What does the term 'living document' in risk assessment imply?

The term 'living document' in the context of risk assessment signifies that the document requires continual updating and revisions as new information becomes available or as conditions change. This characteristic is essential in risk management, where risks can evolve due to changes in the environment, operational conditions, or emerging threats. A living document allows for adaptability and ensures that the information remains relevant and useful over time.

By treating risk assessments as living documents, teams can better respond to real-time challenges, ensure compliance with evolving regulations, and maintain an accurate understanding of the risks facing an organization. This practice fosters proactive decision-making and enhances the effectiveness of risk mitigation strategies.