Ensure efficient risk management, uphold internal control measures, and oversee third-party risk. Conduct thorough risk assessments, implement risk mitigation strategies, and establish processes to address evolving threats. Create robust risk controls and evaluate the effectiveness of internal controls.
Risk Management is about identifying, assessing, and managing risks associated with the organization's information assets to protect them from threats and intrusions.
- Risk Identification: This involves identifying and mapping various types of risks and threats to the organization's information assets. This can include internal risks such as accidental data loss or misuse of information, as well as external threats such as cyber-attacks, malware, and data breaches.
- Risk Assessment: Once the risks have been identified, they must be assessed to determine their likelihood and potential consequences. This can be done using various assessment methods and tools to quantify and qualify the risks.
- Risk Management: After the risks have been assessed, actions must be taken to manage them effectively. This may include implementing security controls and measures to reduce vulnerabilities and risks, as well as developing a plan for incident management and disaster recovery in case of disruption.
- Risk Monitoring and Management: Risk management is a continuous process that requires ongoing monitoring and management of risks over time. It is important to regularly evaluate and update risk assessments and risk management strategies to ensure they are relevant and effective against the latest threats and vulnerabilities.
Minimising risks
By implementing an effective risk management process, organizations can minimize the risk of data breaches, loss of sensitive information, and other negative consequences of security incidents, and maintain the integrity, availability, and confidentiality of their information assets.
