What should an organization do to properly handle identified risks?

Developing a comprehensive risk management plan that addresses all identified risks is essential for an organization to ensure the security and efficacy of its operations. This approach allows organizations to systematically identify, assess, and prioritize risks, leading to informed decision-making. A comprehensive plan not only mitigates risks but also encompasses strategies for monitoring and reviewing risks over time, thereby fostering a culture of proactive risk management.

In contrast, ignoring risks or waiting for them to escalate fails to address potential threats and can lead to catastrophic consequences. Addressing only those risks that are easily manageable neglects the more significant, hidden, or complex risks that could have severe impacts. Furthermore, assigning risks to third parties without oversight shifts responsibility but does not eliminate the risk; it can lead to a lack of accountability and awareness of emerging vulnerabilities. Thus, a thorough and inclusive risk management strategy is vital for protecting an organization's interests and ensuring long-term resilience.