Citation Matching

Citation Reference: Identifying Risk ¶ 1

Citation Guidance: The organization identifies new, emerging, and changing risks to the achievement of the entity's strategy and business objectives. It undertakes risk identification activities to first establish an inventory of risks, and then to confirm existing risks as being still applicable and relevant. As enterprise risk management practices are progressively integrated, the knowledge and awareness of risks is kept up-to-date through normal day-to-day operations. Some entities will supplement those activities from time to time in order to confirm the completeness of the risk inventory. How often an organization does this will depend on how quickly risks change or new risks emerge. Where risks are likely to take months or years to materialize, the frequency at which risk identification occurs will be less than where risks are less predictable or will occur at a greater speed.