This process prepares to foresee risks, cost impact, grouping of different risks based on likelihood of occurrence, countermeasures required responses. It also contains a risk assessment matrix to determine the significance and consequences of risks. Risks have potential for something to happen, usually something negative, whereas solution is to develop risk triggers, an event or condition that causes a risk to occur.
A risk assessment involves evaluating existing security, objectives and controls and assessing their adequacy relative to the potential threats of the organization. We help our clients for defining the methods for treating risks and traditional risk management techniques for handling event risks include risk retention, contractual or noninsurance risk transfer, risk control, risk avoidance, and insurance transfer.