Risk Assessment
1. Preparation and Planning
- Determine the objectives of the assessment.
- Identify the specific areas or processes to be evaluated.
- Clarify the boundaries and limitations of the assessment.
- Document the scope for stakeholder review and approval.
- List all individuals or groups involved in the assessment.
- Define the responsibilities for each stakeholder.
- Establish communication plans among stakeholders.
- Ensure stakeholders understand their contributions to the process.
- Research applicable local, national, and international regulations.
- Identify industry-specific standards relevant to the assessment.
- Compile documents and resources for easy reference.
- Review and summarize key points for stakeholders.
- Outline major milestones and deadlines.
- Assign tasks to stakeholders with due dates.
- Include time for reviews and feedback loops.
- Monitor progress and adjust timelines as needed.
2. Asset Identification
3. Threat Identification
- Identify key assets and their vulnerabilities.
- Research common cyber threats (e.g., malware, phishing).
- Evaluate risks from natural disasters (e.g., floods, earthquakes).
- Consult industry reports for additional threats.
- Engage stakeholders for insights on potential risks.
- Collect data on past incidents affecting the organization.
- Review industry case studies and reports.
- Identify patterns or recurring threats.
- Assess the impact of previous incidents on operations.
- Document lessons learned for future reference.
- Stay updated on regulatory changes and compliance requirements.
- Monitor technological advancements (e.g., AI, blockchain).
- Research new types of fraud and cyberattacks.
- Engage with industry groups for threat intelligence.
- Evaluate geopolitical factors that may impact risks.
4. Vulnerability Assessment
5. Risk Analysis
- Identify all identified threats.
- Evaluate historical data and trends.
- Use qualitative and quantitative methods.
- Consult with subject matter experts.
- Document findings and likelihood ratings.
- Define impact criteria (financial, reputational, operational).
- Analyze each risk's potential consequences.
- Consider worst-case and best-case scenarios.
- Engage stakeholders for input.
- Record impact assessments systematically.
- Create a risk matrix to visualize risks.
- Assign scores for likelihood and impact.
- Rank risks from highest to lowest priority.
- Focus on high-priority risks for mitigation.
- Review and adjust priorities regularly.
6. Risk Evaluation
7. Risk Treatment
8. Monitoring and Review
9. Communication and Reporting
10. Training and Awareness
- Identify key risk topics relevant to staff roles.
- Create engaging and informative training materials.
- Schedule training sessions and allocate resources.
- Utilize various formats: workshops, e-learning, and seminars.
- Gather feedback to improve future training programs.
- Encourage open discussions about risk management.
- Share success stories of effective risk handling.
- Incorporate risk awareness into company values.
- Reward employees for proactive risk management actions.
- Provide ongoing communication about risk-related updates.
- Establish a training schedule for regular refreshers.
- Simulate realistic incident scenarios for drills.
- Evaluate staff performance during drills for improvement.
- Update training content based on drill outcomes.
- Ensure all staff are familiar with incident response plans.
Use in Manifestly