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
The client- a leading player in the handheld devices market based out of the UK.
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The client’s core values revolved around effective risk management which they considered to be the cornerstone of accurate decision making. In a bid to promote their core values the handheld devices market player wanted to develop a risk assessment matrix to identify and gauge the industry risks. Also, their inability to comprehend the risk assessment process prompted them to approach Infiniti Research to devise suitable risk assessment steps to overcome their challenges.
The risk assessment matrix was developed using primary and secondary data collected from 500+ channels and secondary information from varied sources within the handheld devices market. The industry experts at Infiniti Research further leveraged market data to gauge potential risks and their repercussions if any. This also empowered the client to – gauge new markets, analyze market trends, and classify risks based on their priorities.
The recommendations and solutions offered by our experts enabled the handheld devices client to gain in-depth acumens on the threats prevalent in the industry. Also, this engagement aided the development of a robust risk assessment matrix which, in turn, helped the client make precise business decisions.
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