Objectives: • A sustainable process that identifies the most significant internal and external risks that could impede the achievement of the organization’s objectives and strategy. • Collaboration with other control and risk management functions to coordinate coverage of the risks.
Key Tasks: • Benchmark the current risk assessment process against other organizations of comparable size. • Inventory current processes and sources used to identify emerging risks (which have never occurred or not occurred for an extended period). • Understand the scope of other control and risk management groups’ responsibilities and their approach for identifying risks. • Develop a methodology that links the organization’s strategy to the auditable risks. • Validate the methodology with key stakeholders.