What is involved in Business Impact and Risk Analysis

Find out what the related areas are that Business Impact and Risk Analysis connects with, associates with, correlates with or affects, and which require thought, deliberation, analysis, review and discussion. This unique checklist stands out in a sense that it is not per-se designed to give answers, but to engage the reader and lay out a Business Impact and Risk Analysis thinking-frame.

How far is your company on its Business Impact and Risk Analysis journey?

Take this short survey to gauge your organization’s progress toward Business Impact and Risk Analysis leadership. Learn your strongest and weakest areas, and what you can do now to create a strategy that delivers results.

To address the criteria in this checklist for your organization, extensive selected resources are provided for sources of further research and information.

Start the Checklist

Below you will find a quick checklist designed to help you think about which Business Impact and Risk Analysis related domains to cover and 78 essential critical questions to check off in that domain.

The following domains are covered:

Business Impact and Risk Analysis, Risk analysis, Actuarial science, Food safety risk analysis, Game theory, Probabilistic risk assessment, Probability distribution, Qualitative risk analysis, Quantitative risk assessment software, Risk assessment, Risk management, Risk matrix, Society for Risk Analysis:

Business Impact and Risk Analysis Critical Criteria:

Look at Business Impact and Risk Analysis governance and summarize a clear Business Impact and Risk Analysis focus.

– What tools do you use once you have decided on a Business Impact and Risk Analysis strategy and more importantly how do you choose?

– Who is responsible for ensuring appropriate resources (time, people and money) are allocated to Business Impact and Risk Analysis?

– Who sets the Business Impact and Risk Analysis standards?

Risk analysis Critical Criteria:

Look at Risk analysis tasks and develop and take control of the Risk analysis initiative.

– How do risk analysis and Risk Management inform your organizations decisionmaking processes for long-range system planning, major project description and cost estimation, priority programming, and project development?

– What are the disruptive Business Impact and Risk Analysis technologies that enable our organization to radically change our business processes?

– What levels of assurance are needed and how can the risk analysis benefit setting standards and policy functions?

– In which two Service Management processes would you be most likely to use a risk analysis and management method?

– How does the business impact analysis use data from Risk Management and risk analysis?

– How do we do risk analysis of rare, cascading, catastrophic events?

– With risk analysis do we answer the question how big is the risk?

– How can you measure Business Impact and Risk Analysis in a systematic way?

– What are our Business Impact and Risk Analysis Processes?

Actuarial science Critical Criteria:

Grade Actuarial science quality and triple focus on important concepts of Actuarial science relationship management.

Food safety risk analysis Critical Criteria:

Chat re Food safety risk analysis outcomes and innovate what needs to be done with Food safety risk analysis.

– Marketing budgets are tighter, consumers are more skeptical, and social media has changed forever the way we talk about Business Impact and Risk Analysis. How do we gain traction?

– How can we incorporate support to ensure safe and effective use of Business Impact and Risk Analysis into the services that we provide?

– How do we Identify specific Business Impact and Risk Analysis investment and emerging trends?

Game theory Critical Criteria:

Reason over Game theory strategies and integrate design thinking in Game theory innovation.

– How do you incorporate cycle time, productivity, cost control, and other efficiency and effectiveness factors into these Business Impact and Risk Analysis processes?

– How do we measure improved Business Impact and Risk Analysis service perception, and satisfaction?

Probabilistic risk assessment Critical Criteria:

Be clear about Probabilistic risk assessment strategies and grade techniques for implementing Probabilistic risk assessment controls.

– What are your key performance measures or indicators and in-process measures for the control and improvement of your Business Impact and Risk Analysis processes?

– What new services of functionality will be implemented next with Business Impact and Risk Analysis ?

– What are the Key enablers to make this Business Impact and Risk Analysis move?

Probability distribution Critical Criteria:

Grade Probability distribution engagements and innovate what needs to be done with Probability distribution.

– Think about the kind of project structure that would be appropriate for your Business Impact and Risk Analysis project. should it be formal and complex, or can it be less formal and relatively simple?

– Is the Business Impact and Risk Analysis organization completing tasks effectively and efficiently?

– Which individuals, teams or departments will be involved in Business Impact and Risk Analysis?

Qualitative risk analysis Critical Criteria:

Survey Qualitative risk analysis management and assess what counts with Qualitative risk analysis that we are not counting.

– A compounding model resolution with available relevant data can often provide insight towards a solution methodology; which Business Impact and Risk Analysis models, tools and techniques are necessary?

– Why is it important to have senior management support for a Business Impact and Risk Analysis project?

– Are there Business Impact and Risk Analysis Models?

Quantitative risk assessment software Critical Criteria:

Merge Quantitative risk assessment software leadership and describe the risks of Quantitative risk assessment software sustainability.

– Think about the people you identified for your Business Impact and Risk Analysis project and the project responsibilities you would assign to them. what kind of training do you think they would need to perform these responsibilities effectively?

– What will drive Business Impact and Risk Analysis change?

– How to deal with Business Impact and Risk Analysis Changes?

Risk assessment Critical Criteria:

Demonstrate Risk assessment strategies and describe the risks of Risk assessment sustainability.

– Have the it security cost for the any investment/project been integrated in to the overall cost including (c&a/re-accreditation, system security plan, risk assessment, privacy impact assessment, configuration/patch management, security control testing and evaluation, and contingency planning/testing)?

– Do we have a a cyber Risk Management tool for all levels of an organization in assessing risk and show how Cybersecurity factors into risk assessments?

– Are interdependent service providers (for example, fuel suppliers, telecommunications providers, meter data processors) included in risk assessments?

– Will Business Impact and Risk Analysis have an impact on current business continuity, disaster recovery processes and/or infrastructure?

