New York Corporate Lawyer

Risks can be prioritized by assessing their likelihood of occurrence and the potential severity of their impact. Focus should be directed toward high-impact, high-likelihood risks, as these can pose the most significant threats to the organization.

Mitigation plans outline specific actions to prevent risks or reduce their impact. These plans are crucial for preparing the organization to respond effectively to unforeseen challenges, thereby minimizing disruption and ensuring continuity.

Yes, external advisors bring specialized expertise and an objective perspective to the risk assessment process. They can help identify risks that may be overlooked internally and provide guidance on developing robust mitigation strategies.