When Was the Last Time Your Company Did a Risk Assessment?
In today’s rapidly evolving business landscape, risk assessments shouldn’t be just regulatory check boxes your business checks off—they’re crucial tools that help your business survive during a crisis. Yet many organizations treat risk assessment as annual formalities or, worse, business postpone their risk assessment indefinitely.
If you’re struggling to remember when your company last conducted a thorough risk assessment, you’re not alone—but you are at risk.
Why Regular Risk Assessments Matter
Regular risk assessments help identify vulnerabilities before they become a crisis. Ongoing risk assessments provide visibility into:
- Emerging cybersecurity threats
- Operational vulnerabilities
- Financial exposures
- Compliance gaps
- Strategic business blind spots
Warning Signs You’re Overdue
Consider these red flags:
- You can’t remember when the last assessment was performed
- Significant business changes has occurred since your last assessment
- You’ve experienced near-misses without performing a review
- Regulatory requirements have changed since your last review
- Your team is unable to articulate your current risk profile
Taking Action Now
- Schedule an assessment immediately if you’re overdue
- Establish a regular assessment based on your industry’s needs
- Involve cross-functional teams for comprehensive coverage
- Document findings and create accountable action plans
- View risk management as an ongoing process, not a one-time event
Don’t wait for a crisis to reveal where your vulnerabilities lie. A proactive approach to risk assessment isn’t just good governance—it’s good business practice.
