What is an annual risk review and why is it important?

What is an annual risk review and why is it important?

An annual risk review is a systematic process to identify, assess, and manage risks that could impact an organization. It's important because it helps ensure that risks are monitored and mitigated effectively, protecting the organization's assets and reputation.

What are the key components of an annual risk review?

Key components include risk identification, risk assessment, risk prioritization, mitigation strategies, and monitoring.

How often should we conduct these reviews?

Typically, annual risk reviews are conducted once a year, but organizations may choose to do them more frequently based on their risk environment.

Who should be involved in the risk review process?

Involvement should include key stakeholders such as management, risk officers, and representatives from various departments to ensure a comprehensive review.

Can you provide an example of a risk that might be identified?

Sure! An example could be cybersecurity risks, such as potential data breaches that could compromise sensitive information.