Risk Assessment & Management

Risk Assessment Methodology

ScanWave Risk Assessment methodology helps the organization conduct risk assessments according to PCI DSS, COBIT 2019, Cybersecurity, ISO27001 and EU GDPR (comprehensive to meet international standards that cover the above).
By supplementing these standards, the risk management methodology helps the organization evaluate risks and safeguards using the concept of “due care” and “reasonable safeguard” that the legal community and regulators use to determine whether organizations act as a “reasonable person.”
 

Scanwave Risk Assessment Approach

A risk assessment is a project that analyzes the risk posed by a set of information assets and recommends safeguards to address unacceptably high risks. While the order of events in a risk assessment project will vary from organization to organization.
ScanWave risk assessment method describes multiple ways that organizations may evaluate, assess, and design safeguards using the Controls used.
Organizations may start simply and list the Controls to determine whether their information assets are sufficiently resilient against foreseeable threats.
More capable organizations may list their information assets first, then consider whether associated Controls sufficiently protect those assets against foreseeable threats.
Organizations with a command of how threats operate may start with a list of known or foreseeable threats against information assets and determine how controls should be implemented to address them.
Each of these approaches relies on the organization’s ability to conduct that kind of analysis. And those abilities depend on the involvement of business management in information security, the availability of time and resources to examine information assets and risks, and the expertise of the personnel for conducting the analysis.
ScanWave risk assessment method will provide a model for organizations to evaluate risk based on the harm they may pose to themselves or their constituency, and to determine whether the burden of each of the Controls – implemented as safeguards – are appropriate.
 

ScanWave Risk Treatment Approach

Risk treatment recommendations are a critical part of risk assessments to be sure that the organization has developed a plan for addressing risks without creating other risks to the organization or its constituents. Some of the benefits that have been demonstrated about this process are:
1. Organizations can demonstrate to collaborating business managers how recommended security safeguards can be implemented without creating too much of a burden on the business mission and objectives.
2. Organizations can demonstrate to regulators and other legal authorities that safeguards are reasonable because the safeguard risk of the safeguard (the “burden” to the organization) is not greater than the risk that it is meant to reduce.
3. Organizations can demonstrate that recommended safeguards would be appropriate by showing that they would not foreseeably create an impact that would be intolerable to the organization or its constituents.
4. Organizations may find it valuable to evaluate multiple safeguards in case one safeguard is more reasonable (creates an even lower risk) than another safeguard.
5. Risk assessors will find that their colleagues will understand and appreciate risks and controls when risk assessors and subject matter experts collaborate on evaluating risk, and planning safeguards.

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