Five Steps to Assess Risk Within Your Organization

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Read our steps for successful risk assessment below. TRACE members can download our mini guide, How to Conduct an Effective Corruption Risk Assessment, and a wealth of other materials in our Resource Center.

  1. Gather input data across the organization and from relevant third parties. Review compliance incidents, hotline reports, and enforcement and media trends.
  2. Analyze and quantify risks. TRACE provides several numerical formulas and heat mapping exercises in the white paper A Guide to Corruption Risk Assessment and Risk Mapping, available only to TRACE members.
  3. Document all identified risks, either separately or in a risk register. TRACE’s risk assessment tool, available to members next week, will streamline the recordkeeping process.
  4. Create a risk management action plan to adequately address risks based on their priority.
  5. Calibrate and reevaluate—because even the best risk assessment action plans require ongoing monitoring and evaluation.

TRACE continuously works to build new tools and platforms, like our new risk assessment tool, in response to member input and feedback. Join TRACE for unlimited multilingual compliance eLearning; Resource Center access; complimentary attendance to webinars and events; networking, knowledge-building and benchmarking activities with the TRACE Compliance Community; and the opportunity to help shape the development of future tools and resources.