Risk Identification

• Crucial first step in risk management
• Involves recognizing potential risks that could impact an organization
• Risks can vary from financial and operational to strategic and reputational
• Techniques
  • Brainstorming
  • Checklists
  • Interviews
  • Scenario Analysis
• Organization should consider a wide range of risks, including operational, financial, strategic, and reputational risks
• Document and analyze risks based on impact and likelihood

Business Impact Analysis (BIA)

• Evaluates effects of disruptions on business functions
• Identifies and prioritizes critical functions
• Assesses impact of risks on functions
• Determines required recovery time for functions
• Key Metrics In BIA
  • Recovery time Objective (RTO)
    • Maximum acceptable time before severe impact
    • Target time for restoring a business process
  • Recovery Point Objective (RPO)
    • Maximum acceptable data loss measured in time
    • Point in time data must be restored too
  • Mean Time to Repair (MTTR)
    • Average time to repair a failed component or system
    • Indicator of repair speed and downtime minimization
  • Mean Time Between Failures (MTBF)
    • Average time between system or component failures
    • Measure of reliability