Businesses often overlook critical mistakes in their risk assessment processes, exposing themselves to serious threats. Common errors include treating assessments as one-time exercises, focusing only on external risks, ignoring internal and third-party risks, and failing to involve diverse teams. Poor prioritization, neglecting compliance requirements, overreliance on technology, and skipping proper mitigation planning further increase vulnerability. To protect data and operations, companies must continuously update risk assessments, involve all relevant departments, review third-party relationships, and create actionable mitigation strategies. Implementing a holistic and proactive risk management process helps prevent financial losses, reputational damage, and legal consequences, ensuring robust security and compliance.