First Step in Risk Assessment Process
Question
Which of the following steps should be performed FIRST in the risk assessment process?
Answers
Explanations
Click on the arrows to vote for the correct answer
A. B. C. D.C.
The first step in the risk assessment methodology is a system characterization, or identification and valuation, of all of the enterprise's assets to define the boundaries of the assessment.
Interviewing is a valuable tool to determine qualitative information about an organization's objectives and tolerance for risk.
Interviews are used in subsequent steps.
Identification of threats comes later in the process and should not be performed prior to an inventory since many possible threats will not be applicable if there is no asset at risk.
Determination of likelihood comes later in the risk assessment process.
The risk assessment process is an essential component of information security management. It involves identifying and evaluating potential risks to an organization's information assets and implementing controls to mitigate those risks.
The first step in the risk assessment process should be the identification and valuation of assets. This involves identifying all the information assets that need to be protected, such as databases, applications, and intellectual property, and assigning a value to each asset based on its importance to the organization.
The reason for starting with asset identification and valuation is that it provides a foundation for the rest of the risk assessment process. Once you have identified and valued your assets, you can then determine the potential threats to those assets, assess the likelihood of those threats occurring, and evaluate the impact that a successful attack or breach would have on your organization.
Therefore, the correct answer is C. Asset identification and valuation.
Staff interviews may be useful for gathering information about existing controls or vulnerabilities, but they should not be the first step in the process. Threat identification and determination of the likelihood of identified risks should come after asset identification and valuation since those assessments rely on having a clear understanding of what needs to be protected.
