This week we took a slightly different approach than our normal audit checklist postings. Many times, especially when we take a look at bigger picture issues, like risk assessment, we receive questions on how to make these issues practical. If risk assessment is so important, how do we actually perform a risk assessment?

There are a number of ways to go about this, ranging from simple Excel worksheets to more complicated approaches to assessment. There are even software tools that you can purchase that can help you implement your programs. This week we are focusing on a few of the more popular frameworks for risk assessment that are available. You don’t need to learn all of these, but you should consider picking one such framework and fully utilizing it to help you manage your IT risk.

Here are a few of the frameworks that are available that we think might be helpful to you as you make this topic practical for your organization:

Risk Management Frameworks:

OCTAVE

FAIR

COSO

NIST RM

ISACA RiskIT

We hope everyone will enjoy and use these tools this week. If you have suggestions or ideas for future audit checklists or tools, please let us know, we’d love to hear your feedback.