Enterprise Risk Assessment Application

Executive Summary

This application guides enterprises through a structured risk assessment, treatment, and residual risk evaluation process. It enables security teams to identify critical assets, assess threats and attack vectors, define risks, implement controls/mitigations, and evaluate residual risks. Results are recorded in a dynamic risk table, importable and exportable to Excel with options to delete individual risks, and an Action Log tracks activities, ensuring a comprehensive approach to managing cybersecurity risks.

1. Preparation

Prepare the organization for a thorough risk assessment process.

• Identify the scope of the assessment (e.g., systems, departments, third-party services).
• Assemble a team including IT, security, and business stakeholders.
• Define risk criteria (e.g., likelihood: Low/Medium/High, impact: Minor/Moderate/Severe).
• Prepare tools for documentation (this app’s risk table will store results).

2. Risk Identification

Identify assets, threats, attack vectors, and risks to be assessed.

• Asset: List critical systems, data, or processes (e.g., customer database).
• Threat: Specify potential threats (e.g., malware, insider threat).
• Attack Vector: Define how threats could occur (e.g., phishing, unpatched software).
• Risk: Describe the potential impact (e.g., data breach, service disruption).
• Use the form below to document each risk.

3. Risk Analysis

Analyze each identified risk to determine its likelihood and impact.

• Assign Likelihood (Low/Medium/High) based on threat probability.
• Assign Impact (Minor/Moderate/Severe) based on potential harm.
• Calculate Risk Level (Low/Medium/High) using a risk matrix.
• Enter analysis details in the form below.

4. Risk Treatment

Define controls or mitigations to address each risk.

• Identify existing controls (e.g., firewalls, training).
• Propose new mitigations (e.g., encryption, access controls).
• Specify implementation plans (e.g., owner, timeline).
• Document treatments in the form below.

Notify Stakeholders

• If third parties are involved, send a notification for coordination.
• Use a professional tone and log communications. Example:
  Subject: Risk Assessment Coordination Request Dear [Stakeholder Contact], We are conducting a cybersecurity risk assessment and have identified [asset/system] under your management as relevant. The risk involves [brief risk description, e.g., potential data breach via phishing]. Proposed mitigations include: - [e.g., Enhanced email filtering] - [e.g., User training] Please confirm these actions or suggest alternatives by [deadline]. Contact us for further details. Best regards, [Your Name] [Your Organization] [Contact Information]
  Copy to Clipboard
• Log notifications in the Action Log below.

5. Residual Risk Evaluation

Assess remaining risks after applying controls/mitigations.

• Re-evaluate Residual Likelihood and Residual Impact post-mitigation.
• Calculate Residual Risk Level (Low/Medium/High).
• Add notes on acceptability or further actions needed.
• Enter residual risk details in the form below.

Risk Assessment Form

Risk Table