Methods of Risk Identification - Sourcing from Existing Risk Capture

To draw results from existing risk management processes to be used in the risk identification process, a company can follow these steps:

I. Review existing risk management processes: The first step is to review the existing risk management processes that the company has in place, such as risk assessments, risk registers, or control documentation. This can help to identify the risks that the company is already aware of and the controls that are in place to manage those risks.

II. Gather data from existing risk management processes: The next step is to gather data from the existing risk management processes, such as information about the likelihood and potential impact of identified risks, as well as the effectiveness of controls in place to manage those risks. This data can be used to inform the risk identification process.

III. Analyze and assess risks: Once the company has gathered data from existing risk management processes, it can analyze and assess the risks that have been identified. This might involve evaluating the likelihood and potential impact of identified risks, as well as determining the appropriate level of controls or other risk management measures to put in place.

IV. Communicate findings: The company should communicate the findings of its risk identification process to relevant stakeholders, including senior management and key decision-makers. This might involve providing a report on the risks that have been identified, as well as recommendations for managing those risks.