In it risk management strategies why must periodic review be part of the process

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4) In risk management strategies, why must periodic review be a part of the process?

5) Why do networking components need more examination from an information securityperspective than from a systems development perspective?

6) What value does an automated asset inventory system have for therisk identification process?

7) What information attribute is often of great value for local networks that use staticaddressing?

8) When devising a classification scheme for systems components, is it more important thatthe asset identification list be comprehensive or mutually exclusive?

Monitoring and review should be a planned part of the risk management process and involve regular checking or surveillance. The results should be recorded and reported externally and internally, as appropriate. The results should also be an input to the review and continuous improvement of the firm's risk management framework.

Responsibilities for monitoring and review should be clearly defined. The firm's monitoring and review processes should encompass all aspects of the risk management process for the purposes of:

  • Ensuring that controls are effective and efficient in both design and operation
  • Obtaining further information to improve risk assessment
  • Analysing and learning lessons from risk events, including near-misses, changes, trends, successes and failures
  • Detecting changes in the external and internal context, including changes to risk criteria and to the risks, which may require revision of risk treatments and priorities
  • Identifying emerging risks.

As part of the monitoring process, the thresholds for the risk criteria should be reviewed at the commencement of each risk assessment cycle to identify the processes that may be subject to increased risks and, as such, would derive the greatest value from the risk assessment.

Monitor & Review

Regularly review risks identified in the firm’s risk register. Document any actions or events that change the status of a risk, for example:

  • Changes to a risk evaluation as a result of improvements in controls
  • A control breach and near miss should be logged at the time of the event
  • A new risk that has been identified.

Partners should review the risk register on a regular basis, such as at a monthly partners’ meeting, to determine if any remedial action needs to be taken immediately.

Continuous Improvement

The effectiveness of the risk management framework implemented needs to be periodically reviewed to ensure continuous improvement of risk management in the firm.

The purpose of the framework is to embed a risk aware culture within the firm. This can be evaluated in light of breaches and near misses, the effectiveness of communication, and assessing what lessons have been learned and remedial actions taken.

The framework is only effective if the context remains relevant to the firm, as this sets the scope for risk management. Ensure the practice objectives and the internal and external context for risk management are current and accurate.

The assessment criteria used in the risk framework also need to be reviewed to ensure they remain relevant to the size and complexity of the practice.

Example

The key output from the monitor and review stage of the risk management process is ongoing. An example of how this can be documented in a risk register is shown:

In it risk management strategies why must periodic review be part of the process

RISK IDENTIFICATION RISK MONITORING & REVIEW
Event MethodProgress and Compliance ReportingStatus
Failure to meet compliance obligations   Monthly review at Practitioner/Partner meeting 1. Compliance review incomplete
2. Research delayed on potential system/tool
OPEN
Loss of Practitioner   Quarterly review of succession plan 1. Power of attorney in place
2. Documentation of key processes in progress
OPEN
Failure to collect receivables in a timely manner   Report fortnightly on receivables 1. Receivables tracking under review OPEN

Risk Management Framework

What is a periodic review and in risk management Why must IT be a part of the process?

A periodic review is a standard risk management process to make sure we, as your merchant account provider, have an accurate assessment of your current and future processing needs. At your initial onboarding, we ask you to fully explain your business model, billing practices, and expected volumes.

Why must periodic review be a part of the process?

8. In risk management strategies, why must periodic reviews be a part of the process? Answer: Periodic reviews must be a part of risk management strategies because threats are constantly changing for a company.

Why is IT important to review risk management processes?

It's important to find out why an incident has occurred and recognise that existing risk controls aren't adequate. Reviewing your risk assessment in these circumstances will help you decide what needs to be done to prevent future incidents.

Which of the following is primary reason for periodic review of risk the changes in?

The MOST important reason for conducting periodic risk assessment is because: security risks are subject to frequent change. In a business impact analysis, the value of an information system should be based on the overall cost: if unavailable.