Despite the acknowledged importance of risk management, many business lack a consistent process or model for risk analysis. Security staff often use overly subjective qualitative risk assessment methods. These methods are subject to conscious or unconscious bias and can be difficult to defend under technical or business scrutiny. (“What’s in that yellow dot, anyway?”) When risk assessments fail to gain credibility, important projects may not get funded. On the flip side, the security organization may expend excessive resources on projects due to over-estimating the amount of risk they mitigate.
Based on a risk scenario – such as a personal data breach to your customer-facing systems, or a ransomware exploit against your manufacturing control systems – we can:
- Work with the your team to scope the scenario and develop scenario assumptions
- Apply our industry knowledge and interview security or business process experts to understand probable frequency or impacts of the risk materializing
- Provide a quantitative, FAIR-based analysis of the risk scenario
- Perform a control assessment to identify recommended risk treatment
- Quantify both the inherent and residual risks after risk treatment and deliver a Risk Advisory Memo with supporting analysis
Clients gain a better understanding of the risk scenario(s) in scope for the engagement, a sound business risk justification for the recommended risk treatment, and improved stakeholder buy-in for the ultimate decision. The engagement output instills greater confidence in the organization’s ability to ensure security and compliance, minimize business impact, and manage the risk at an appropriate level of investment. As part of our Risk Management Program Review we can also provide training in the Focused Risk Assessment methodology and leave behind instrumentation enabling you to repeat the exercise on your own for other scenarios.
Let us help you perform an objective, quantitative analysis of your strategic risk scenario(s).