How frequently should a risk assessment be reviewed?

A risk assessment is a critical component of a business continuity plan as it helps identify potential risks and their impact on business operations. It is essential to review the risk assessment at least annually to ensure that it reflects the current risk landscape. This annual review allows organizations to assess emerging threats, changes in business processes, and evolving technologies.

In addition to the scheduled annual review, risk assessments should be revisited whenever significant changes occur within the organization or its operating environment. These changes may include alterations in business strategy, new business operations, physical relocations, organizational restructurings, or the introduction of new technologies or processes. By aligning the review of risk assessments with these significant changes, businesses can maintain the relevance and effectiveness of their risk mitigation strategies.

Frequent reviews, such as on a monthly or quarterly basis, might lead to increased resource consumption without necessarily yielding proportional benefits, unless there are rapid changes in the business environment that require more frequent assessment. The approach of reviewing annually or upon significant changes strikes a balance between maintaining up-to-date risk information and managing organizational resources effectively.