A Novel Risk Assessment Methodology – A Case Study of the PRISM Methodology in a Compliance Management Sensitive Sector

The paper introduces the PRISM methodology built on the critical characteristics of the traditional failure mode and effect analysis (FMEA) and the risk matrix (RM) risk assessment methodologies. The authors create a new definition in the risk assessment process, which is introduced as partial risk. The paper focuses on assessing the compliance risks, the risks of organizational wrongdoing, and legal non-compliance. A real-life case study from the banking sector shows the risk assessment process based on the PRISM method.