Part of Security Risk Management is identifying risks then analysing, evaluating and understanding them as well as acknowledging their causes and consequences. This process is known as Security Risk Assessment (SRA). The aim of a Security Risk Assessment is to create a comprehensive list of risks and threats facing the entity and consider the way they effect the people, information, assets and processes of that entity. It is a structured, proactive and rigorous approach to security and provides tailored assessments of a business’s risks and strategies.
Expert consultants are trained to formally identify and assess these risks, so that decision-makers can understand, consider and manage them. Proper Security Risk Assessment’s ensure businesses:
- Identify and confirm security weaknesses and obstacles;
- Determine their requirements for training and education;
- Are compliant with relevant industry standards and legal regulations;
- Develop robust controls to prevent or manage the risks; and
- Make secure, effective design and management decisions.
Security Risk Assessments involve businesses assessing, identifying and modifying their general security posture. Collaboration across the business is crucial, allowing assessors to view the organisation as a whole, developing an all-encompassing perspective. SRA’s consider risk areas including governance, personnel, physical and information to determine the sources and likelihood of risks an entity is facing, and the practical steps they can use to prevent or minimise them.
After a Security Risk Assessment, management is expected to commit to allocating resources and implementing effective security solutions. The solutions aim to protect the people, information and assets of an entity as well as protecting national interests. Using informed decisions to mature your businesses baseline security is the core of what Security Risk Assessments aim to achieve.