When encountering heightened risk scenarios, what is the primary responsibility of the risk management team?

In heightened risk scenarios, the primary responsibility of the risk management team is to review and update risk management strategies. This is critical because in situations where risks are elevated, the existing strategies may no longer be adequate to address the new challenges or to mitigate potential harm. By reviewing and updating these strategies, the team can ensure that they are aligned with the current risk landscape and that controls are effective in managing these risks. This proactive approach helps organizations maintain compliance, protect public health and safety, and ensure that their operations can continue effectively even in the face of increased threats.

Gathering more data to understand risks is important but not the primary responsibility when immediate action is needed. While implementing corrective actions might seem urgent, it is essential that these actions are based on well-reviewed and updated strategies to be effective. Conducting training for all employees has its benefits but is a support function that depends on the existing strategies cascading down to training efforts; without first reviewing and adjusting the risk management strategies, training may not address the most pressing risks adequately.