Risk Review

A risk review, which is also called a risk assessment review or a risk audit, is a methodical, independent look at a project, activity, or decision to find and evaluate the risks it poses. The goal of a risk review is to find potential risks, figure out how likely and bad they are, and figure out how well they are being managed.

Usually, the following steps make up a risk review:

1. Identifying risks: The first step of a risk review is to make a list of all the possible risks that the project, activity, or decision could have. This could mean having brainstorming sessions with the right people, looking at historical data, and going over the best practices in the industry.
2. Assessment of risks: Once the risks have been found, they are evaluated based on how bad they are and how likely they are to happen. This means figuring out what could happen if each risk comes true and how likely it is to happen.
3. Evaluation of risk management strategies: The effectiveness of the risk management strategies that are already in place is evaluated to see if they are enough to deal with the risks that have been identified. This could mean looking at the policies and procedures for risk management, analyzing the performance metrics for risk management, and talking to key stakeholders.
4. Reporting of findings: The results of the risk review are written up in a report that lists the possible risks, how likely and bad they are, and how well they are being managed. The report could also include suggestions for new or better ways to handle risks.
5. Implementation of recommended actions: Finally, any suggested actions are put into place to improve the way the project, activity, or decision as a whole handles risks.

Overall, a risk review is a key tool for organizations to effectively manage risks. By figuring out what risks could happen and figuring out how well their current risk management strategies work, organizations can manage risks ahead of time and limit the damage that could come from unexpected events.