Evaluate the Completeness of the Risk Mitigation Processes and identify missing required components.

Risk mitigation is a crucial component, especially for businesses with regulatory requirements. These include industries such as banking, pharmaceuticals, manufacturers, and other healthcare-related service providers. The violation of the specific industry specific violation will result in fines or other punitive measures but also will result in loss of Market confidence.

However, the preparedness to mitigate Risk is an ongoing business. Often, the risk mitigation process needs to be more comprehensive and contain adequate information to prevent Risk. This follows that new business processes or practice changes warrant updating the procedures to reflect the new reality. Unfortunately, more often than not, much procedural information is buried in the text that requires countless hours of human reading and evaluation, which is very error-prone. So it is widespread to lose control and focus of the Risk mitigation process and assess the process’s robustness until an unwelcome surprise shows up.