Part 5 — Reconcile rapid digital transformation with security and compliance
Dr. Jaber Kakar |
In step 4, all risks have been added to an inventory in such a way that each risk can be categorized through relevant attributes. How to deal with the multitude of risks is the subject of this blog post.
Analyze and prioritize your risks
Risks can lead to hazards. In the context of risks and their management, probabilities of occurrence and damage levels play an essential role in the classification and prioritization of risks. Risk appetite can differ depending on the company and the risk owner and must therefore be included in the risk analysis.
SRC-conducted risk analysis allows you to evaluate your remaining residual risks and thus the hazard potential. The approaches to risk assessment and risk appetite are very individual in financial institutions. Thus customization is an important aspect to consider. Tailored to the individual needs, we at SRC consulting record the risks before the risk mitigation measures are taken and work closely with your in-house risk management to develop individual preventive measures that reduce, amongst others, the probability of a risk occurring or the level of damage. Our customized dashboards create transparency about the residual risks after the implementation of risk mitigation measures (gross vs. net view).
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