Risk assessment is a process that the board and staff need to go through regularly, thinking ahead about possible things that may go wrong. Have a read to find out some of the areas of risk you can start identifying in your organisation, and what the possible impact could be.
ASSESSING RISK IS ABOUT IDENTIFYING:
1. Those assets of the organisation that may be exposed to risk.
2. The particular risks to which those assets may be exposed.
3. The possible impacts of such exposure.
An organisation may function very well, but if it is not attentive to its surroundings and areas of risk and if it has not taken precautions, it may soon find itself sinking.
RISK IDENTIFICATION – SAMPLE TABLE
Risk factors can come from the external environment and from inside the organisation. Do any of these resonate with your organisation? Can you think of others? Do this regularly to ensure effective risk management.
AUTHOR: Inyathelo Publication: The Board Walk | Good Governance Guide No. 2 | Second Edition