Risk 101: When To Update Your Risk Assessments

Transcript:

Hello, my name is Michael Carpenter, Vice President, Risk Management here at Ncontracts, and I want to talk to you about "When should I be updating my risk assessment?"

And when I think about that question, it's almost like, is that a trick question? When should I update my risk assessment? The answer is whenever I have data to do so.

Risk assessments are commonly, unfortunately, done once a year and, at that time. Whether you're blocking off a week, you only have a day, and whatever that is, you're looking at historic data. And so, when you complete it, that assessment is already old, right? Because you're looking at old data and it's that point in time, and then it will be that assessment until the next one is done.

We're not actually leveraging that information to make business decisions, are we? Not if it never gets updated and definitely not as you get further away from the date that you completed your most recent assessment.

So, simply results from audits, examinations, the tests that you do internally, that information should be utilized to update your risk assessments.

So, let's say that you don't want to add any additional work. So how could you possibly update your assessments again? Leverage what is already occurring and update your assessments. Get more value. That's efficiency. So, update your risk assessments and use them for more than meeting regulatory expectations.

Looking to learn more about risk management?

Nrisk is a secure online risk management solution that enables you to strengthen compliance and controls for comprehensive risk management. Easily measure potential risk impacts through your organization in real-time.