Frequency over formality
One of the most overlooked aspects of risk assessments is cadence. While gap analyses are sometimes done yearly or to prepare for large-scale audits, risk assessments need to be continuous or performed on a regular schedule. Threats do not respect calendar cycles. Major changes, including new technologies, mergers, regulatory changes or implementing AI, need to trigger reassessments.
Integrating risk assessments into regular governance practices, such as quarterly reviews of high-risk assets, evaluations after significant changes and annual assessments, helps organizations stay ahead of evolving threats. Moving to a dynamic approach to risk management from a static one is essential for developing long-term strength.
Designing an effective risk assessment
A modern risk assessment begins with business context. What are the critical assets, processes and outcomes that must be protected? From there, organizations can identify the most likely threat paths and the controls that reduce those risks.
