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7 STEPS TO A GRC RISK MANAGEMENT FRAMEWORK—3: ASSESS RISK

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In the last couple of weeks, we’ve been talking in this space about the seven steps to building a risk management framework for information, starting with the first step of identifying information that needs to be protected and then going on to the second step, which is determining where that information exists inside your organization and its extended ecosystem, and how much information there is. Once you know those two things, you can move on to step three, which we’ll discuss in this post. In this step, you assess the inherent risk associated with the information you’ve identified, so that you have a meaningful measure of information risk around which to build your framework for risk management.

It’s important to understand that any information you categorize as “important information” carries with it some inherent level of business risk. However, the degree of risk will vary depending on the nature of the information, especially as it relates to how much potential...(continued)

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