Need to Build an Efficient Risk Assessment Matrix

A risk assessment matrix is undeniably an invaluable tool for an organization’s quest to protect their information assets. The most effective tool used to evaluate industry risks, a ‘Risk Assessment Matrix’ helps businesses to identify and gauge risks by estimating their severity and probability of occurrence.

Today, organizations use a risk assessment matrix to quantify risks within their industry and to determine the appropriate strategies to minimize risks. Having a clear understanding of the industry risks helps businesses to overcome several challenges which they otherwise face. However, several organizations fail when it comes to the actual process of evaluating risks. Has this been your concern too? Well, the adopted process is to blame.

Though the goal of a risk assessment matrix varies across industries it ultimately helps organizations to combat risks. Other goals include:

• Offering an analysis of probable threats
• Meeting industry standards
• Creating an awareness about hazards and risks
• Understanding the ROI

Risk Assessment Process

The process of risk evaluation may seem to be a daunting task, but with a well-defined risk assessment process in place, organizations can determine and stay prepared to overcome potential risks, thereby avoiding catastrophic consequences down the road.

A risk assessment process involves the following steps:

Step 1: Identify the risk universe

Step 2: Determine the risk criteria

Step 3: Evaluate the risks

Step 4: Prioritize the risk-based on their severity

Client’s Background

The client- a leading player in the handheld devices market based out of UK. With over 50 years of expertise in the handheld devices industry, the client is also recognized for offering customized solutions and off-the-shelf connectors for manufacturers of electronic handheld devices across the globe.

To gain detailed insights into the importance of a risk management and how we can help you devise one. Request a FREE proposal.

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