RISK ASSESSMENT AND MITIGATION WORKFLOW

Created by ChecklistGuro (https://checklistguro.com)

[ ] Fetch Asset Inventory: Retrieve all active assets from the Asset Data Model to identify what is at risk.
[ ] Retrieve Historical Risk Logs: Get previous risk assessment entries to compare current threats with historical data.
[ ] Initialize Risk Assessment Record: Create a new entry in the Risk Assessment Data Model to track the current assessment lifecycle.
[ ] Perform Threat Identification: Assign a task to the Security Analyst to identify potential internal and external threats.
[ ] Conduct Impact Analysis: Assign a task to the Department Head to evaluate the potential consequences of identified threats.
[ ] Update Risk Score: Update the specific Risk Assessment entry with the calculated severity and probability scores.
[ ] Calculate Risk Magnitude: Execute formula (Probability * Impact) to determine the total risk score.
[ ] Aggregate Total Exposure Value: Sum the financial value of all assets identified in the high-risk category.
[ ] Define Mitigation Plan: Assign a task to the Risk Manager to outline specific actions to reduce or transfer the risk.
[ ] Create Mitigation Action Item: Create a new entry in the Mitigation Plan Data Model linked to the parent Risk Assessment.
[ ] Update Risk Status: Change the status of the Risk Assessment entry from 'In Progress' to 'Mitigation Required'.
[ ] Notify Stakeholders of High Risk: Send an email alert to the Executive Board if the calculated Risk Magnitude exceeds the threshold.
[ ] Assign Mitigation Task: Create a task for the relevant Resource Owner to implement the approved mitigation strategy.
[ ] Verify Mitigation Completion: Retrieve the completed Mitigation Action Items to verify all steps were executed.
[ ] Finalize Risk Assessment: Update the original Risk Assessment entry to 'Closed' and mark it as 'Mitigated'.
[ ] Generate Quarterly Risk Summary: Create a comprehensive report summarizing all assessed risks, their magnitudes, and mitigation status.
[ ] Emergency Critical Risk Alert: Send an SMS to the Incident Response Team if a 'Critical' level risk is detected.
[ ] Remove Duplicate Risk Entries: Delete redundant or duplicate risk assessments identified during the aggregation process.

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