Workflow Templates: Risk Assessment Checklist

Review the organization's risk management policy and ensure it aligns with strategic objectives

Assess the involvement of the board and senior management in the risk management process

Check for the establishment of a risk management committee or equivalent function

Identify and document internal and external risks that could affect the financial statements

Ensure that there is a process in place for continuous identification of emerging risks

Evaluate the methods used to identify risks, including the use of risk assessments and workshops

Assess the likelihood and impact of identified risks on the organization's operations

Review how the organization prioritizes risks and focuses on the most significant ones

Verify that risk assessments are performed regularly and updated for changes in the business environment

Examine the effectiveness of internal control systems in mitigating identified risks

Ensure control activities are appropriate for the size and complexity of the organization

Check that there are mechanisms for reporting deficiencies in internal controls promptly

Confirm that there is an effective communication strategy regarding risk management policies and procedures

Verify the existence of channels for communicating risk information across the organization

Ensure that there is adequate documentation and reporting of risk management activities

Review the processes in place for monitoring the effectiveness of the risk management system

Assess how the organization responds to the outcomes of monitoring activities

Check for periodic reviews and updates to the risk management framework and methodologies

Risk Assessment Checklist