a. Risk assessment
the need
| risk assessment for a particular issue forms the foundation for making a decision about future actions. |
| judgment and values enter into risk assessment in the context of what techniques one should use to objectively describe and evaluate risk. |
| improve risk assessment and thereby help your bottom line. |
Click on any of the hyperlinks and get more information about the tool and/or service:
- SERVICES
- A governance and risk assessment
- 1 governance
- 2 compliance
- 3 risk
- a risk assessment (you are here - scroll down to read more)
- b internal controls
- c risk management
- etc.
- A governance and risk assessment
Risk assessment documents assets, vulnerabilities, likelihood of damage, estimates of the costs of recovery, summaries of possible defensive measures and their costs and estimated probable savings from better protection.
A risk analysis is the process of arriving at a risk assessment, which is also called a “threat and risk assessment.”
A “threat” is a harmful act such as the deployment of a virus or illegal network penetration. A “risk” is the expectation that a threat may succeed and the potential damage that can occur.
the value proposition
| 1 | risk assessment | is a scientifically based process comprising four steps: hazard identification, hazard characterization, exposure assessment and risk characterization. |
| 3 | Risk assessment means | the process of analyzing potential losses from a given hazard using a combination of- known information about the situation,- knowledge about the underlying process, and- judgment about the information that is not known or well understood. |
| 3 | Risks that are left untracked | can cause serious damage to the firm (e.g., being part of litigation, product flop or failure in the marketplace) and its efforts to achieve its strategic objectives (e.g., growth, cost management, profitability) |
| 4 | Solution | implement and monitor appropriate control and risk indicators to manage risk mitigation satisfactorily |
| CyTRAP Labs provides clients with tools that facilitate the: | ||
| A | better articulating and documenting of the amount of risk taking that is acceptable to the firm, and | |
| B | more efficient and effective risk management to assure better risk governance | |
When conducting a risk assessment, it is important to define what the goals and objectives are for the risk assessment and what that organization would like to accomplish by conducting one.EXAMPLEFailing to assess risks properly and systematically endangers the firm’s reputation and brand. As well, proper risk management is based on having done a thorough risk assessment:
risk assessment and risk management – Scandinavian Airlines fails to use the six-step process
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