Risk Review Process
What is the Risk Review Process?
The Risk Review Process is a systematic approach to evaluating and updating the status of identified risks over time. It ensures that risk assessments remain accurate, risk responses stay effective, and new threats or opportunities are properly captured. This process is critical for maintaining a dynamic and resilient risk management system.
Key Steps in the Risk Review Process
Gather Risk Information
Collect current data on risks, control measures, and mitigation activities.Analyze Risk Changes
Evaluate whether the likelihood or impact of risks has increased, decreased, or remained stable.Assess Mitigation Effectiveness
Review the performance of risk responses and controls.Identify New Risks
Capture emerging risks that were not previously recorded.Update the Risk Register
Revise risk details, statuses, and action plans accordingly.Communicate Findings
Share updates with stakeholders and leadership teams.Plan Next Steps
Adjust strategies, allocate resources, and assign new tasks if needed.
Why the Risk Review Process is Essential
✔ Ensures risk management remains relevant and proactive
✔ Helps detect weaknesses in current controls
✔ Encourages continuous improvement
✔ Supports better decision-making and strategic planning
✔ Strengthens organizational resilience
How SysRisk Supports the Risk Review Process
SysRisk simplifies and enhances the Risk Review Process through:
✅ Automated tracking and risk status updates
✅ Customizable review schedules
✅ Collaboration tools for multi-team input
✅ Detailed audit trails for transparency
✅ Real-time dashboards to visualize risk evolution
With SysRisk, organizations can conduct efficient, thorough, and insightful Risk Reviews, ensuring their risk landscape is always clear and manageable.
