- Identify potential threats: Start by making a list of potential risks or threats. Consider both internal and external threats, such as natural disasters, cyber-attacks, employee misconduct, and data breaches.
- Analyze each threat: For each threat, assess the probability of occurrence and the potential severity of the damage. This helps you prioritize the risks and determine which ones need to be addressed first.
- Develop a response plan: Develop a plan to respond to each risk. This should include steps to prevent the threat as well as procedures to follow if the threat occurs.
- Monitor and review: Monitor the threats and review your risk assessment regularly. As the environment changes, new threats may arise, and existing ones may become more or less severe.