As part of an Enterprise Risk Management programme, the business risk assessment process can be executed by Acuity using our ability to provide a facilitation process for a daily fee.

In conjunction with external resources we can deliver an entire Risk Profile for businesses of many different sizes and industries.

The processes and outputs are aligned with International Standards and can be specific to a process or as wide as a business unit.

Risk Assessment processes form an important founding piece of the risk standard, by focussing the attention on the key questions of the context of risk in relation to the company and building a rating matrix for the business.

It allows the business to assess the potential impact and frequency of an event or occurrence being faced. Once understood the process demands a decision in regard to the treatment of the risk.

The treatment can range from a “stop it at all costs” treatment (a rare decision in Corporate Risk Management, due to the constraints of resourcing) to “accept it and manage the after effects”, generally where little or no effective treatment or mitigation exists given the elements of the risk.

The most important part of the process is that of the revisit process and the risk profile. This is conducted to review each risk to establish if it remains constant, in terms of its residual (after treatment). More importantly has the risk in its purest form (before treatment) increased in magnitude, requiring additional treatment, revision of the plan or activity to reduce its impact on the business or its likelihood of occurrences.

The whole process is Risk Management and is a formal process requiring discipline to be successful and measurable to determine success.