Risk Assessments

Risk assessments are a key building block in establishing a strong cybersecurity program. Risk assessment is a fundamental process that helps organizations identify, analyze, and evaluate risks affecting their critical functions and information. The Federal Financial Institutions Examination Council, a reputable interagency body comprised of several US government agencies, is bestowed with the crucial responsibility of establishing standards for risk assessment within the context of financial institutions. The National Institute of Standards and Technology, an agency under the U.S. Department of Commerce, is known for its holistic and detailed approach to risk assessments. The Factor Analysis of Information Risk revolves around the comprehensive examination and definition of various risk components, their relationships, and how they collectively shape an organization's information and operational risk landscape. Regulatory compliance is a crucial area where risk assessments play a key role. Many regulations, standards, and guidelines mandate organizations to conduct risk assessments to ensure adequate security measures.