Risk assessment and analysis methodologies
Different methodologies are available for assessing the risk. An organization should use a methodology that best fits its requirements. The method should have the ability to achieve the goals and objectives of the organization to identify the relevant risk. One such risk assessment methodology is COBIT 5.
Risk assessment is an important process for identifying significant risks and cost-effective controls to address the identified risks.
Phases of risk assessment
Generally, a risk assessment process follows three phases:
- Risk identification: In this phase, significant business risks are identified. Risk identification is generally conducted by risk scenarios. A risk scenario is a visualization of a possible event that can have some adverse impact on the business objective. Organizations use risk scenarios to imagine what could go wrong and create hurdles for achieving the business objectives.
- Risk analysis: Risk analysis...
