What action would you take if felt that a risk assessment did not adequately control the risks?

1. Identify and Evaluate the Risks:

Review the risk assessment to identify the specific risks that are not adequately controlled. Evaluate the severity, likelihood, and potential impact of these risks.

2. Communicate with the Risk Owner:

Discuss your concerns with the risk owner or responsible person. Provide them with the results of your evaluation and seek their input on potential actions to mitigate the risks.

3. Review Relevant Standards and Guidelines:

Refer to industry standards, regulations, or guidelines that apply to the situation. Ensure that the risk assessment aligns with these requirements.

4. Develop Additional Control Measures:

Work with relevant stakeholders, including subject matter experts, to develop additional control measures to address the identified risks. These measures may include procedural changes, technological solutions, training programs, or increased oversight.

5. Update the Risk Assessment:

Incorporate the additional control measures into the risk assessment. Provide a clear explanation of how these measures mitigate the risks.

6. Communicate Updates to Stakeholders:

Share the updated risk assessment with all relevant stakeholders. Ensure that everyone understands the changes and the rationale behind them.

7. Implement the Control Measures:

Ensure that the additional control measures are implemented effectively and monitored to ensure their ongoing effectiveness.

8. Monitor and Review:

Continuously monitor the effectiveness of the risk control measures. Conduct periodic reviews of the risk assessment to identify any new or changed risks that may require further action.

9. Document Actions Taken:

Maintain records of the actions taken, including the identified risks, control measures implemented, and the communication with stakeholders.

10. Seek Legal or Expert Advice (if Necessary):

If the risks are significant and require specialized expertise, consult with legal experts, risk management professionals, or other subject matter experts for guidance.