During the "assess and prioritise risks" stage, which of the following is crucial for selecting key risk measures?

Compiling data from various internal and external sources is essential when assessing and prioritizing risks because it provides a comprehensive view of potential issues that an organization may face. This data-driven approach allows for a more accurate identification of risks, ensuring that the measures adopted for risk management are relevant and effective.

By gathering information from both internal sources such as past incidents, operational data, and internal audits, alongside external sources like market trends, regulatory changes, and competitor analysis, practitioners can construct a more complete risk profile. This thorough understanding informs the selection of key risk measures that are tailored to the current environment and the organization's specific challenges.

Utilizing a diverse range of data strengthens the risk assessment process, ultimately guiding the prioritization of risks that are most likely to impact organizational objectives. Thus, relying on comprehensive data collection is vital to selecting the most appropriate key risk measures, ensuring that organizations remain proactive and prepared in managing risks effectively.