13 risk questions (an intentional number?!) to ask to unlock the value of risk!

13 risk questions (an intentional number?!) to ask to unlock the value of risk!

Here are some example questions that could be used to ensure that value is unlocked during the risk assessment process. These questions are representative of the types of questions that could be asked to help identify the organisation’s most significant strategic or emerging risks – and help think through the appropriate.

  1. What are your primary business objectives or strategies?
  2. What are the key components of enabling your business strategy or objectives?
  3. What internal factors or events could impede or derail each of these key components?
  4. What events external to the organisation could impede or derail each of the key components?
  5. What are the three most significant risk events that concern you regarding the organisation’s ability to achieve business objectives?
  6. Where should the organisation enhance its risk management processes to have maximum benefit and impact on its ability to achieve business objectives?
  7. What types of catastrophic risks does the organisation face? How prepared is the organisation to handle them, if they occur?
  8. Can you identify any significant risks or exposures to third parties (vendors, service providers, alliance partners etc.) that concern you?
  9. What ‘financial market’ risks do you believe are or will be significant?
  10. What current or developing legal/regulatory/governmental events or risks might be significant to the success of the business?
  11. Are you concerned about any emerging risks or events?
  12. If so, what are they?
  13. What risks are competitors identifying in their regulatory reports that we have not been addressing in our risk analysis?

Risk is an important agenda item at board and senior executive level. Keeping it top of mind and current is also a way to ensure that it is not dealt with in a haphazard and reactive way.

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