Risk assessment is a process which involves risk analysis and risk evaluation. Risk analysis is when a company identifies a threat, determines the cause and then estimates the impact. Risk evaluation is when risk levels are compared to already established risk criteria. When a company like J&J performs their assessments they are quickly able to identify vulnerability as well as understanding impacts on critical functions. Johnson & Johnson divide their risks and threats into four distinct categories.
The first and most important is compliance risk. Compliance involves: legal, fi...
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...able to access internal and external risk. Internal risk arises from human factors. An example would be a strike, started by the people and with the intentions of it benefitting the people. External risk, has more to do with events effected by economics. Second, a proper risk response must be determined. Risk response is crucial in reducing risk and threats throughout a company. Proper planning and taking a course of action must happen. Third, policies and procedures need to be established along with controls, systems and accountability to support response. Fourth, risks must be clearly communicated through all the teams and mitigation plans put in place. A mitigation plan includes developing options and actions to reduce threat. Evaluating the risk process is also included in the plan. And last but not least, the effects of the mitigation plan need to be monitored.
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