Prior to simply performing an audit, it is critical to first identify and categorize risk. A properly performed risk assessment is a critical component in understanding the complexities and requirements of the risk assessment process, prior to identifying and testing controls to mitigate the related risks. Risk assessments should be comprised of an information gathering process to identify threats and vulnerabilities the organization is facing, determining the probability and impact of those threats, identifying existing mitigating controls, designing audit procedures test the effectiveness of those mitigating controls.

Throughout this process, a combination of collaborative discussion and reviews will occur with the business functions and supporting services being audited. What makes Schneider Downs stand out among our competitors is our ability to consider and understand the multiple layers of technology that help support business functions, while developing a personal focus to your business and the people supporting it. We believe in collaborating with multiple layers of your organization, staff, management, and C-level executives to ensure that risks are appropriately identified.

Schneider Downs can assist your organization in identifying IT risks by performing a thorough and detailed risk assessment that will ensure that your organization has implemented the appropriate safeguards to protect the most valuable IT assets within your organization.

Detailed Approach to Risk Assessment

We begin our assessment by working closely with you to understand your business functions and take an inventory of the technologies used to support those functions. We will work with and interview key individuals within the business and information technology services to understand information policies, procedures, and practices through the following:

1. Hold information gathering sessions;
2. Identify threats and vulnerabilities;
3. Determine the probability and likelihood of threats occurring;
4. Evaluate the effectiveness of controls;
5. Determine overall residual risk

Our ultimate goal is to assess your organization’s risk appetite in relation to your business functions and supporting technologies through identifying gaps and providing detailed recommendations to effectively close those gaps to mitigate potential risks to the business.