Tell me about a time when you discovered a process or procedure that was not aligned with risk management protocols. How did you address it?

Risk Assessment Specialist Interview Questions

Sample answer to the question

In my previous role as a Risk Analyst, I encountered a situation where I discovered a process that was not aligned with risk management protocols. It happened when I was conducting a routine risk assessment of the company's IT infrastructure. I noticed that the backup and disaster recovery procedures were outdated and insufficient to protect the company's sensitive data in case of a major system failure or cyber attack. To address this issue, I immediately brought it to the attention of the IT department head and presented a detailed report highlighting the risks and potential consequences of not having proper backup and disaster recovery protocols in place. I then collaborated with the IT team to develop an updated and comprehensive backup and disaster recovery plan, which included regular testing and monitoring to ensure its effectiveness. Additionally, I conducted training sessions for all employees to raise awareness about the importance of following the new protocols. As a result of these actions, we were able to significantly enhance the company's ability to recover from potential data loss incidents.

A more solid answer

During my time as a Risk Assessment Specialist at XYZ Company, I encountered a situation where I discovered a process that was not aligned with risk management protocols. It occurred while I was conducting a risk assessment of the company's supply chain operations. Through data analysis and stakeholder interviews, I identified a gap in the vendor selection process that posed a significant risk to the company's operations and reputation. I immediately scheduled a meeting with the procurement team to discuss my findings and propose solutions. I presented a detailed report outlining the risks associated with the current process and recommended implementing a vendor risk assessment framework to evaluate potential suppliers. I collaborated with the procurement team and IT department to develop the framework, which included criteria such as financial stability, legal compliance, and performance history. I also conducted workshops to train the procurement team on how to use the framework effectively. As a result, the company was able to identify high-risk vendors, negotiate better contractual terms, and reduce the likelihood of disruptions in the supply chain.

Why this is a more solid answer:

The solid answer provides specific details on how the candidate used their analytical thinking abilities to identify a process not aligned with risk management protocols. It also highlights their communication and collaboration skills by explaining how they engaged with the procurement team and IT department to propose and implement solutions. The answer mentions the candidate's knowledge of risk assessment tools and methodologies through the development of a vendor risk assessment framework. However, it could still be improved by including more information about the candidate's familiarity with industry regulations and standards related to risk management.

An exceptional answer

As a Risk Assessment Specialist at ABC Corporation, I came across a situation where I discovered a process that did not adhere to risk management protocols. During a comprehensive audit of the company's financial operations, I identified a lack of segregation of duties in the accounts payable department. This posed a significant risk of unauthorized payments and potential fraud. To address this issue, I initiated a thorough review of existing processes and procedures related to accounts payable. I collaborated with the finance team, internal audit department, and IT team to design and implement a new control framework that included segregation of duties, dual authentication for payment approvals, and periodic system access reviews. Additionally, I conducted training sessions for the accounts payable team to ensure their understanding of the new protocols and their role in mitigating risks. As a result, the company experienced a significant reduction in financial fraud incidents and improved overall risk management processes in the accounts payable department.

Why this is an exceptional answer:

The exceptional answer provides a comprehensive and detailed account of how the candidate addressed a process not aligned with risk management protocols. It demonstrates the candidate's strong analytical thinking abilities by identifying the lack of segregation of duties as a risk. The answer also highlights the candidate's collaboration skills by mentioning their involvement with multiple departments to design and implement a new control framework. Additionally, it emphasizes the candidate's knowledge of risk management methodologies, industry regulations, and best practices, as well as their ability to train and educate the accounts payable team. This answer covers all the evaluation areas and showcases the candidate's expertise in risk assessment and management.

How to prepare for this question

1. Familiarize yourself with industry regulations and standards related to risk management, such as ISO 31000 and COSO Framework, to demonstrate your knowledge and understanding during the interview.
2. Research common risk management tools and methodologies, such as SWOT analysis and risk assessment matrices, and be prepared to discuss how you have utilized them in previous roles.
3. Practice discussing specific situations where you have identified and addressed processes not aligned with risk management protocols. Be sure to emphasize your analytical thinking, communication, and collaboration skills.
4. Showcase your attention to detail and organizational skills by highlighting instances where you have created and implemented risk mitigation strategies or frameworks.
5. Prepare examples of how you have proactively stayed current with industry knowledge and trends in risk management. This could include attending conferences, completing relevant certifications, or participating in professional networks.
6. Be ready to explain how you have trained and educated colleagues or team members on risk management procedures and best practices.

What interviewers are evaluating

Analytical and critical thinking abilities
Communication and presentation skills
Collaboration with a team
Detail-oriented and organizational skills
Problem-solving mindset
Knowledge of risk assessment tools and methodologies
Familiarity with industry regulations and standards related to risk management