Risk Assessment Protocol
This playbook outlines the process for conducting risk assessment and management to preemptively identify and mitigate potential crises.
Step 1: Identify Risks
Compile a comprehensive list of potential risks that may impact the organization or project. Consider internal, external, strategic, compliance, financial, and operational risk factors.
Step 2: Analyze Risks
Analyze each identified risk to evaluate the likelihood of occurrence and the potential impact on the organization. Use qualitative and quantitative methods to assess the severity of each risk.
Step 3: Prioritize Risks
Rank the analyzed risks based on their likelihood and impact, prioritizing them from highest to lowest significance. This will help in allocating resources effectively for risk mitigation.
Step 4: Develop Responses
For each high-priority risk, develop a response plan that includes preventive measures to reduce the likelihood and contingency plans to address the impact if it occurs.
Step 5: Implement Controls
Put in place the risk controls and mitigate strategies according to the developed response plans. This may involve policy changes, process updates, training, or investment in new resources.
Step 6: Monitor and Review
Regularly monitor the risks and the effectiveness of the mitigation measures. Review and update the risk management plan periodically to adjust for new risks and changing circumstances.
General Notes
Continuous Process
Risk management is a continuous process and should be integrated into the daily operations of the organization.
Stakeholder Involvement
Engage with stakeholders to ensure a comprehensive identification of risks and to develop effective risk mitigation strategies.
Documentation
Maintain thorough documentation of the risk assessment and management process for accountability and regulatory compliance.