Risk Assessment
A risk assessment is an important step in protecting the workers and the business as well as complying with the law. It assists the management to focus on the risks that are present at the workplace i.e. the ones with the potential to cause real harm.
Carrying out a risk Assessment on all workplaces is a requirement of the Occupational Safety and Health Act 2007, as contained in Part II, Section 6 (3), (4) and (5). According to the Act, the definition of risk is the probability of occurrence or adverse effect from a substance on, people or the environment combined with the magnitude of the consequence of that adverse effect.
Risk is a broad heading that is a part all of the services GIST offers.
However, a specific risk assessment or management project may be required when one has not been performed before, when one needs refreshing, or when a new network, application, facility or type of information service is being incorporated into the organisation. GIST can also provide an independent audit to validate existing risk management plans and assessment methodologies.
A risk assessment and mitigation programme will typically start with the identification and categorisation of an asset, and the risks that may impact this. Once this is understood, the steps required to mitigate and manage or eliminate the risks should be established. As always, there is no silver bullet for risk management, and so the programme would no doubt include ongoing activities that must be adopted and monitored going forward, so that any residual risk remains at an acceptable level.
GIST consultants can help you work through this programme, and this is likely to be an iterative process spread over a number of weeks, drawing on varying aspects of your organisation and staff.
Being Aware is Being Prepared
Organizations face risk every day. It’s a part of getting business done, especially in our digital world. A crucial piece of building a cyber resilient organization is taking a risk-based approach to decision-making, and that process starts with a risk assessment. If you don’t assess your risks, these cannot be properly managed, and your organization is left exposed to threats. A successful risk assessment process should align with your goals and help you cost-effectively reduce risks.
- Guidance from expert advisors
- Actionable results help you mitigate risks
- Proven methodology based on industry standards
- Get recommendations that meet your business objectives
Proven Methodology Based on Industry Standards
Assessing and managing your cybersecurity risk takes considerable thought and effort. Tyler’s suite of risk assessments can help you assess, prioritize, and manage your organization’s security risks through an understanding of your business processes, the existing control framework, and the criticality of the asset.
- Methodology based on NIST 800-30 Revision 1 and informed by a host of regulatory, industry, and international standards
- Multi-step process to determine risk level and appropriate remediation recommendations; current level of risk is evaluated and documented
Actionable Results Help You Mitigate Risks
The risk assessment provides you with an accurate picture of the risks associated with the system, application, function, or process included within the engagement.
- Receive recommendations to reduce risk and/or enhance the security posture of your organization
- All supporting findings and control details are provided
- Report serves as a foundational document for annual update and a template for future assessments
Inform Your Process With Guidance From Cybersecurity Experts
Tyler will conduct each risk assessment engagement using regulatory guidance, industry standards, international best practices, and real-word experience.
- Draw on the decades of experience our cybersecurity professionals have performing risk assessments
- Get recommendations that meet your business objectives
- Ensure you are cost-effectively reducing your risk
Understand your threat environment and strengthen your risk approach
Do you have visibility into the risks your business may be exposed to? Whether you think you do or not, conducting periodic risk assessments is essential for flagging potential threats. RSM’s risk assessment frameworks provide a consistent method to identify, prioritize and respond to risk. These evaluations present you with key insights into your current exposure and risk posture, allowing you to make informed business decisions.
Risk assessments identify potential risks to assets critical to your business operations, evaluate the likelihood and impact of threats targeting your organization, and highlight gaps in your current processes that create exploitable vulnerabilities.
Critical area assessments tailored to your needs
- Cybersecurity and IT risks
- Enterprise risks
- Focused risks
Cybersecurity and information technology risks
To enhance your organization’s cybersecurity, start by assessing potential financial losses from breaches and use a custom roadmap to improve your security program. Conduct a Cybersecurity Rapid Assessment® to identify major gaps and establish program needs based on the National Institute of Standards and Technology Cybersecurity Framework.
- Business process risk: Determine the potential exposure your organization has to financial losses if a breach were to occur. Then, use your custom roadmap to improve your security program.
- Cybersecurity Rapid Assessment: Analyze risk and/or maturity against a high-level subset of the National Institute of Standards and Technology Cybersecurity Framework. Identify major gap areas and use results to establish program needs and growth, based on your organizational risk and prioritization.
- Framework-driven maturity: Evaluate your current processes and controls to gain insights. Use these to better your information security efforts and enhance your ability to identify, protect, detect, respond to and recover from a cyber incident.
- Framework-driven risk: Support your executives in making business decisions that better align security efforts with enterprise risk.
- IT risk: Understand the risk profile of your technology infrastructure and identify the highest areas of risk. Use your findings to design a more effective IT audit program.
Enterprise risks
A risk management assessment offers a transformative understanding of your organization’s risk universe by aligning internal audit objectives with your risk management strategy. This approach enhances audit efficiency, provides a holistic view of risks across departments, and supports informed decision-making.
- Risk management assessment:Taking an agile approach to governance, while keeping organizational purpose and business strategy at the forefront of development, this assessment provides a transformative understanding of your organization’s risk universe.Benefits of a risk management assessment include:
- Aligned objectives: The assessment aligns the objectives of the internal audit with your organization’s risk management strategy, enabling the audit to address the most critical threats and opportunities.
- Enhanced efficiency: By understanding the risk landscape, internal auditors can prioritize their efforts, making the audit process more efficient and effective.
- Holistic view of risks: By integrating various risk processes, your organizations gains an understanding of risks across different departments. The interconnectedness helps identify potential threats that might not be visible when risks are managed in silos.
- Improved decision making: Integrating risk management assessments with internal audit provides better visibility into risk trends and mitigation activities, which supports informed decision making.
- Proactive risk management: Risk management assessments are proactive, focusing on identifying and mitigating risks before they materialize, rather than reacting to issues after they occur.
Focused risks
A comprehensive risk assessment covers key areas such as AI governance, physical security, data privacy, ransomware response, and third-party risks. It provides actionable insights to enhance governance, ensure safety, support compliance, validate controls, and manage external risks effectively.
- AI governance strategy risk assessment: A thorough risk profile that identifies key areas for improvement within your AI governance program, with actionable insights to enhance governance and help ensure a responsible deployment of AI technology and its processes.
- Physical site: Gain insights to your physical security posture as it relates to protecting individuals and data within your facilities. Additionally, we make sure that safety systems and communication are consistent across your control groups.
- Privacy: Get a detailed look at your organization’s data privacy policies, practices and overall program. We help you understand, design, implement and maintain an effective privacy function that can support compliance efforts and mitigate risks to personal data.
- Ransomware risk: Be aware of the potential spread of infection and determine your business’s response and recovery capabilities. Through interviews and document reviews, we initiate a technical emulation of a ransomware attack, providing you with a realistic validation of the controls in place.
- Third-party risk:Get a custom blueprint to help identify and manage your third-party risks.
Overcoming common risk challenges
In addition to providing visibility, our risk assessments help address pain points across various fields, including:
- Compliance and regulatory requirements
- Customer and contractual obligations
- M&A due diligence
- Reporting risks to the board
- Breach readiness and response
- Expanding data footprint and business environment
- Peer benchmarking
- Evolving threat landscapes
