Importance of risk assessment

Risk assessments are important for protecting employees and customers from harm^[1][2], as well as for identifying insider threats^[3] and preventing data breaches^[4]. They can also save lives by identifying hazards that pose bigger risks than short-term injuries^[5]

1. Identify the assets: Identify the assets that need to be protected, including people, property, data, and systems.
2. Identify the threats: Identify the threats that could potentially harm the assets, such as natural disasters, accidents, or malicious attacks.
3. Evaluate the likelihood and impact of each threat: Assess the likelihood and impact of each threat, taking into account the potential consequences and the likelihood of it occurring.
4. Determine the level of risk: Determine the level of risk for each threat by considering the likelihood and impact.
5. Develop risk mitigation strategies: Develop strategies to mitigate or eliminate the identified risks, such as implementing controls or procedures to prevent or reduce the likelihood of the risk occurring.
6. Review and update the risk assessment: Review and update the risk assessment periodically to ensure that it remains accurate and relevant.