How do you determine the scope of risk management?

To determine the scope of risk management, begin by identifying the specific objectives and goals of the organization, as these will guide the risk assessment process. Next, evaluate the external and internal factors that could impact these objectives, including regulatory requirements, market conditions, and organizational resources. Engaging stakeholders to gather their insights and concerns can also help define the boundaries of the risk management efforts. Finally, prioritize the identified risks based on their potential impact and likelihood to ensure a focused and effective risk management strategy.