Enterprise Risk Assessment
Enterprise Risk Assessment
Risk assessment is the first process in most enterprise risk management methodologies. Organizations use risk assessments to determine the extent of the potential threats and the risk associated with them to their financial processes, IT systems and operations.The primary objectives of our risk assessment methodology are to enable organizations to:
  • Enable management to make well-informed risk management decisions;
  • Assist management with various regulatory compliance initiatives;
  • Better secure the IT systems that store, process, or transmit organizational information; and
  • Assist management in authorizing the IT systems based on adequate approval.

Risk is a function of the likelihood of a given threat and the resulting impact of that adverse event on the organization. To determine the likelihood of a future adverse event, threats must be analyzed in conjunction with the controls in place to mitigate a threat.

Our standard risk assessment methodology encompasses six (6) primary steps, which are listed below.
  • Enterprise Risk Identification
  • Risk Prioritization (Assessing Likelihood and Impact)
  • Risk Mitigation Strategy Identified
  • Risk Mapped to Management's Policies and Control Procedures
  • Policies and Control Procedures Mapped to Control Objectives
  • Control Objectives Mapped to Specific Organizational Control Activities

Our Enterprise Risk Assessment can be aligned with COSO, CoBIT, ITIL, or other leading practice control frameworks. A typical Risk Assessment covers risks identified in these areas: 
Financial
Management
  • Financial Accounting Processes
  • Financial Reporting
 Technology
Management
  • Information Systems Security
  • Technology Acquisition
  • Information Systems Operations
  • Information Systems Monitoring
 Operational
Management
 
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