IT GovernanceRisk Management

5 Frequently Forgotten Factors In Assessing Risk

The risk assessment process is meant to quickly determine where risks can come from and plan ways to avoid it; but what about the factors in assessing risk themselves? This post by Erika Chickowski looks to the advice of directors and SMEs from across the industry to help point out the factors that are often overlooked when performing risk assessments within an organization. For instance, when IT assesses risk it often does so without providing insight into how those risks affect the objectives of the business. This lends itself to the assessment process being interactive between multiple groups (and more effective because of it): Organizations need to go a step further than that, says Torsten George, vice president of worldwide marketing and products for Agiliance. Not only do leaders from across the business need to be involved, but the vocabulary of risk needs to be normalized so that everybody is on the same page. “Often organizations will allow different business groups to establish their own risk definitions and nomenclature,” he says. “This creates significant challenges when rolling up and assessing risk across the enterprise.” The post goes on to suggest automation wherever possible, using existing risk registers, and managing scope creep. Furthermore, grouping assets that have similar risks and evaluating them as a whole can save money and time for the organization. It’s through these small steps that the risk assessment process can both reduce the wasted money of mistakes, but also streamline the risk assessment process throughout the organization.

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