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5 Step Risk Assessment Checklist
All risk assessments are processes. Typically the better your processes are-they should be clearly defined and repeatable-the better, or more accurate your results will be.
One risk assessment many institutions are doing now is for multifactor authentication. The FFIEC mandate of October 2005 requires that an electronic banking risk assessment be completed as a part of this project. It must be done early on and the entire project is to be completed by December 2006. But it would be naive to assume that it will not be required on an ongoing basis.
There are many national and international standards published which are exceptionally detailed. Some require detailed financial analysis to determine what transactions should be high risk versus low risk, and some are fairly subjective in nature. The following Risk Assessment Checklist is based on NIST Special Publication 800-30 and may be used for any type of risk assessment performed. The key to performing a proper risk assessment lies in a firm understanding and definition of the type of risk assessment required.
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