Research Paper: Risk Analysis Process
The risk analysis process should not be carried once only for making a security process, instead, it must be performed frequently to determine new threats emerging from the internal and external environment, progress to more complex and larger computer systems and to support change management in an organization. The following steps must be performed in right sequence to carry out an efficient risk analysis process.
- Conducting initial team session- It is vital to initially conduct group meetings to specify the objective and scope of the risk analysis. In the same meeting, the time takes to complete a particular risk analysis process is also specified.
- Perform asset valuation- Once you have specified the scope of risk analysis, the next step is the identification of the assets that need to be protected. This stage can be categorized into speculative and subjective
- Evaluation vulnerability-The level of vulnerability and threats are determined on the basis of the value of organization’s assets. Mainly the IT personnel are responsible for evaluating the threat of virus attacks and other intrusions.
- Calculate Risk-Once the assets values are determined and the potential vulnerabilities, which can threaten those assets, the subsequent step is to compute risk and assign a numeric value.
Risk Analysis should be done whenever a change to the current environment is done as to put the existing systems at a higher risk. Risk implications of the threat and vulnerabilities are better understood when they are quantifiable and measurable. If a new system is put in place but is separate from other existing systems than only a risk analysis on that system needs to be done but if it ties into an existing system the entire system needs to have a new risk analysis process completed.
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