Risk impact assessment is a crucial step in effective risk management. It involves evaluating the potential consequences of a risk event occurring, which can vary depending on the type of impact.
By identifying and evaluating the potential impact of risks, organisations can develop risk response strategies that minimise the negative consequences of risks and capitalise on opportunities.
To choose the most relevant types of impact for your risk impact assessment, consider factors such as your organisation's goals and objectives, industry and sector, stakeholders, risk profile, and expert advice.
Here are some examples of common impacts you can consider:
- Financial
- Organisational
- Reputational
- Legal and Regulatory
- Health and Safety
- Environmental
- Clients and customers
What else is relevant for your business / industry?
Read more - https://www.julienhaye.com/post/understanding-risk-impact-a-comprehensive-guide
