Step 1: Identify Potential Risks – Evaluate operational, financial, regulatory, and strategic risks that could impact the organization. Categorize risks by likelihood and potential impact for prioritization.
Step 2: Develop Mitigation Strategies – Recommend policies, controls, and processes to minimize or manage identified risks. This may include insurance, contingency planning, or process redesign.
Step 3: Monitor and Review Risk Measures – Continuously track risk indicators, review mitigation effectiveness, and update strategies as necessary. Regular monitoring ensures proactive management and reduces exposure.
Conclusion: Risk advisory helps organizations anticipate, mitigate, and manage threats. Identifying risks, implementing mitigation measures, and continuous monitoring strengthens resilience and decision-making.