2.1 Identifying and Analyzing Risks

Question 1

Risk Identification

Answer 1

• Brainstorming: Gather stakeholders from various departments to identify potential risks associated with their areas of expertise.
• Checklists: Utilize predefined checklists or risk libraries to identify common risks relevant to the organization’s industry and context.

-Business Impact Analysis

Question 2

Risk Categorization

Answer 2

• Categorize risks based on their nature, such as cybersecurity risks, financial risks, operational risks, compliance risks, etc.
• Prioritize risks based on their potential impact and likelihood of occurrence.

Question 3

Risk Assessment

Answer 3

• Qualitative Risk Assessment: Subjectively assess risks based on expert judgment and descriptive scales (e.g., Low, medium, high).
• Quantitative Risk Assessment: Using data and metrics to assign numerical values to risks, such as probability and potential financial impact.

Question 4

Risk Analysis

Answer 4

• Analyze the root causes and contributing factors of identified risks to gain a deeper understanding.
• Determine the likelihood and consequences of each risk occurrence.

Question 5

Risk Scenarios

Answer 5

• Develop risk scenarios that describe how specific risks could manifest in real-world situations.
• Consider the potential chain of events and impacts of each risk scenario.