Analysis of the adequacy of organisational risk assessment models
Analysis of the adequacy of risk assessment models is the process of verifying whether the methods and approaches used to evaluate risks are consistent with the real-world environment and needs of the organisation. Preventing model risks helps identify potential issues and discrepancies related to the use of flawed algorithms, assumptions, or data sources in decision-making, as well as determine the need to adjust or improve the existing risk assessment models.
Areas of work when analysing risk assessment models:
- Evaluation of correctness of the risk assessment methodology.
- Analysis of availability, integrity, and relevance of data used for risk assessment.
- Assessment of compliance of actual risk outcomes with forecasted predictions.
Upon completion of the analysis of risk assessment models, the client receives recommendations for honing or adjusting their risk assessment model.
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