A Risk Assessment is the combination effort of:
- Identifying and analyzing potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e., risk analysis). and
- Making judgements “on the tolerability of the risk on the basis of a risk analysis”.
A risk assessment analyzes what can go wrong, how likely it is to happen, what the potential consequences are, and how tolerable the identified risk is. As part of this process, the resulting determination of risk may be expressed in a quantitative or qualitative fashion. The risk assessment plays an inherent part of an overall risk management strategy, which attempts to, after a risk assessment, “introduce control measures to eliminate or reduce” any potential risk-related consequences.
A risk assessment process must:
- Establish and maintain certain information security risk criteria.
- Ensure that repeated risk assessments “produce consistent, valid and comparable results”.
- “Identify risks associated with the loss of confidentiality, integrity and availability for information within the scope of the information security management system”.
- Identify the owners of those risks.
- Analyse and evaluate information security risks according to certain criteria.
There are five stages to an information security risk assessment:
- Establish a risk assessment framework.
- Identify risks.
- Analyse risks.
- Evaluate risks.
- Select risk management options.
What We Offer:
AZAAN works alongside organisations to conduct end-to-end and top-to-bottom risk assessments. To this work, we bring a nuanced understanding of all applicable national and international regulations and standards including the Information Assurance standards, ISO 27001 and 27002, ISO 22301, ISO 31000, ISO 38500, GDPR (General Data Protection Regulation), NIST (National Institute of Standards and Technology), and the ISACA COBIT 5 framework.
Our proprietary GRC risk assessment and mitigation tool generates a detailed and comprehensive roadmap toward full compliance with all applicable regulations and international standards.
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