The Three Components of a Successful Risk Analysis.

Risk Inventory

Clarity of objectives and context creates a good organization-wide risk picture. This makes it easier to identify all risks. It also brings out stakeholders and actively involves them.

Analyze Risks

The risk inventory can now be structured by, for example, determining probability x impact and a strategy. This gives the broad risk profile focus and priority.

Monitor Risks

The risk profile leads to the right actions and measures. Monitoring shows whether the strategy is effective and where adjustments or improvements are necessary. This creates a vital risk profile and an involved organization.

Keep Risks Top-of-Mind with a Risk Analysis

A good risk analysis provides insight into the impact a risk can have on elements such as the value of the company, the image, the brand and the reliability. To achieve this, the impact of a risk (in relation to the business objectives) is often assessed at multiple levels. Think of divisions, functions, projects and operational units. It often happens that risks which are assessed as important in a department/project have no or minimal impact on the organizational objectives. By structuring risk analysis, risk maps are created on different levels. Linking risks to measures and actions provides the organization with a risk matrix that can be actively monitored. Monitoring and reporting keeps risks top-of-mind.

Three Lines Model


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Types of risk analyses

Qualitative analysis

Qualitative analyzes (such as interviews, workshops, surveys and benchmarking).

Quantitative Analysis

Quantitative analyzes (such as modelling, decision trees, Monte Carlo simulations).

Error tree analysis

Analysis and calculation of the probability of the most undesirable reaction (top event).

Link Risks to Objectives

The impact of risks on your organization’s value, brand, image and reliability can only be determined by linking risks to objectives. NARIS GRC shows at a glance what impact risks have on objectives. This creates an organization-wide support base and insight into the value of GRC.

Gathering Input from Stakeholders

Stakeholders often have difficulty making a valuable contribution to successful GRC. Converting “their world of experience” into a standard language of risk analysis turns out to be very complex. GRC software enables stakeholders to easily list and prioritize risks. It also helps to arrive at a joint analysis in which elements such as determining probability x impact are experienced as fun. It also contributes to the life cycle of risks and the monitoring of measures.

From Excel Chaos to Overview and Priority

Organizations often start by performing risk analyses in Excel. An excellent step towards a structured approach to risk management! However, this quickly leads to Excel-chaos, and a higher maturity level demands more. GRC software enables growth from risk analysis to risk management through overview, prioritization and control, in form of heatmaps, reports and links with measures and actions – an all-in-one GRC platform.

Monte Carlo simulation

Not all risks occur in full at the same time. With the Monte-Carlo simulation, 10,000 draws are made and statistically calculated what a necessary risk reserve should be. In NARIS GRC it is possible to independently perform Monte-Carlo simulations at multiple levels

Risk dialogue

As a risk manager, you should especially enter into a discussion about the risks with the organization. With Naris GRC it is possible to vote on risks before and after control measures. This can even be done anonymously to prevent voice influencing. After discussing the differences in perception, you as a facilitator can give a final value to the opportunity and impact.

The 8 steps of risk analysis

Handy infographic about the 8 most important steps

Inspiration around risk analysis.

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