Participation in the risk assessment may constitute a conflict of interest, because it may create a situation where the risk practitioner’s personal or professional interests or relationships interfere with their objectivity, independence, or impartiality in conducting the risk assessment. A conflict of interest is a type of risk that may compromise the integrity, quality, or validity of the risk assessment process and outcomes, and may damage the reputation or trust of the risk practitioner or the organization. A conflict of interest may arise when the risk practitioner has a direct or indirect connection or involvement with the subject or stakeholder of the risk assessment, such as a previous or current role, responsibility, or relationship, that may influence or bias theirjudgment or decision. Participation in the risk assessment may constitute a conflict of interest, as the risk practitioner may have a prior or residual interest or loyalty to the financialprocess team or the new critical application, and may not be able to assess the risk in a fair and unbiased manner.
The risk assessment team being overly confident of its ability to identify issues, the risk practitioner being unfamiliar with recent application and process changes, and the risk practitioner still having access rights to the financial system are all possible concerns with the request, but they are not the greatest concern, as they do not necessarily imply a conflict of interest, and they may be mitigated or resolved by other means, such as training, documentation, or review.
