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First Step in Risk Assessment Process – Collecting Information

Every technology firm faces a variety of risks from internal and external sources that should be assessed.

Two key steps in any risk assessment effort are the collection and review of information pertinent to your company’s operations and determining the related risks. The project team’s ability to gather and understand the information will be an important factor in the success of the risk assessment project.

The goal of collecting information is to identify and understand the significant variables that can directly or indirectly impact the business, and the factors that can cause those variables to change. Among the organizational details the team should identify are:

The assets at risk (the company’s critical physical, financial, natural, human and intangible resources)

  1. Known perils to the organization.
  2. Specific areas of management concerns.
  3. Regulations and constraints under which the organization operates
  4. The current process of addressing risk.
  5. Information may be obtained through a combination of methods and sources including document reviews and structured interviews.

Documents, such as reports, manuals, databases, internal memoranda, represent a ready data source for risk assessment projects. Much can be learned about a company’s operations and exposures by reviewing the information they contain. Structured interviews are equally valuable.

Contacting a TechAssure member can help you with a comprehensive risk assessment process. To learn more about the benefits of work with a TechAssure member, please give us a call at 512-377-9594, xt 700

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