Is Your Risk Profile Still Fit for Purpose?

As we approach the end of the year, many organisations pause to review performance - but far fewer take the time to reassess their risk exposure.

When we conduct our annual high-level risk reviews for clients, we compare perceived risk with actual risk. The results are often eye-opening. This year, several recurring themes stood out - and they may resonate with you too

Our top 10 risk review insights this year:

1️⃣ Controls had evolved (often due to automation), but the risk profile hadn’t been updated.
2️⃣ Fewer organisations were actively monitoring whether their current exposure aligned with their approved risk appetite.
3️⃣ Key controls existed on paper, but their effectiveness wasn’t being routinely tested.
4️⃣ Risks were assessed in silos, resulting in duplicated controls in some areas and gaps in others.
5️⃣ New and emerging risks weren’t mapped to operations, products, or services, increasing overall exposure.
6️⃣ AI was being widely used, yet very few organisations had a documented AI policy or controls in place.
7️⃣ Time and money were being spent mitigating risks that no longer applied after business restructuring.
8️⃣ Changes to business strategy had not been reflected in the risk profile.
9️⃣ New or less-experienced staff hadn’t received formal risk management training.
🔟 Cyber risk had not been reassessed despite the rapidly evolving threat landscape.

The takeaway?
Risk doesn’t stand still - and neither should your risk framework.

A timely risk review can help you to:
Identify gaps and redundancies.
Refocus effort on what actually matters.
Strengthen governance and resilience.
Avoid surprises in the year ahead.

If you’re not sure whether your current risk profile reflects the reality of your business today, now is the ideal time to find out.

Get in touch to discuss a year-end risk review and start the new year with confidence – www.peakgovernance.co.uk