The ERM Initiative in the Poole College of Management at North Carolina State University is pleased to release a new thought paper, “Survey of Risk Assessment Practices,” that highlights a number of different approaches organizations take to prioritize their most important risks on the horizon. This paper is based on a sampling of practices employed by organizations who are members of our ERM Initiative Advisory Board. The paper illustrates the wide range of practices that can be employed to assess or prioritize the risks facing an organization, highlighting practices that are the most prevalent within this group of ERM practitioners.
You will see that a number of different approaches are used by organizations, which emphasizes there is no “one right way” to assess the most important risks facing an organization. You’ll find a number of examples of how organizations approach this task. It is our goal that these illustrations will generate ideas that you can use to improve your organization’s risk assessment processes.