Risk management is a big process that contains different other processes such as the identification of the risks, their assessment, evaluation and treatment –all are part of it. Let’s have a look at risk assessment and risk treatment and their relationship together as to how they go together and what role do they play in any organization.
Risk Assessment and Its Importance
Risk assessment is a systematic process to identify the risks and then evaluating them how they can be caused and what can cause them along with the extent of the damage. This process enables the companies to identify the threats and also assess the likelihood of their happening. However, once the risk is identified, evaluated according to the sources that are present and assessed, this process stops.
The Importance of Risk Assessment
The risks assessment is an important process both in the terms of identifying the risks and managing them. Risk Assessment helps the companies to evaluate the risks regarding a project both from the angle of outside and inside. Moreover, they can also evaluate the capacity of the already present control measures. The Risk Assessment is also necessary as it allows the companies to prioritize the risks according to the measures they are thinking to take to avoid them.
Risk treatment is the process of taking the action against the identified risks and this included the whole process of managing the risks, applying the process to treat them and managing the information security risks. The risks treatment plan usually has four different treatment processes:
However, if we take a look at the bigger picture of the risk treatment plan, it has a detailed plan to tackle any risk.
ISO 27001 and A Guide to Risk Assessment and Risk Treatment
ISO 27001 comes with the requirement that information security risk management is an important part of the ISMS and the organizations need to follow a proper guide to get through this whole process.
Identification of risks
The ISO 27001 considers anything a risk that can impact the availability and integrity of the information or data of the organization. This will help the enterprise to know what could be a risk for their data.
Identification of the Responsible Person
The second step for the organization is to find that person because of whom the risk appeared and the owners or the IT staff might need access to the sensitive systems to react to the problem.
Risks have become a new norm in the business world and businesses prioritize them according to their likelihood of happening. Moreover, they prioritize them from the extent of damage that they can cause.
Associating the Risks with controls
Every risk is associated with control through which the employees view how they can handle it and which department could play the most effective role in countering that risk.
Creating a Risk treatment plan
The risk treatment plan is the process of controlling the risks in its place to minimize their impacts and the treatment can work in different ways such as, avoiding or mitigating the risks.
Risk Monitoring and Review
Once the risk assessment and treatment process is done, the time comes to monitor the treatment process throughout the lifetime. Moreover, if any modification is necessary that can be brought to those processes and timely reports can be generated.