– Are standards for risk assessment methodology established, so risk information can be compared across entities?

– What other jobs or tasks affect the performance of the steps in the Business Impact and Risk Analysis process?

– With Risk Assessments do we measure if Is there an impact to technical performance and to what level?

– What core IT system are you using?  Does it have an ERM or risk assessment module; and if so, have you used it?

– Are standards for risk assessment methodology established, so risk information can be compared across entities?

– How frequently, if at all, do we conduct a business impact analysis (bia) and risk assessment (ra)?

– What operating practices represent major roadblocks to success or require careful risk assessment?

– Is the priority of the preventive action determined based on the results of the risk assessment?

– What are the short and long-term Business Impact and Risk Analysis goals?

– Who performs your companys information and technology risk assessments?

– How are risk assessment and audit results communicated to executives?

– Are regular risk assessments executed across all entities?

– Do you use any homegrown IT system for ERM or risk assessments?

– Are regular risk assessments executed across all entities?

– Who performs your companys IT risk assessments?

– What triggers a risk assessment?

Risk management Critical Criteria:

Apply Risk management tasks and adjust implementation of Risk management.

– Has management considered from external parties (e.g., customers, vendors and others doing business with the entity, external auditors, and regulators) important information on the functioning of an entitys enterprise Risk Management?

– Does your organization perform vulnerability assessment activities as part of the acquisition cycle for products in each of the following areas: Cybersecurity, SCADA, smart grid, internet connectivity, and website hosting?

– Has any external work been done with ERM (external consulting)?  If so, what was accomplished; what was concerning, what was found to be helpful?

– Have managements Risk Management techniques contemplated organizational goals in making technology selection and implementation decisions?

– Does your organization have a formal Risk Management process in place to assess and mitigate risks to the organization?

– Are information security roles and responsibilities coordinated and aligned with internal roles and external partners?

– Do we have a log monitoring capability with analytics and alertingalso known as continuous monitoring?

– Do you wish to utilize a software solution after you establish the foundation and process for ERM?

– Are there any threats or vulnerabilities in the environment? Has anything changed in production?

– How important is the information to the user organizations mission?

– Where do we locate our Cybersecurity Risk Management program/office?

– What rules affect usability? What rules affect security? How?

– What is the prime directive of Risk Management?

– What is the system-availability requirement?

– Who serves on our Risk Management committee?

– What risks should be avoided altogether?

– What threat is this space addressing?

– Why should we adopt this framework?

Risk matrix Critical Criteria:

Derive from Risk matrix outcomes and explain and analyze the challenges of Risk matrix.

– Can we add value to the current Business Impact and Risk Analysis decision-making process (largely qualitative) by incorporating uncertainty modeling (more quantitative)?

– Do we monitor the Business Impact and Risk Analysis decisions made and fine tune them as they evolve?

Society for Risk Analysis Critical Criteria:

Set goals for Society for Risk Analysis management and get going.

– What is the total cost related to deploying Business Impact and Risk Analysis, including any consulting or professional services?


This quick readiness checklist is a selected resource to help you move forward. Learn more about how to achieve comprehensive insights with the Business Impact and Risk Analysis Self Assessment:


Author: Gerard Blokdijk

CEO at The Art of Service | theartofservice.com

[email protected]


Gerard is the CEO at The Art of Service. He has been providing information technology insights, talks, tools and products to organizations in a wide range of industries for over 25 years. Gerard is a widely recognized and respected information expert. Gerard founded The Art of Service consulting business in 2000. Gerard has authored numerous published books to date.

External links:

To address the criteria in this checklist, these selected resources are provided for sources of further research and information:

Risk analysis External links:

Risk analysis (Book, 1998) [WorldCat.org]

JIFSAN: Risk Analysis Training

Risk Analysis and Risk Management – Decision Making …

Actuarial science External links:

Actuarial Science – Valparaiso University

Actuarial Science | South Dakota State University

Actuarial Science &c. – reddit

Game theory External links:

Game Theory (Web Show) (Web Video) – TV Tropes

Game Theory: Why Mario is Mental, Part 2 – YouTube

“House of Lies” Game Theory (TV Episode 2016) – IMDb

Probabilistic risk assessment External links:


[PPT]Introduction to Probabilistic Risk Assessment with …
www.nspe.org/sites/default/files/NSPE Cassini July 2015.pptx

Probability distribution External links:

Minitab – Probability Distributions – faculty.chas.uni.edu

Probability Distribution in Statistics – ThoughtCo

Probability Distribution – Statistics and Probability

Qualitative risk analysis External links:

[PDF]Perform Qualitative Risk Analysis
www.rmstudy.com/rmdocs/Perform Qualitative Risk Analysis.pdf

(TCO A) Qualitative risk analysis – Homeworkmade

Quantitative risk assessment software External links:

Quantitative risk assessment software – revolvy.com
www.revolvy.com/topic/Quantitative risk assessment software

Risk assessment External links:

Ground Risk Assessment Tool – United States Army …

Risk Assessment Information | Mass.gov

Risk Assessment | OEHHA

Risk management External links:

“Billions” Risk Management (TV Episode 2017) – IMDb

Risk Management – ue.org

Risk Management Agency – Official Site

Risk matrix External links:

[PPT]Risk Matrix – ePMbook

Title: Risk Matrix Author: Simon Wallace Last modified by: Simon Wallace Created Date: 4/17/2000 10:36:10 PM Document presentation format: On-screen Show (4:3)
Risk Matrix | BSA/AML USA Patriot Act – cbancnetwork.com

[DOC]Risk Matrix, Consequence And Likelihood Tables – …

Society for Risk Analysis External links:

The Society for Risk Analysis – Home | Facebook