My approach to identifying risks involves a comprehensive analysis of the institution's operations, market conditions, and regulatory environment. I use a combination of quantitative models and qualitative assessments to pinpoint potential threats. To mitigate these risks, I develop robust risk management strategies that include setting risk limits, implementing risk control measures, and regularly reviewing and updating risk policies to ensure they remain effective in changing conditions.

Risk prioritization is crucial and involves assessing the likelihood and impact of each risk. I use a risk matrix to visualize and rank risks based on these criteria. High-likelihood, high-impact risks are addressed first, followed by those with lower likelihood but potentially severe impacts. Regular risk assessments help in adjusting priorities as new risks emerge or existing ones change in severity.

Ensuring compliance involves a proactive approach to understanding and adapting to regulatory changes. I maintain strong relationships with regulatory bodies and participate in industry forums to stay updated. Internal audits and compliance checks are conducted regularly to verify adherence. Training programs for staff on regulatory updates are also key to maintaining compliance.

In such situations, the first step is to conduct a thorough review of the strategy's implementation and effectiveness. I would gather feedback from stakeholders and analyze data to identify gaps or unforeseen challenges. Based on this analysis, adjustments would be made to the strategy, possibly including additional controls or alternative approaches, to better manage the risk.

I led a project to overhaul the risk management framework of a mid-sized bank. The project involved integrating new risk assessment tools, training staff, and revising risk policies. The outcome was a significant reduction in operational risks and improved compliance with international standards, leading to enhanced stakeholder confidence and a stronger risk management culture within the organization.