Taken all together, a full risk assessment paints a powerful picture of what risks the company faces. There are six main benefits to properly approaching risk assessments. They include:
- Highlights significant or material risks using a structured and audible process.
- Identifies risk interdependencies and clusters.
- Establishes baseline financial estimates of probable loss utilizing a variety of actuarial and financial modeling methods.
- Assists in setting operational contingency plans to reduce the impact of catastrophic loss.
- Establishes a new and more comprehensive risk management discipline within the firm.
- Identifies possible strategic competitive advantages.
Contacting a TechAssure member can help you with a comprehensive risk assessment process. To learn more about the benefits of work with a TechAssure member, please give us a call at 512-377-9594, xt 700