An organization’s risk profile is primarily shaped byits internal and external environment, including economic, regulatory, operational, and technological conditions. CRISC emphasizes that major shifts—such as new regulations, emerging threats, disruptive technologies, organizational restructuring, or market instability—can significantly alter likelihood and impact across multiple risk scenarios. Changes in auditors do not materially affect the risk profile; they affect assurance perspectives. Adjusting risk appetite influences decision-making but does not alter inherent risk. Changes in assessment tools refine detection capabilities but do not fundamentally change the risks themselves. Therefore, broad environmental changes represent the most impactful drivers of changes to the overall risk profile.