Risk
assessments are key to helping you comply with risk management and data
security mandates. They help you identify and understand risks to the confidentiality,
integrity, and availability of your data systems. However, many institutions still
view risk assessments as tedious and time-consuming annual activities. These institutions
fail to recognize that a proper risk assessment will do far more than see you
through an examination. A risk assessment saves you both time and money by
determining which areas of the company are most vulnerable and helping you
prioritize information security spending.
Here are some
of the best practices based on the collective experience of dozens of banks and
credit unions that can help you get the most value from your institution's
investment in risk assessments.
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- Make it process driven, not event driven
- Make reports meaningful
- Remember that risk is subjective
- Remember that risks are always changing
- Periodically get an outside perspective
- Evaluate software systems carefully
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Say goodbye to the headaches of risk management.Welcome to the world of Scout 
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