Risk Assessment
OBJECTIVE
The primary objective of risk assessment is to systematically evaluate potential risks and uncertainties associated with a particular activity, process, system, or situation. The overall goal is to identify, analyze, and prioritize risks so that informed decisions can be made to manage and mitigate these risks effectively.
Clearly articulate the objectives of the risk assessment, whether it's related to a specific project, business process, or organizational strategy.
Scope of Work
The scope of work for a risk assessment will depend on the specific context, industry, and objectives of the assessment.
- Risk Identification
- Risk Analysis
- Risk Prioritization
- Documentation Review
- Interviews and Workshops
- Data Collection
Methodology
Step 1: On site Visit
Step 2: Discussion with Process Owners.
Step 3: Preparation of Corrective & Preventive Actions & Draft report
Step 4: Submission of Draft Report
Step 5: Submission of Final Draft Report of risk assessment .
Step 6: Handholding of Audit observations