IT Risk assessment and registering

Define the scope of the assessment

Identify stakeholders and their roles

Gather relevant documentation (policies, procedures, asset inventories)

Establish a timeline for the assessment

List all IT assets (hardware, software, data, and personnel)

Classify assets based on criticality and sensitivity

Document ownership and custodianship of each asset

Identify potential threats (natural disasters, cyber attacks, insider threats)

Consider both external and internal threats

Review historical incidents that may inform current risk

Conduct vulnerability scans on IT systems and applications

Evaluate security controls currently in place

Identify weaknesses that could be exploited by threats

Assess the likelihood of each identified threat exploiting vulnerabilities

Evaluate the potential impact of each risk on business operations

Prioritize risks based on likelihood and impact

Compare identified risks against the organization's risk appetite

Determine acceptable levels of risk

Categorize risks as acceptable, unacceptable, or requiring mitigation

Develop strategies to mitigate unacceptable risks (e.g., technical controls, policies)

Assign responsibilities for implementing mitigation measures

Set timelines for implementation of risk mitigation strategies

Prepare a comprehensive risk assessment report

Include findings, risk prioritization, and recommended actions

Present findings to stakeholders for review and feedback

Create a risk register to document identified risks and mitigation efforts

Include columns for risk description, assessment results, mitigation status, and responsible parties

Ensure the risk register is regularly updated and maintained

Establish a process for ongoing risk monitoring and reassessment

Schedule regular reviews of the risk register and risk management strategies

Update the risk assessment based on changes in the IT environment or business operations

Develop training materials on risk management policies and procedures

Conduct training sessions for relevant staff on their roles in risk management

Foster a culture of risk awareness within the organization