.
2. A third party assessment adds a second line of confirmation for the discovery process.
3. You can make decisions about how to treat these risks (Accept, Avoid, Transfer, Mitigate)
4. You can use the results of the assessment to improve your business planning and risk management. 5. You will reduce the overall risk of disaster for your company.
The Objective Value of an Independent Assessment
Remove ‘subjective’ from any potential conversation and Improve the understanding of the risks your business faces and present an impartial view of your company's exposure to specific risks as well as identify potential areas of improvement.
Assessing the impact of risks on your business
Businesses can face different types of risks, including financial, legal, and operational. Identifying which risks are most important to your business and devising a plan to address them is essential for ensuring your company's long-term success. An independent assessment is better positioned to help assess and prioritize risks across the business, which in turn, should improve your risk program’s performance as well as that of the overall business. This can help you to ensure that your business remains safe and profitable.
Ensuring the quality of the risk assessment
Any risk assessment should include the following at a minimum (hint: the assessment is just step
Evaluate and provide an understanding of the type and level of risk your company faces.
Evaluate and provide an understanding of the areas of your business that are most at risk.
Develop a plan of action to address any identified risks.
Monitor and review the progress of the risk assessment, mitigation plans and their implementation.
Provide a progress update for leadership and company confidence.
Choosing the right independent risk assessment firm
There are a few things to consider when choosing an independent risk assessment firm. First,you'll want to make sure the firm has the experience and resources to conduct the assessment in a timely and cost-effective manner. Be sure to ask for a proposal that outlines the assessment process and the fees associated with the assessment. This will help you to understand the cost and scope of the assessment, and will help you to make an informed decision about whether to proceed with the assessment.
Contact C1Risk to learn more about our independent risk assessment offering.