What should organizations aim to identify through the procedure of conducting policy reviews?

Organizations conducting policy reviews aim to identify exposures not covered or addressed by stated policies because this is crucial for effective risk management. Through this process, organizations can evaluate their current policies and practices to ensure that they adequately cover all potential risks. This involves assessing existing policies to discover any gaps or weaknesses that could leave the organization vulnerable. By identifying these exposures, organizations can take proactive steps to address them, whether by updating existing policies, implementing new ones, or enhancing risk mitigation strategies to protect themselves against unforeseen events.

While competitive advantages, industry trends, and insurance options are important in their own contexts, they do not focus specifically on the critical risk management need of ensuring comprehensive coverage through policy assessment. In particular, understanding exposures allows organizations to make informed decisions and strategically manage their overall risk profile, which is the primary objective of conducting thorough policy reviews.