One of the first questions I ask when working with an organization is “Why are you interested in making FAIR (Factor Analysis of Information Risk) a part of your standard risk management practice?”
The answer is different for every client, and that truly highlights the value of risk quantification.
We can apply risk quantification to a number of areas in major industry sectors. Your organization may want to assess the risks associated with a vendor through your third-party risk management program, or maybe you want to understand the impact of recently identified compliance or regulatory gaps. Or possibly there is a need to justify the cost of a new security investment or process improvement. Whatever your ‘why’, risk quantification could be part of the solution. You may also find that your risk quantification journey starts with your most critical use case but, over time, scales to meet additional needs across the business.
Making investments and prioritization of project decisions can be challenging for businesses large and small. With competing priorities and goals, it can feel impossible to gain alignment across the organization. But what if your goals and understanding were aligned? How would that change the conversation?
By speaking a common language, dollars and cents, you are able to bridge the gap and bring alignment across the organization. Risk quantification can also be leveraged in organizations at all levels of risk maturity. Because of these factors, it becomes a universally accessible way to assess and understand risks across the business.
It’s also important to understand that the ‘why’ is often different within different levels of the same organization. If you’re spea ..
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