Gartner Research

Essentials: Running an Effective Risk Assessment Process

Published: 29 April 2019

ID: G00707826

Analyst(s): Legal and Compliance Research Team

Summary

This resource provides an overview of the risk assessment process as well as best-practice implementation tips for legal leaders responsible for risk assessment in legal, compliance or privacy departments.

Table Of Contents

Step 1: Prepare Key Stakeholders for the Risk Assessment

Build Stakeholder Buy-In With a Tailored Business Case

Assign Clear Roles and Responsibilities for All Participating Parties

Table 1: Common Risk Assessment Roles

Step 2: Build an Effective Risk Assessment Process

Gather and Use Cross-Functional Data to Inform Your Risk Assessment

Define Your Risk Catalog Before Starting the Assessment

Choose the Assessment Method (or Methods) That Best Suits Your Objectives

Table 2: Advantages and Disadvantages of Risk Assessment Channels

Create or Adopt a Uniform Language for Risk

Step 3: Analyze, Report and Act on Assessment Results

Perform an In-Depth Analysis of Risk Assessment Results

Drive Action by Tailoring Risk Reporting to Stakeholder Needs

Plan for Effective Action

Supplement the Annual Risk Assessment With Project-Level Risk Assessments

Conclusion

About This Research

Presentation Deck

Endnotes

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