How often should a company update their risk management strategy?

A company should update its risk management strategy regularly to ensure it remains relevant and effective in today's rapidly changing business environment. While the frequency may vary depending on the nature and scale of operations, a general guideline is to review the strategy at least annually. This allows the company to assess any changes in its risk landscape, evolving industry trends, regulatory requirements, and internal factors. However, certain circumstances may warrant more frequent updates, such as a major organizational change, new product/service launch, expansion into new markets, or significant legal and compliance developments. By conducting periodic reviews and updates, companies can proactively identify and address emerging risks, enhance risk mitigation measures, and maintain a resilient risk management framework that aligns with their business objectives.