Has your organization established formal criteria for prioritizing identified risks across different levels of the enterprise?

Risk prioritization criteria help organizations make consistent decisions about which risks require immediate attention versus those that can be addressed later or accepted. These criteria should be tailored to different organizational levels (e.g., strategic, operational, project) and consider factors such as potential financial impact, regulatory compliance implications, and effect on business operations. Evidence could include a documented risk prioritization framework or matrix that defines how risks are scored and ranked, meeting minutes showing risk prioritization discussions, or a risk register that demonstrates consistent application of prioritization criteria across the enterprise.