Risk Assessment Systematically identify, assess, and plan mitigations for operational risks. Risk Assessment Matrix | | Low Impact | Medium Impact | High Impact | |---|-----------|---------------|-------------| | High Likelihood | Medium | High | Critical | | Medium Likelihood | Low | Medium | High | | Low Likelihood | Low | Low | Medium | Risk Categories - Operational : Process failures, staffing gaps, system outages - Financial : Budget overruns, vendor cost increases, revenue impact - Compliance : Regulatory violations, audit findings, policy breaches - Strategic : Market changes, competit…