Cyber Risk Assessment Procedure

Understanding cyber risk is essential for making informed security decisions. The Cyber Risk Assessment Procedure provides a structured, repeatable approach to identifying, evaluating, and prioritising cyber threats and vulnerabilities across your organisation’s digital environment.

This document outlines the complete process for conducting cyber risk assessments, from asset identification and threat analysis to likelihood determination, impact evaluation, and risk rating. It also defines roles and responsibilities, ensuring that business units, IT teams, and governance stakeholders participate in a coordinated and consistent manner.

The procedure supports alignment with industry-recognised frameworks such as ISO/IEC 27005, NIST SP 800-30, and local regulatory requirements. It ensures that risk assessment activities follow a standardised methodology, improving visibility of risk across systems, processes, and third-party relationships. It also enables better integration of risk findings into planning, investment, and operational decision-making.

The Cyber Risk Assessment Procedure promotes accountability and transparency. It includes steps for documenting results, approving risk acceptance or treatment decisions, and monitoring risk over time. This allows leadership to make informed, risk-based decisions while demonstrating due diligence and compliance.

Organisations can use this procedure during annual reviews, technology rollouts, supplier evaluations, or in response to emerging threats. It is suitable for security officers, IT managers, risk practitioners, compliance teams, and audit professionals.

Whether your organisation is establishing its cyber risk management program or maturing its current practices, this procedure provides a strong foundation for effective risk analysis and response.

Equip your team, improve consistency, enhance risk awareness, and ensure that cyber threats are identified, prioritised, and addressed with clarity and confidence.