Risk Management Use Case: Risk Assessment
Risk Management Use Case: Risk Assessment
Use Case Description
Assess the identified risks to determine their probability and impact on the organization. This helps prioritize the risks based on their severity.
Example Scenario
For the risk of failing to meet evolving regulatory compliance requirements (RISK-000039), assess the likelihood of this occurring and the potential consequences. The causes of this risk include a lack of awareness and understanding of new regulations within the organization. The worst consequences could be financial penalties, legal repercussions, and damage to the organization's reputation.
Workflow
-
Assess Probability and Impact: Evaluate and record the probability and potential impact of each risk.
Results
- Prioritized list of risks based on their severity.
- A clear understanding of the potential impact of each risk.
Benefits
- Helps prioritize risks for effective management.
- Provides a clear view of the most critical risks.
Table of Contents