This is an excerpt from a member-only article. To read the article in its entirety, please login or subscribe.

A risk assessment allows your practice to take inventory of risk areas and identify current risks, potential risks, and control weaknesses. It measures your practice's compliance level with laws, regulations, and internal policies/procedures, and should be performed once every two years. A risk assessment is important because it allows you to address risks proactively detect weaknesses that could affect operational risk identify internal and external factors that you must address determine a method to manage the risk