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Risk Analysis

1367 words - 5 pages

Risk AnalysisRisk is the possibility of something adverse happening. Risk management is the process of assessing risk, taking steps to reduce risk to an acceptable level and maintaining that level of risk. Risk analysis should be performed to determine what is at risk when a disaster occurs. This should include such elements of a system as:·Loss of data·Loss of software and hardware·Loss of personnelBenefits of Risk AnalysisHere are some of the benefits that a business can gain by performing a risk analysis: -Identification and prioritization of critical activities and functionsRisk analysis plays a vital role in identifying the activities and functions without which an organization would be unable to sustain its operations. The organizations can put all its effort and resources towards the successful continuation of these activities and functions in an event of a disaster.Ease of data comprehensionThe output of risk analysis allows decision makers to understand risks well. This is because the data related to the impact and loss caused by risks is presented in simple figures. Also the output of risk analysis does not involve complex mathematical calculations or complex graphs.Assessment of the security awareness among employeesRisk analysis provides a way for employees to learn about the risks that their organization can face. This helps employees avoid errors on their part and report signs of early danger. The employees may also help identify new risks that have gone unidentified by management.Assessment of the preparedness of an organization with respect to the risksIn risk analysis, you need to identify the risks that are likely to harm an organization and then check the level of preparedness of the organization the damage of the identified risks. Therefore by performing risk analysis a business can asses whether or not the organization is capable of facing disasters in the future.Asset IdentificationA list of what assets a company possesses is needed to determine what risks would apply. Assets are the property and resources belonging to a company that are used to determine what risks will affect them and what impact those risks will have. Even a small company may own considerable number of assets, which should be created as part of the risk management process.Another major asset of a business is its data. If a company lost its customer database, financial spreadsheets, crucial documents, or any number of other files the business could be crippled. To effectively deal with risks, you need to deter-mine what data is important and establish methods of protecting it.Other elements of an organization that should be identified as assets are furniture, tools, office supplies, and other components of the business. Even though these are fairly low priority items when compared to the others, their loss could seriously jeopardize a company.When identifying assets, the value and importance of each should also be determined. Value...

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