RISE Insurance is located in downtown Chattanooga, TN but we help insure people and companies all over the country. We specialize in top notch service and extensive market access to place your business with the best possible carrier at the best possible price.
Conducting a Risk Assessment
Objective:
Assess the likelihood of identified risks occurring and their potential impact on your organization.
Key Concepts:
The significance of risk assessment in prioritizing mitigation efforts.
The use of a simple scale (low, medium, high) to gauge risk impact and likelihood.
How risk assessment informs the Business Impact Analysis (BIA) process.
Assignment:
Review Previous Work: Reflect on the list of identified risks and their impact assessments from Week 2.
Assess Likelihood: For each identified risk, assess the likelihood of it occurring. Use the same simple scale (low, medium, high) to gauge likelihood.
Complete the Risk Assessment: Combine the impact and likelihood assessments for each risk to determine their overall risk rating. You can use a matrix or a table to organize this information.
Prioritize Risks: Based on the overall risk rating, prioritize the risks from highest to lowest. The highest-rated risks are the ones you should focus on in your BCP.
Submission: Please submit your risk assessments, including likelihood, impact, overall risk rating, and prioritization via email by [Insert Submission Deadline].
Next Steps:
In Week 4, we'll dive into the Business Impact Analysis (BIA) process, where we'll use these risk assessments to understand the impact of each risk on your organization's critical functions.
If you have any questions or need guidance, don't hesitate to reach out. We're here to assist you throughout this process.