Risk assessment hierarchies assist an organization in strategic planning and decision making by providing information about potential risks to the company. Any size organization can benefit from risk management to help achieve strategic objectives and make all business processes run more efficiently and effectively (Alrawad et al., 2023). Preventing risks can be less costly than reacting to them once they have become a problem. The greatest concerns when employing risk assessment hierarchies are if the relevant risks are identified and appropriate controls are in place to mitigate them. For this reason, audits of public companies are required to include an opinion on the effectiveness of internal controls (Radu