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For example, imagine you want to do an annual organizational risk assessment. You want to see whether your risk profile is improving or getting worse from year to year. So before doing the first assessment, you create an Annual Risk assessment series. Then, each time you do a new annual risk assessment, you assign it to the Annual Risk series and you choose the same set of organizational units to assess. You will probably use the same question list as well, although over time the question list may evolve due to changing requirements.
See also: Setting Up Assessments