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What is Your Risk Assessment Worth?

Don't make a Maginot Line out of your credit union's defensive posture.

By John Rostern | Updated on December 20, 2011

The risk assessment provides an organization with a tool to determine how, where and how much to invest in controls and security over technology. This also serves to document the risk acceptance policy of the organization as the acceptable level of risk dictates the level of controls to be implemented. It is also a requisite part of legal and regulatory compliance for Sarbanes-Oxley, HIPAA and PCI among others.

The risk assessment also serves a key role in internal processes such as business continuity planning, internal audit planning and overall enterprise risk management. This has led in many cases to the risk assessment becoming a “check the box” item. Risk assessment you ask? Yep I have one of those. However, an inadequate risk assessment may be preventing your organization from developing and executing an effective information security and technology risk management strategy.

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