The work papers and reports generated provide a written record of how the audit was conducted, supporting the conclusions as set out in my subsequent audit report.
In broad terms, the risk management process consists of: Conduct a threat assessment. Acts of nature, acts of war, accidents, malicious acts originating from inside or outside the organization. Conduct a vulnerability assessmentand for each vulnerability, calculate the probability that it will be exploited.
Evaluate policies, procedures, standards, training, physical securityquality controltechnical security.
Calculate the impact that each threat would have on each asset. Use qualitative analysis or quantitative analysis. Identify, select and implement appropriate controls. Provide a proportional response.
Consider productivity, cost effectiveness, and value of the asset. Evaluate the effectiveness of the control measures. Ensure the controls provide the required cost effective protection without discernible loss of productivity.
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For any given risk, management can choose to accept the risk based upon the relative low value of the asset, the relative low frequency of occurrence, and the relative low impact on the business.
Or, leadership may choose to mitigate the risk by selecting and implementing appropriate control measures to reduce the risk.
In some cases, the risk can be transferred to another business by buying insurance or outsourcing to another business.
In such cases leadership may choose to deny the risk. Control selection should follow and should be based on the risk assessment. Controls can vary in nature, but fundamentally they are ways of protecting the confidentiality, integrity or availability of information.
Organizations can implement additional controls according to requirement of the organization.
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Administrative[ edit ] Administrative controls consist of approved written policies, procedures, standards and guidelines. Administrative controls form the framework for running the business and managing people.
They inform people on how the business is to be run and how day-to-day operations are to be conducted. Laws and regulations created by government bodies are also a type of administrative control because they inform the business.
Other examples of administrative controls include the corporate security policy, password policyhiring policies, and disciplinary policies. Administrative controls form the basis for the selection and implementation of logical and physical controls.
Logical and physical controls are manifestations of administrative controls, which are of paramount importance. Logical[ edit ] Logical controls also called technical controls use software and data to monitor and control access to information and computing systems.
Passwords, network and host-based firewalls, network intrusion detection systems, access control listsand data encryption are examples of logical controls.
An important logical control that is frequently overlooked is the principle of least privilege, which requires that an individual, program or system process not be granted any more access privileges than are necessary to perform the task. Violations of this principle can also occur when an individual collects additional access privileges over time.
This happens when employees' job duties change, employees are promoted to a new position, or employees are transferred to another department. The access privileges required by their new duties are frequently added onto their already existing access privileges, which may no longer be necessary or appropriate.
Physical[ edit ] Physical controls monitor and control the environment of the work place and computing facilities. They also monitor and control access to and from such facilities and include doors, locks, heating and air conditioning, smoke and fire alarms, fire suppression systems, cameras, barricades, fencing, security guards, cable locks, etc.
Separating the network and workplace into functional areas are also physical controls. An important physical control that is frequently overlooked is separation of duties, which ensures that an individual can not complete a critical task by himself.
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