WHAT IS RISK ASSESSMENT?
A risk assessment is the identification and analysis of relevant risks to the achievement of an organization's objectives in order to determine how those risks should be managed. Risk assessment implies an initial determination of operating objectives, and then a systematic identification of factors which could hinder each objective from being attained. Once identified, those factors are prioritized based on their potential impact to the organization. In other words, it is an analysis identifying and ranking what could go wrong.The risk assessment process is an ongoing process for the Office of Internal Audit. Internal and external threats constantly develop, presenting new hazards to the Houston Independent School District. Change itself is a risk, and the Office of Internal Audit must continually adapt to manage risks to a comfortable level acceptable to the Board of Education and senior management.