This course addresses risk assessment as the foundation of a well-designed risk program. The risk assessment process enables management to better identify and mitigate gaps in a commercial cannabis business’s control of activities. It is sound practice that the risk assessment is formally written and in accordance with a methodology that is easily understood by all relevant parties. In this course, we’ll discover that a risk assessment is a three-step process that measures three indicators, enabling management to analyze risk that may affect business objectives. Each commercial cannabis business will have its own specific methodologies for conducting a risk assessment, however all methodologies will measure the following indicators: 1. Inherent risk: The risks specific to a commercial cannabis business before controls are implemented; 2. Quality of controls: The effectiveness of controls to mitigate risk; 3. Residual risk: The risk remaining after the control activities have been applied to an inherent risk.
- Describe the five major commercial cannabis risk areas
- Identify the drivers and issues that impact each cannabis risk area
- Define the vernacular related to commercial cannabis risk assessment
- Define a risk profile