How to perform a successful IT risk identification? - Coweso
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How to perform a successful IT risk identification?

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How to perform a successful IT risk identification?

If you want all your organisational vulnerabilities and drawbacks to be handled precisely & cleverly, an IT problem assessment is a fantastic option. Understanding the things that are going well and those that are not is more crucial as we wade through an uncertain time. Assessing the issues is vital to provide calm and stability to an organisation during a turbulent period of uncertainties and risks that threaten its precious financial resources and assets.  These danger assessments should be performed frequently in a company as they specifically cater to safety. In addition, these evaluations benefit from reducing costs while repairing or resolving an issue, as the resultant price is less than what you had to pay if you’ve not anticipated the dangers with the assistance of an IT outsourcing services company. In the following points, we will explain several steps to perform this procedure for your firm.

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Determine the Procedure of Risk Assessment

There is no set manual to refer to while chalking out the methodology of hazard evaluation. Therefore, you should modify your process according to the requirements of your company. There are a few specific factors you need to check before commencing the procedure. The first thing is to look at your organisation background, context and what it does. You should also check your contractual, governing and lawful obligations, the aim related to data safety and its stakeholder’s requirements and demands. Once you check the above boxes, it is time to look at the hazard measures. The mentioned above method is an acceptable process of evaluating hazards, where you verify them according to their probable impact and likely occurrence. Ensure that these hazards are properly enumerated and accepted so that you don’t have to see similar outcomes while comparing two contrasting danger evaluations. Finally, it would help if you determined your problem acceptance criteria. You can’t eliminate every danger you face, so you must decide the level of enduring hazards you are willing to leave unattended.

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Create a List of your Data Files & Assets

As an organisation, you have the option of verification through dual approaches – an asset-specific approach and a scenario-specific approach. While both these methods have their advantages and drawbacks, it is recommended to opt for the asset-specific system. One of the reasons behind selecting this procedure is that you can work from a current list of data assets, including electronic files, hard copies of specific details, removable media, mobile devices and intangibles, such as intellectual property. You can execute this point by taking the assistance of Coweso, one of the leading IT outsourcing companies.

Find Out the Susceptibilities & Threats

It is time to find out the susceptibilities and threats related to your assets once you have created the list of these data files. For example, when checking laptops issued from the workplace, the higher probability of them being stolen is one of the safety hazards you want to focus on. Another will be using an unsafe internet connection by employees when in a public place or seeing sensitive information on their screen.

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Analyse All the Issues

It would help if you decided which hazards need to be prioritised and which is the least dangerous to know the problem you should give preference. This point is where you need to use the concept of your danger criteria. This concept offers you a manual to assist you in comparing the dangers by giving a score of its potential likelihood of happening and the prospective damage it could cause. You can better understand the future hazards your company will face by finding out the issues through this method. The pattern of numbering the issues – whether it is ranked as high – low, 1 – 5 or 1 – 100 – is not mentioned. However, as long as everyone involved in determining hazards employs the same approach, the scoring pattern doesn’t matter. You can type ‘IT services near me in your search engine to find companies like Coweso that can help you in this matter.

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Alleviate the Hazards

Another crucial tip is to reduce the dangers. The treatment of removing unwanted elements is possible through the below-mentioned methods:

  • Make changes to the danger by using safety mechanisms to reduce its potential occurrence and likely damage it can cause.
  • Accept the hazard as the part & parcel of your routine by retaining it and assuming that it fulfils the danger acceptance standards or occurs due to some extraordinary decisions.
  • Try to remove or prevent the scenario causing the hazard to happen by avoiding it altogether.
  • Involve a third party like an insurance company better placed to handle the issue by sharing the risk.

The owner is responsible for all the risks by accepting any risk treatment plans and the level of residual risk. The person who owns risk treatment activities may be different from the asset owner.

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Create & Maintain Risk Reports

Once you have completed all the mentioned above procedures, You can start the documentation process with the help of any company providing IT outsourcing services. A couple of documents are crucial for the evaluation of hazards – risk treatment plan or RTP, that contains documentation of the stance you took concerning risk treatment and the statement of applicability or SoA. This point is relevant due to the audit and certification requirements it fulfils. Some provisions dictate the SoA must:

  • Determine the mechanisms selected by the company to handle the potential risks;
  • Answer the queries regarding the reason these mechanisms are selected;
  • Explain whether or not the firm has executed the tools; and
  • Answer why any controls have been removed, if any.

Every control should have its entry, and when the command has been selected, the SoA should link to relevant documentation about its execution.

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