What is a risk heat map?
Organizations often perform a risk assessment to identify potential risk factors, analyze and evaluate the risks, and determine appropriate ways to control or manage the risks. Using a risk heat map, the result of a risk assessment process can be represented visually in a concise and meaningful way. A risk heat map helps in visualizing how risks in one part of an organization impact other business units. The resulting heat map then can be shared with senior management, audit committee, and board of directors so that the risks can be effectively managed and controlled.
In this article, we will discuss:
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What is a risk heat map?
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How is a risk heat map created?
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Why is a risk heat map important?
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