Risking scores can be complicated, but it is essential to keep it simple for stakeholders by selecting a scoring system that can be easily explained to get traction.
Fremont, CA: Risk scoring is the primary way of standardizing risks to understand sophisticated and various data. It allows to standardize reporting, facilitate workflows, and communicate risk clearly to stakeholders. This is why organizations need to have serious conversations about business risk at all levels and across every department.
Organizations should create a risk scoring system that will work for everyone. The right model will help prioritize risks, rectify incidents, and distribute resources while performing substantial vendor comparisons.
Organizations incorporate findings from various sources into their GFC platform, and it is vital to standardize scores when doing this, for instance, severity ratings from different scanners. This will help keep consistency with the dashboards and risk-driven workflows irrespective of the data sources.
With a risk scoring system, what works today might not continue to work as the program evolves. Therefore, make sure that the platform can allow changes and adapt to the scoring as the program advances.
Risks are mostly classified into low, moderate, high, and severe; however, this singular qualitative scale is not good enough. It is essential to get into the tiniest details to distinguish between assets. Devising a granular numeric scale and converting the value to a risk level will provide a deeper understanding of risk and offer end-users something simple to use.
For organizations to understand the risk scoring, which is complex, it is crucial to give every detail for end-users and let everyone understand the risk language to make the program more effective.
The scoring system needs to be transparent and easy to understand. The overall credibility will crash if people do not know how the scores are acquired. Users must understand the relationship between the method and the score.