Third Step in the Risk Assessment Process – Mapping the Risks

Once risk have been identified, the process of risk identification should be continuous. Begin developing a business process map as the team is collecting information. This map is a visual illustration, or model, of a business process, which usually illustrates the following details:

1. Inception and conclusion
2. Major steps involved
3. The sequence of events
4. The party responsible for completing each step
5. Flow of information between individuals or entities

Such models can benefits all industries and are especially helpful for companies with production type operations. By developing a process map, the project team can:

1. Identify key supplier and customer dependencies
2. Isolate interfaces and interdependencies inside the company
3. Trace the flow of information in the business operations to identify inefficiencies or weaknesses

This model can also prove useful during the interview process as a means of clarifying functions, roles and responsibilities of the subject.

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