Tell me about a time when you discovered a major risk that was previously unknown. How did you handle it?

During my time as a Risk Assessment Specialist at my previous company, I discovered a major risk that was previously unknown while conducting a comprehensive audit of the organization's financial processes. It became apparent that there was a significant gap in internal controls related to expense reimbursements. This posed a potential risk for fraud and misappropriation of company funds. To address this issue, I immediately reported my findings to the management team and recommended implementing a new expense reimbursement policy that included strict approval procedures, clear documentation requirements, and regular audits. I worked closely with the finance department to develop and implement the new policy, ensuring that all employees were trained on the updated procedures. As a result, we were able to significantly reduce the risk of fraudulent expense reimbursements and improve the overall financial integrity of the organization.

During my role as a Risk Assessment Specialist at XYZ Company, I conducted a thorough risk assessment of our supply chain processes. Through this assessment, I discovered a major risk: our reliance on a single supplier for a critical component. This created a vulnerability in our supply chain and posed a potential risk for disruption in production if the supplier faced any issues. To handle this risk, I collaborated with the procurement and operations teams to identify alternative suppliers and diversify our supply chain. I analyzed potential suppliers based on their quality standards, delivery capabilities, and price competitiveness. After evaluating several options, I presented a detailed recommendation to the management team, highlighting the benefits of diversifying our supplier network. With their approval, we initiated the process of onboarding the new suppliers while maintaining a seamless transition. As a result, we successfully mitigated the risk of supply chain disruption and improved the resilience of our operations.

As a Risk Assessment Specialist at ABC Corporation, I encountered a major risk that was previously unknown while conducting a comprehensive risk assessment of our IT infrastructure. During the assessment, I discovered a vulnerability in our network security that could potentially lead to a data breach and compromise sensitive customer information. Realizing the severity of this risk, I initiated an immediate response by coordinating with the IT department to address the vulnerability. I developed a detailed action plan that involved implementing additional security measures, conducting regular vulnerability assessments, and enhancing employee training on cybersecurity best practices. To ensure effective communication and buy-in from stakeholders, I prepared a comprehensive report outlining the discovered risk, proposed mitigation strategies, and the potential impact of inaction. I presented this report to the executive management team, emphasizing the importance of investing in cybersecurity measures to protect our customers and the company's reputation. My proactive approach and ability to effectively communicate the risks and recommended actions resulted in full support from the management team. We promptly implemented the proposed measures, which significantly strengthened our network security and mitigated the risk of a data breach.