Our IT risk assessment methodology identifies and classifies the inherent risks that an organization faces. The key business applications in use at a client are identified and addressed at a high level, in order to incorporate them into the future planning process. The controls within the client business application systems residing on the various platforms are evaluated during the course of the review.
Our IT risk assessment methodology includes several steps, namely:
- Identifying and obtaining a high-level understanding of the key business applications in use at a client
- Establishing the main platforms on which existing applications reside and identifying the key interfaces between them
- Identifying, at a high level outstanding user needs, demands, and problems regarding existing applications, applications under development, and proposed applications
- Recommending controls and procedures to be instituted to effectively manage identified risks.
Risk Mitigation and Compliance:
- IT risk assessments require coordination with other enterprise risk management policies, procedures and protocols
- Results should be formatted to be consistent with and integrated into your risk program (i.e., analyzed, ranked, mitigated and documented)
- IT risks are becoming a focal point in the industry; regulator initiatives are underway and recent breach events must be considered
- Implementing controls and procedures with consideration to the latest needs and stakeholder expectations should be a top priority