resubmission of risks

What is meant by resubmission of risks?

"Risk resubmission" refers to the regular review and reassessment of previously identified risks within a company or project. This function ensures that risks, which have been previously recorded and evaluated, are reanalyzed at specified intervals or upon certain events to assess their current relevance and potential impact. This allows organizations to detect changes in the risk landscape in a timely manner and make necessary adjustments to their risk management strategy.

Typical Software Functions in the Area of "Risk Resubmission":

1. Automated Resubmission: Automatic reminders for the reassessment of risks at set intervals or upon specific events.
2. Reminder Management: Managing and adjusting resubmission intervals based on risk priorities and types.
3. Risk Reassessment: Functionality for reanalyzing and reevaluating risks considering new information or changed conditions.
4. Change Tracking: Documentation of all changes in risk assessment and prioritization after each resubmission.
5. Notification System: Automated notifications to relevant stakeholders when a risk is due for resubmission.
6. Dashboard and Reports: Clear display of upcoming resubmissions and their status on a central dashboard with reporting functions.

Examples of "Risk Resubmission":

1. Quarterly Resubmission: A risk is reviewed and assessed every three months to detect changes in its relevance.
2. Event-Based Resubmission: A risk is resubmitted for reassessment following a specific event (e.g., legislative changes, occurrence of a similar risk).
3. Annual Resubmission: A risk is reviewed once a year as part of a comprehensive risk assessment.
4. Ad-Hoc Resubmission: A risk is resubmitted unexpectedly due to unforeseen developments.
5. End-of-Project Resubmission: All risks in a project are reviewed at its conclusion to identify and address any remaining threats.