How to Conduct a Risk Assessment for Your Saudi Business (2025 Guide)

Did you know that 60% of businesses in the GCC fail to recover after a major risk event? In a region rapidly evolving under Vision 2030, Saudi businesses face unique challenges in identifying and mitigating operational, financial, and cybersecurity risks. Risk assessment is not just a regulatory requirement—it’s a strategic tool that enables sustainable growth and resilience.

With increasing expectations from regulators like the National Cybersecurity Authority (NCA) and the Saudi Arabian Monetary Authority (SAMA), 2025 is the year to prioritize risk management as a core business function. This blog provides a comprehensive, step-by-step guide tailored to the Saudi market, complete with templates and real-world examples.

Risk assessment is the structured process of identifying, analyzing, and evaluating potential threats to your business operations. It enables organizations to:

• Identify vulnerabilities
• Estimate impact severity
• Determine likelihood of risks
• Prioritize mitigation strategies

Types of risks in the Saudi market include:

• Cybersecurity threats (e.g., phishing, ransomware)
• Financial risks (e.g., currency fluctuation, credit default)
• Compliance risks (e.g., non-alignment with SAMA, NCA guidelines)
• Operational risks (e.g., supply chain disruptions)

1. Compliance with Saudi Regulatory Frameworks

• NCA Essential Cybersecurity Controls require regular risk analysis.
• SAMA Cybersecurity Framework mandates formalized risk evaluation.

2. Protection Against Emerging Threats

Saudi Arabia is a top target for cyberattacks in the MENA region. Risk assessments enable proactive defense.

3. Investment and Stakeholder Confidence

Investors and partners are more likely to engage with risk-aware organizations. A robust risk strategy signals governance maturity.

1. Lack of Standardized Frameworks
2. Limited Internal Expertise
3. Data Silos
4. Resistance to Change
5. Overlooking Non-Technical Risks (e.g., reputational, cultural, or environmental)

Step 1: Establish the Context

• Define business goals, legal landscape (NCA, SAMA, ISO 31000)
• Identify critical assets (data, people, infrastructure)

Step 2: Identify Risks

Use tools like:

• SWOT Analysis
• Threat modeling
• Stakeholder interviews

Step 3: Analyze and Evaluate Risks

Use a Risk Matrix to assess:

• Probability (High/Medium/Low)
• Impact (Severe/Moderate/Minor)

Step 4: Develop a Risk Treatment Plan

• Accept, avoid, transfer, or mitigate
• Assign responsibilities

Step 5: Monitor and Review

• Schedule quarterly reviews
• Update documentation with changes in risk profile

Tools & Templates

• Risk Register Template (Excel or PDF)
• Sample Risk Matrix
• Cybersecurity Risk Heat Map

After a ransomware attack, the company used CG BOD’s GRC software to conduct a full risk audit, helping them become NCA-compliant within three months.

Faced with supply chain disruption, risk mapping helped identify vendor diversification strategies.

Implemented ISO-aligned risk processes to secure SAMA licensing and investor funding.

Risk assessment is no longer optional for Saudi businesses operating in a fast-paced, highly regulated environment. Whether you’re navigating compliance, safeguarding data, or planning for long-term resilience, adopting a structured risk management process is essential.

Start with a clear framework, leverage technology, and empower your teams to proactively respond to risk. CG BOD’s GRC platform offers the tools and expertise to simplify your journey.