Risk Management Frameworks for Financial Institutions Workflow

Risk Assessment

Type: Fill Checklist

Risk Assessment is the critical stage where the team identifies potential hazards and threats to the project's success. This process involves evaluating all possible risks, assessing their likelihood and impact, and prioritizing them based on their severity. The goal is to anticipate and mitigate any adverse effects that could jeopardize the project's objectives. During this step, key stakeholders, subject matter experts, and team members collaborate to: * Identify potential risks through brainstorming, workshops, and research * Assess the likelihood and impact of each risk using established criteria or frameworks (e.g., SWOT analysis) * Determine the level of risk tolerance and set acceptable thresholds for mitigation * Develop a comprehensive risk management plan outlining strategies and countermeasures to address identified risks effectively