How often should organizations conduct risk assessments?

Organizations should conduct risk assessments regularly, at least annually, or whenever significant changes occur to ensure they are effectively managing and mitigating risks. This frequency allows organizations to stay proactive about emerging threats, vulnerabilities, and changes in their operational environment that could impact their risk posture.

Regular assessments help in identifying new risks that may arise due to factors such as changes in technology, business processes, regulatory requirements, or external threat landscapes. Conducting risk assessments at defined intervals, while also being responsive to significant changes, ensures that the organization's risk management strategy remains relevant and effective.

When organizations limit risk assessments to infrequent intervals, such as every five years or only at the beginning of a project, they risk becoming unaware of critical changes or newly emerging threats that could have a substantial impact on their operations. A monthly frequency, while it may seem diligent, may be impractical and unnecessary for many organizations, leading to assess fatigue and inefficiencies. Thus, the recommended approach balances regularity with practical applicability, enabling organizations to respond to the dynamic nature of risk.