Sourcing risk is the key to getting off the printed page of a risk assessment to impact how we manage and respond to risk. It begins with the customary risk assessment where well-defined scenarios are evaluated in terms of severity and likelihood, resulting in a risk or heat map where key risks are prioritized. Once a risk is considered critical, it is further analyzed of its sources and outcomes. As the business environment continues to change and the pace of change accelerates, organizations must become better at identifying, prioritizing and planning for risk.
In this tool, we’ve included a guide that provides leading practices related to improving an organization’s enterprise risk management program.