What is a Risk Workshop?
A risk workshop is a powerful process and tool used by organizations to ensure that inherent risks of the business are explicitly identified and understood by Board of Directors and management.  With this information, the organization can ensure that risks are properly managed to reduce exposure to an acceptable threshold.  This involves ensuring that risks representing the greatest severity have strong risk responses while also ensuring that low risks are not over managed on a cost/benefit basis.

A risk workshop identifies the risks inherent to the organization’s products and modes of delivery and its chosen business environment.  Risks come from external factors and internal factors.  External factors are those that are outside of the organization’s direct control but need to be understood and a prudent response determined. Internal factors are generally those items that an organization has direct control over.

The risk workshop process considers the organization’s objectives, the external pressures and internal realities which result in the risk profile.

Why do a Risk Workshop?
All business involves risk.  It is unreasonable to expect an organization to organize itself and enact all necessary activities to eliminate risk.  That would be cost prohibitive.  By identifying the risks of the business and assessing the likelihood and impact of the risk, the organization can make cost-effective decisions as to the appropriate risk response:  Avoid, Accept, Transfer, Mitigate; while considering the organization’s objectives and priorities, and ability to withstand risk exposure. 

Outcomes
As a result of completing a risk workshop the organization will explicitly understand its inherent risk profile and be in a position to take action to respond and manage the exposure. Once the key risks are identified, management can focus on ensuring an appropriate response -Avoid, Accept, Transfer, Mitigate - is selected to manage the exposure to an acceptable level of risk tolerance. 

Fees
Fees range from $5,000 to $25,000+ depending on the size and complexity of the organization. Please contact us to recieve a quote.

Deliverables
The following are deliverables from the workshop:

• Risk inventory
• Risk maps
• Risk response worksheet

Note: Fees stated above are only an indicator. A specific proposal and quote needs to be prepared for any engagement.