What is the main purpose of identifying control gaps in risk management?

Identifying control gaps in risk management is crucial for strengthening risk mitigation efforts because it allows organizations to pinpoint vulnerabilities in their current processes and controls. By recognizing these gaps, organizations can implement targeted measures to address potential risks, ensuring that they are better equipped to prevent or respond to incidents that could have negative impacts on their operations, assets, or reputation.

This proactive approach not only enhances the overall effectiveness of their risk management strategy but also fosters a culture of continuous improvement. By closing identified gaps, an organization can better protect itself from threats, thus reinforcing its resilience against various risks. The improvement of service delivery, efficiency in operations, and reductions in employee workload relate to broader business benefits, but the primary focus of identifying control gaps is about fortifying the organization's ability to handle risks effectively.