What is Risk Profile? And what are the elements of Risk Profile?
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Risk profile is a quantitative analysis and description of the security threats an organization or individual faces. And the overall purpose of risk profile is to provide a comprehensive and non-subjective understanding of organizational risk through the assignment of numerical values to variables representing different types of possible security threats and the dangers they pose to organizational assets.
Organizations establish risk profile to strengthen their safeguards and security controls against potential security threats and vulnerabilities. And they use it to ensure an alignment of their strategies and objectives against organizational risk appetite or tolerance levels.
Some of the types of risks that organizations may create risk profile for may include:
- Operational risks
- Tactical risks
- Strategic risks
- Compliance risks
- Financial risks
Elements that may be included in organizational risk profile may include:
- Nature of organizational security threats
- Impact of the security threats
- Likelihood of the security threats
- Types of business disruptions
- Cost of risk
- Mitigation strategies and security controls
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