Risk Assessment
A systematic process of identifying potential threats, evaluating vulnerabilities, and determining the likelihood and impact of risks to an organization's information assets and operations. Risk assessments are foundational to ISO 27001, DORA, and virtually every compliance framework.
Risk assessment is the cornerstone of any effective information security and compliance program. It involves systematically identifying assets, threats, and vulnerabilities, then evaluating the likelihood and potential impact of adverse events. The results inform risk treatment decisions: accept, mitigate, transfer, or avoid each identified risk.
ISO 27001 requires organizations to perform risk assessments using a defined methodology that ensures consistent, valid, and comparable results. DORA mandates ICT risk assessments that specifically address digital operational resilience concerns including cyber threats, system failures, and third-party dependencies.
Modern risk assessment approaches increasingly leverage automation and continuous monitoring rather than periodic manual assessments. This shift enables organizations to maintain a real-time understanding of their risk posture and respond more quickly to emerging threats.
Related Terms
ICT Risk Management
The process of identifying, assessing, and mitigating risks associated with information and communication technology systems. Under DORA, financial entities must maintain a comprehensive ICT risk management framework covering identification, protection, detection, response, and recovery.
ISO 27001
The international standard for information security management systems (ISMS). ISO 27001 provides a systematic approach to managing sensitive company information, ensuring it remains secure through a framework of policies, processes, and technical controls.
Continuous Monitoring
An ongoing process of observing, evaluating, and maintaining awareness of information security controls, vulnerabilities, and threats. Continuous monitoring ensures that compliance status is maintained between formal audits and enables rapid detection of control failures.
Vulnerability Management
The continuous process of identifying, classifying, prioritizing, remediating, and mitigating software vulnerabilities. Effective vulnerability management is a key requirement of DORA, ISO 27001, and SOC 2 to maintain system security and operational resilience.
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