Risk Assessment

Through my experiences, I have seen too many organizations begin the process of putting a Business Continuity Plan in order, yet fail to determine the risk’s involved. Many organizations do not really understand the significance of a disruption to their organization. It is imperative that an organization mitigates the risks that really matter.

   
What is Risk Assessment?

Identifying the risks to an organization:

• Assessing the critical functions necessary for an organization to continue business operations
• Defining the controls in place to reduce organizational exposure
• Evaluation the cost for such controls
• Risk analysis involves an evaluation of the probabilities of a particular event.

The risk assessment step is vital and will essentially determine whether your business continuity planning efforts will be successful. It involves establishing what risks the organization faces and determining the relative magnitude of these risks.

Lisa DuBrock is a Partner and IT Compliance Practice Manager for The Radian Group, LLC.  You can contact her via email.