Risk Assessment and Risk Treatment by additional risk categories

06/28/2021.

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

 

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:

 

  • Avoid the risks
  • Mitigate the risks
  • Reduce the risks
  • Share the risks

 

However, if we take a look at the bigger picture of the risk treatment plan, it has a detailed plan to tackle any risk.

 

  • The level of risk and its link with the vulnerability of the information.
  • The gap between the risk that was assessed and the risk that appeared.
  • The ways through which an organization is thinking of handling the risks.
  • The treatment plan also has a list of controls and a list of additional controls that might be needed.
  • The time required to tackle the risks and the resources needed for it.

 

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.

 

Prioritize Risks

 

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.

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