Conducting Risk Analysis

Risk analysis evaluates identified risks to determine their significance and priority for treatment. The methodology established earlier provides the framework; analysis applies that methodology systematically to produce actionable risk information.

The Analysis Process

For each identified risk scenario combining threat, vulnerability, and asset, analysis determines likelihood and impact. Likelihood assessment considers threat capability and motivation, vulnerability exploitability, and existing control effectiveness. Impact assessment considers consequences across confidentiality, integrity, and availability dimensions.

The product of likelihood and impact produces risk level. While simple multiplication suffices for many purposes, some organizations use more sophisticated approaches that weight certain factors or apply non-linear scales.

Achieving Consistency

Consistency matters more than precision. Different assessors evaluating similar risks should produce comparable results. Inconsistent analysis undermines prioritization and resource allocation decisions.

Calibration exercises help establish consistency. Present assessors with example scenarios and compare their assessments. Discuss differences and refine understanding of criteria definitions. Periodic recalibration maintains consistency as assessment teams change.

Document assumptions explicitly. If an assessment assumes a particular threat capability or control effectiveness, record that assumption. When circumstances change, documented assumptions enable targeted reassessment rather than wholesale rework.

Workshop Facilitation

Risk assessment workshops bring together asset owners, technical experts, and risk specialists. The facilitator guides systematic identification and analysis without dominating conclusions. Good facilitation ensures that participants with relevant knowledge contribute their insights while maintaining process discipline.

Prepare workshop materials in advance. Provide asset information, threat intelligence summaries, and vulnerability data. Send pre-reading so participants arrive informed. Structure workshop time for efficient progress through risk scenarios.

Building the Risk Register

The risk register aggregates all assessed risks into a portfolio view. Each entry includes the risk scenario description, likelihood assessment, impact assessment, calculated risk level, current control status, treatment planned or accepted, and risk owner.

The register enables executive visibility into security risk exposure. It supports audit evidence requirements. It provides the baseline against which treatment progress is measured. Maintain the register as a living document rather than a point-in-time artifact.

Interpreting Results

Risk analysis produces prioritized information for treatment decision-making. High risks above acceptance thresholds demand treatment. Moderate risks merit evaluation of treatment cost-effectiveness. Low risks within acceptance thresholds can be monitored without active treatment.

Present results in formats appropriate for different audiences. Technical teams need detailed scenario information. Executives need aggregated views and trend analysis. Auditors need evidence of systematic application of methodology.