Published: 29 April 2019
Analyst(s): Legal and Compliance Research Team
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.
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
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