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An effective risk assessment process is dynamic and continuous. It is required to be adjusted periodically to account for changes to an organization’s structure, product offering, customer base and geographical footprint, as well as changes in regulatory expectations and industry benchmarks. An organization that proactively focuses on continuous improvement of its risk assessment framework—especially prior to conducting periodic reviews—can improve risk management capabilities, minimize rework, avoid incremental costs and penalties, and help to uphold a positive organizational reputation among regulators, clients, and the business community.
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