Risk assessment may be the missing link between setting goals and achieving them – both personally and professionally.

Every new year comes with fresh goals: eating fruit daily, taking at least 5,000 steps a day, reading one book a month, sticking to a budget and many others. Beyond personal aspirations, businesses, departments and institutions also set goals at the start of the year. Yet research shows that many of these goals are already heading for failure by February (GBM, 2025). While several explanations, scientific and otherwise, have been offered for this trend, one often overlooked factor is the absence of intentional risk assessment alongside goal setting.

Risk assessment may sound formal or technical, but the truth is that we all do it every day, often without realizing it. When deciding what to wear based on the weather forecast, you are conducting a risk assessment. When deciding whether to try a new meal, weighing the possibility that it may not agree with you, that too is risk assessment. Nearly every decision that involves making a choice includes some level of risk evaluation. This article invites you to become more intentional about applying risk assessment to your goals, thereby increasing their chances of success.

Why is risk assessment important?

A well-thought-out risk assessment helps identify both risks and opportunities associated with any goal. All goals, without exception, come with both. Risks are factors that could hinder or delay achievement, while opportunities are enhancers – conditions or actions that could accelerate progress or improve outcomes. Conducting a risk assessment allows you to put appropriate measures (controls) in place to minimize risks while also strengthening and leveraging opportunities.

So, how do you conduct a risk assessment?

A formal risk assessment can be carried out through a brainstorming workshop or by using structured questionnaires. The process involves critically examining each aspect of a goal and identifying factors that could either obstruct its achievement or enhance it. For example, if a department sets a goal to introduce a technology application to optimize its processes, it is important to assess third-party risks associated with integrating the application into the university’s systems. At the same time, opportunities such as adopting or adapting similar applications already in use within the University should also be explored. Considering both risks and opportunities significantly improves the likelihood of successfully achieving the goal.

Several tools can support this process, including historical data analysis, environmental scanning, consultations with subject matter experts and lessons learned from similar initiatives.

The outcome of a risk assessment may be to adjust the approach, proceed as planned, or, in some cases, discontinue the initiative altogether. Ultimately, risk assessment provides clarity on how best to pursue a goal. At a broader level, it benefits the university by conserving resources, time and effort in the long run.

P.S

The Internal Audit and Risk Management team can help facilitate risk assessment sessions upon request. You can contact us at InternalAuditServices@macewan.ca.

From Internal Audit and Risk Management Services