Risk Identification and Assessment

Risk identification is a methodical approach to understanding the risks that might stop you from fully achieving your business objectives. The formal review of all risks, not just those that are immediately apparent, is a critical stage in the risk management process that is often overlooked. Riskcom can assist you to develop this capability in-house, or our experienced team can work with you to uncover all the risks that might impact your business and achieving your goals.

Risk assessment is the process of determining the likelihood of the risk occurring, and the impact the risk will have if it does occur. By combining these two assessments, you can see just how impactful the risk could be and make a conscious choice about how much effort you want to devote to preventing it from occurring. Risks can then be ranked against one another, so that you can prioritise which risk impacts should be prevented or minimised first.

Treating risk is a method of developing plans and initiatives to prevent the risk from occurring. Treatments are actions that will reduce the likelihood of the risk occurring or will lessen the impact if it does occur. Riskcom can assist with each stage of this process to help find solutions that can assist your business.