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Risk assessment in practice
Thought leadership in enterprise risk management
Risk assessment is all about measuring and prioritizing risks so that risk levels are managed within defined tolerance thresholds without being over-controlled or forgoing desirable opportunities. To accomplish this requires a risk assessment process that is practical, sustainable, easy to understand, and right-sized for the enterprise.
Putting a risk assessment process in place
This paper, developed by Deloitte in collaboration with the Committee of Sponsoring Organizations of the Treadway Commission (COSO), presents a process for developing a risk assessment criteria, assessing risks and risk interactions, as well as prioritizing risks. It also discusses how to actually put this process into practice in a simple, practical, and easy-to-understand way.
Enterprise risk management (ERM) is a young discipline that is continuing to evolve. This publication can help executives develop a more robust risk assessment process and provide an understandable discussion that will assist board members in their oversight responsibilities.
Download the PDF to learn how your organization can strengthen its oversight over ERM, internal control, and fraud deterrence processes.