What should be done for previously accepted risk within an organization?

The appropriate course of action for previously accepted risk is to reassess it periodically because risk is not static; it evolves over time due to changes in the organizational environment, new threats, or changes in the business processes or technologies. Periodic reassessment allows organizations to identify whether the level of risk has changed, whether the current controls remain effective, or if new mitigating strategies are necessary.

This ongoing evaluation is a crucial part of an organization’s risk management framework because it helps ensure that previously accepted risks don’t become vulnerabilities as circumstances change. By regularly reassessing accepted risks, organizations can maintain an up-to-date risk profile, facilitating informed decision-making and enhancing overall risk management effectiveness.