Once an organization ' s risks are identified, what would be the next step to...

After identifying an organization ' s risks, the next crucial step is to assess those risks. Risk assessment involves evaluating the identified risks to determine their potential impact and likelihood. This assessment helps prioritize the risks, enabling the organization to allocate resources effectively to manage the most significant risks. Without assessing the risks, the organization would lack the necessary information to make informed decisions on how to respond to and mitigate these risks.

The Institute of Internal Auditors (IIA) Standards and Practice Advisories.

COSO Enterprise Risk Management (ERM) Framework.

" Internal Auditing: Assurance & Advisory Services " by IIA, Chapter on Risk Assessment.