How frequently should a risk assessment take place?

Conducting a risk assessment regularly, typically on an annual basis, and also whenever there are significant changes, is essential for maintaining an effective risk management strategy. This approach allows organizations to continuously monitor and evaluate their risk environment, ensuring that they remain aware of new threats and vulnerabilities that may arise over time.

Annual assessments provide a structured opportunity to review and document any changes in the organization's risk landscape, including shifts in operational activities, regulatory requirements, or emerging risks from technology and market changes. Additionally, conducting assessments in response to significant changes ensures that risks are addressed promptly, maintaining the organization's resilience and compliance.

This flexibility in conducting assessments aligns with best practices in risk management, as it fosters a proactive approach rather than a reactive one, enabling an organization to adapt its risk management strategies as needed. Regular and adaptive risk assessments contribute to a culture of continuous improvement in managing risk within any organization.