Effectively identifying, assessing, and managing risks is critical for keeping your business and customers protected from potential threats. But identifying risks can be a difficult and timely exercise and may still leave you with gaps. Secureframe’s risk library makes identifying risks in your environment quick and easy.
The risk library is a more efficient replacement for our risk questionnaire. The risk library will save you a significant amount of time identifying risks. Quickly scan the risk library, identify risks that apply to your organization, and add those risks to your risk register.
Add/edit risks to your risk register
Our risk library is a catalog of pre-built risks based on NIST risk scenarios. Each risk in the library comes with a set description and category, such as Finance, Legal, IT, etc.
There are multiple ways to add Risk to your register.
- Create a custom risk
- Add from our pre-built library - NIST based risk scenarios
- Import risk vis a CSV - our importer will provide a template and example of each required column.
After you add a risk, it will appear in ‘Draft’ status on your risk register. To move the risk to ‘Assessment complete’, you need to go through the risk assessment process.
This involves reviewing the likelihood of an event, the impact, what treatment or mitigating controls you have in place for the risk, assigning relevant tasks, uploading documentation, and regular reviews.
If needed, all risk can be edited or archived. Simply click on the name of the risk to edit any details, or click on the 3 dot menu next to a risk to archive or complete the assessment.
Understanding the right number of Risk
There is no magic number for risks. Risks should be added on a complete and accurate basis.
Risks can encompass a wide range of categories, including personnel, technical, regional, and financial aspects, but essentially can be anything that may potentially harm your organization. While there is no defined number of risks that should be recorded, every organization should document at least one risk since no entity is entirely risk-free. Conversely, having an excessive number of risks, such as hundreds, may raise concerns during audits and show a lack of audit readiness. Ultimately, when conducting a risk assessment and implementing risk management it is most important that your risk register is complete and accurate.
It is recommended to review and update the documented risks at least annually, with quarterly reviews considered a best practice for maintaining up-to-date risk profiles.
Frequently Asked Questions (FAQ)
I am struggling to find good Fraud type risk in your library?
- If our pre-build Risk are not satisfying your specific needs, you can always upload a custom risk. A few examples for Fraud might be:
- Financial Fraud - Victim of embezzlement, theft, or misappropriation of funds
- Mitigation Strategies - Implement approval workflows for financial transactions
What happened to the risk questionnaire?
- The risk questionnaire is no longer available. Any part of the questionnaire that you completed was transferred to your new risk register in the exact status you left it. For example, if you completed the questionnaire and all of your risks were marked as complete, then each will appear in your risk register as complete.
- If you were part way through the risk questionnaire you can now use the risk library to complete the process by scrolling through the catalog and identifying remaining risks to add to your register.
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