Improving risk assessments by leveraging collaboration methods and tools 

It’s a process that all risk management professionals are familiar with — conducting a risk assessment. Whether you are planning for an enterprise risk assessment, an internal audit risk assessment or diving deep into potential information technology (IT) or environmental related risks, the methodology employed to conduct a risk assessment is similar. 

Organizations usually gather risk insights from a vast set of stakeholders and must also sort through a myriad of external risk information. How do you choose the right method to ensure you gather the right data at the right time? How do you navigate the challenges presented by limited budgets and stakeholder availability? How do you avoid defaulting into the echo chamber methodology of, “It’s what we’ve always done”? 

Is there a better way to conduct meaningful, accurate and impactful risk assessments? Is there a missing or underutilized element that could enhance the value of both your risk assessment process and the data it produces?  

We believe there is: the use of collaboration.   

Using collaboration methods  

In the context of risk assessments, collaboration means gathering chosen stakeholders from across the organization to work together on identifying and prioritizing the organization’s risks. This may include large or small group discussions, facilitated sessions, or even the sharing of risk information across stakeholder divides. The key to driving value from collaboration is discussing different viewpoints and sharing risk information to collectively agree on the top risks facing the organization and improving the organization’s resilience.    

Collaboration is invaluable when identifying and assessing risks for the following reasons:   

• Diversity of perspectives: Collaborating with various stakeholders brings diverse perspectives to the table. Each individual or team may have unique insights, experiences and knowledge related to specific risks. By pooling these perspectives, organizations can identify risks more comprehensively.