Tool 11 – Communicate, Monitor and Revise Risk Assessment
Any risk assessment is merely a “snapshot” taken at a point in time. It is good practise to regularly monitor all risk assessments to determine if, and how, the factors have changed. There is also a useful reference tool which describes typical challenges that companies may encounter as they conduct VPs risk assessments, and offers suggestions on how to respond to these challenges.
Step Guide
STEP
1
Ensure the most serious risks have been communicated internally to senior management
STEP
2
Look at which risks over time, have become more or less probable, or consequential
STEP
3
Continue to periodically assess all new risks
STEP
4
Regularly update all risk assessments to reflect both changes to originally assessed risks, as well as new risks
STEP
5
Consider whether it would be good practise for your company to review and update risk assessments each year ie reviewing tool 6 and identifying changes
STEP
6
Look at the risk assessment challenges table (p35)
STEP
7
Use the information in the table throughout the risk assessment process to understand how your company could approach certain related challenges
Top Tips:
External triggers that may change a risk assessment:
- A change of government
- Widespread social unrest
- Outbreak of violent conflict in the country or region
- An economic crisis
- Major discovery of natural resources
- Changes in allocation of natural resources wealth
- A natural disaster