ERM: Risk Identification and Assessment
Nieuws
20-06-2025
Brenda Boultwood
Chief risk officers often rely on a standard methodology to manage trend analysis, resource allocations, risk comparisons and risk reporting priorities. But top-quality risk identification and assessment requires an enterprise-wide approach.
Analogies are always useful when teaching. In discussions of risk identification and assessment, the understanding deepens when it is described as the nuclear reactor that continuously empowers decision makers in a dynamic environment.
What are the key elements and benefits of risk identification and assessment? Why is it vital to enterprise risk management (ERM), and what are the best practices in this area?
Risk Identification and Assessment is the Backbone of ERM
A risk is defined as any potential threat, loss or opportunity to an organization in the near-, mid- or long-term.
Risk identification relies on a common risk taxonomy that acknowledges the risks relevant to a data object. It serves as the foundational first phase of the broader risk assessment process.
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