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A risk assessment is a systematic process of identifying, analyzing, evaluating, and controlling hazards and risks to a business or organization.

IT Audits & Risk Assessments

Risk assessments are becoming increasingly important due to the inherent dangers of running a business. These risks might include major hazards like the rise of cyberattacks or even natural disasters, but risks can also include employee conflicts and stress.

The goal in a risk assessment is to determine any potential hazards that can impact a business’s ability to operate. By conducting a risk assessment, businesses can identify potential risks and develop strategies to mitigate them.

Performing a risk assessment involves three main steps:

  • Hazard/risk identification: This involves identifying potential hazards or risks to the business, such as cyber threats or workplace accidents.
  • Risk analysis and evaluation:
    Once the hazards or risks have been identified, the next step is to analyze and evaluate the risks that are associated with them. This includes trying to determine the potential severity of the harm it could cause.
  • Risk control: Finally, businesses must determine appropriate ways to mitigate the hazard or control the risk when the hazard cannot be mitigated. Control could involve implementing new policies or procedures, training employees, or even investing in new technology or equipment that could lower the risk.
FalconRock-Cybersecurity Consulting

Why IT Audits & Risk Assessments?

  • Create awareness of potential risks and hazards
  • Improve resilience
  • Comply with regulations

It is important to know if your risk assessment was complete and accurate. It is also essential to be sure that any innovations, transformation initiatives, or changes in the business have not introduced new risks or changed risks that were once ranked as lower priority to a higher priority. It is good practice to perform an assessment regularly to ensure your control methods are effective. Risks are always shifting, so companies need to evaluate and evolve with them. 

Take the First Step Toward Enhanced Cybersecurity

Protect your business, safeguard your data, and build resilience against evolving threats with FalconRock’s expert cybersecurity solutions.