Any company is obliged to determine and perform a risk assessment in the course of launching new products or services, including new activities regarding the company’s processes and systems or significant changes in the existing process. The determination of risks is significant for the subsequent development of risk monitoring and control systems. Efficient risk assessment provides a better understanding of the company’s risk profile and creates the basis for effective allocation of resources for risk management.
A company should, prior to making a decision regarding a new product/service/system/process launching, run the analysis of the following:
- Any risk which might occur as a result of launching such product/service/system/process
- Impact of launching such product/service/system/process on the company’s profile
- Impact of launching such a product/service/system/process on the possibility of adequate management of risks which occur on such basis.
In order to ensure that all risks occurred in the course of launching a new product/service/system/process are fully taken into consideration (financial risk, operational risk, liquidity risk, information security risk, as well as other risks), please contact your Chief Risk Officer. The final decision on new product/service/system/process launching is made by the company Board, based on submitted documentation, including also risk analysis results mentioned above.
