How often do you update your risk assessment results to refresh/create your upcoming audit schedule?

The risk assessment is updated annually. 

We usually formally update our risk assessments once a year and informally every quarter. For the informal quarterly updates, we look at what’s happened the last few months and what we think will happen during the remainder of the year; tailoring the overall assessment as needed. If we know a certain risk won’t materialize, we don’t bother reviewing those areas during our interim assessments. But every year we analyze what’s important to focus on for the upcoming year and what we’ve learned from the prior year. We aren’t yet formalized in our processes but are looking to put a more formalized structure around this in the next year or two.