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PO9.4 - Risk Assessment

This topic is intended to enable collaboration and sharing of information to facilitate a better understanding and approach to implementing this COBIT control objective based on the risk, value and guidance provided by its corresponding control practices.

COBIT Control Objective PO9.4 - Risk Assessment is contained within Process Popup Assess and Manage IT Risks.

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Risk Assessment

Assess on a recurrent basis the likelihood and impact of all identified risks, using qualitative and quantitative methods. The likelihood and impact associated with inherent and residual risk should be determined individually, by category and on a portfolio basis.

View value and Risk Drivers  help

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Value Drivers

  • Improved planning and use of IT risk management skills and resources
  • Organisational credibility of IT risk assessment function teams
  • Knowledge transfer between risk managers
  • Creation of IT asset value awareness
  Risk Drivers
  • Irrelevant risks considered important
  • Each risk seen as a single event rather than in an overall context
  • Inability to explain significant risks to management
  • Significant risks possibly missed
  • Loss of IT assets
  • Confidentiality or integrity breach of IT assets

View Control Practices  help

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  1. Determine the likelihood of identified risks qualitatively (e.g., very likely, probable, improbable) or quantitatively using statistical analysis and probability determinations, based on reasonable sources of information that can be appropriately validated.
  2. Determine the material impact on the business of identified risks qualitatively (e.g., catastrophic, critical, marginal) or quantitatively (e.g., impact on revenue or shareholder value).
  3. Assess risks inherent in the event and after considering the controls that are in place to identify the residual risks for which a risk response will need to be determined.
  4. Document the results of the risk assessment, showing the method followed to come to the conclusions.

Discussions: 1 total

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Hi guys, Hope you are all keeping well? I am a Masters Student at UKZN. I am presenting conducting a research with Research Title: Managing IT Outsourcing Risks: A case of Manufacturing organisations within South Africa My Research Objectives are as follo...
Abdulbaqi528 | 5/2/2016 5:54:27 PM | COMMENTS(0)

Documents & Publications: 144 total

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Events & Online Learning: 19 total

Journal Articles: 440 total

Volume 3, 2107
by Jayakumar Sundaram, CISA, ISO 27001 LA
The SoA is a continuously updated and controlled document that provides an overview of information security implementation.
Volume 6, 2106
by Venkatasubramanian Ramakrishnan, CISM, CRISC, CHFI
Bayesian networks can capture the complex interdependencies among risk factors and can effectively combine data with expert judgment.
Volume 1, 2018
by Steven J. Ross, CISA, CISSP, MBCP
Managing availability in a multi-modal environment requires a great deal of attention to details, which are being defined by the multi-modal pioneers of our day.
Volume 1, 2018
by Ian Cooke, CISA, CGEIT, CRISC, COBIT Assessor and Implementer, CFE, CPTE, DipFM, ITIL Foundation, Six Sigma Green Belt
Innovative technologies such as VMs and the cloud help the efficiency and effectiveness of backup and recovery plans, but they do not replace the need to plan, document, or test and test again.
Volume 1, 2018
by Aditya K. Sood, Ph.D., and Rehan Jalil
With the robust requirements listed by upcoming regulations, such as GDPR, the importance of a cloud app security solution cannot be ignored.
Volume 1, 2018
by Kiran Maraju, CEH, CISSP
The use of artificial intelligence (AI) in cyber security will help organizations enhance existing application security capabilities.

Wikis: 2 total

Blog Posts: 183 total

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