Business Services
Risk assessment involves identifying, analysing, and evaluating potential risks that could compromise the confidentiality, integrity, or availability of an organization's information assets. This process typically involves identifying and cataloguing all information assets, including data, systems, applications, networks, and physical infrastructure. Threats and vulnerabilities are identified, such as malicious insiders, cyberattacks, malware, phishing, and physical theft. Risks are analysed to assess the likelihood and potential impact of threats exploiting vulnerabilities, considering factors like probability of occurrence, potential damage, and mitigation costs. Risks are evaluated based on their significance to the organization's business objectives, regulatory compliance, and reputation, prioritizing them based on severity and urgency.
Risk management involves implementing strategies and processes to mitigate, monitor, and control information security risks throughout the organization. This includes implementing security controls to reduce the likelihood or impact of risks, such as access controls, encryption, intrusion detection systems, and security awareness training. Risks are continuously monitored and tracked to assess their status and the effectiveness of mitigation efforts.
Methodology
Deliverables
A comprehensive document that outlines the identified risks, their potential impact, and the likelihood of their occurrence. This report includes methodologies, tools used, and detailed findings from the risk assessment process.
- Executive summary
- Scope and objectives
- Methodology
- Risk identification.
- Risk analysis and evaluation.
- Recommendations and mitigation strategies
- Appendices (if any, such as data sources or detailed analysis)
A centralized repository that captures all identified risks, including details about their status, priority, and mitigation measures. It serves as a reference for ongoing risk management activities.
- Risk ID
- Description of the risk
- Risk owner
- Likelihood and impact ratings
- Mitigation measures
- Status (open, in progress, closed)
- Review dates
A detailed plan outlining the actions to be taken to mitigate identified risks. It specifies the risk treatment options chosen (e.g., accept, transfer, mitigate, avoid) and assigns responsibilities and timelines for implementation.
- Risk treatment options
- Action items and steps
- Responsible parties
- Timelines and deadlines
- Monitoring and review processes
A formal document that outlines the organization’s approach to risk management. It defines the principles, framework, and processes for managing risks.
- Purpose and scope
- Definitions and terminology
- Risk management principles
- Roles and responsibilities
- Risk management process
- Monitoring and review
- Reporting and documentation requirements