RISK ASSESSMENT AND MITIGATION PROCESS

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[ ] Identify Asset/Process: Retrieve existing entries from the Asset/Process Data Model to define the scope of the assessment.
[ ] Initialize Risk Assessment Record: Create a new entry in the Risk Assessment Data Model to track this specific assessment instance.
[ ] Conduct Risk Identification: Assign a task to the Risk Officer to identify potential threats and vulnerabilities.
[ ] Log Identified Risks: Update the Risk Assessment entry with the list of identified threats and their initial descriptions.
[ ] Assess Impact and Likelihood: Assign a task to subject matter experts to rate the probability and impact of each identified risk.
[ ] Record Risk Scores: Update the Risk entries with numeric values for Likelihood and Impact scores.
[ ] Calculate Risk Score: Execute formula (Likelihood * Impact) to determine the Risk Magnitude for each entry.
[ ] Calculate Total Risk Exposure: Aggregate all risk scores to find the maximum risk level currently present in the assessment.
[ ] Develop Mitigation Plan: Assign a task to the Department Head to define actions for risks scored above the acceptable threshold.
[ ] Log Mitigation Strategies: Update the Risk entries with specific mitigation actions, owners, and deadlines.
[ ] Retrieve Risk Register: Fetch all identified risks and their mitigation status for final review.
[ ] Final Risk Approval: Assign a task to the Risk Committee/Manager to review and approve the assessment results.
[ ] Notify Stakeholders of Approved Risk Plan: Send an email to all Department Heads containing the finalized Risk Assessment summary.
[ ] Generate Risk Assessment Report: Create a formal PDF/Report summarizing the findings, scores, and mitigation steps for compliance records.
[ ] Finalize Assessment Status: Update the Risk Assessment entry status to 'Completed' and timestamp the closure.

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