Why this matters
A risk assessment helps you spend time and money on the things most likely to hurt your business. You do not need complex frameworks to start; a structured look at what you have, what could go wrong and how bad it would be is enough to set priorities.
What you'll need
- Your IT asset register
- A spreadsheet
- Input from people who run key processes
Step-by-step instructions
Step 1
List what matters most
Identify critical data, systems and processes, such as customer records, accounting, email and payment processes.
Step 2
Identify threats
For each item, consider what could go wrong.
- Phishing and compromised accounts
- Ransomware
- Invoice and payment fraud
- Lost or stolen devices
- Hardware failure or outage
Step 3
Rate likelihood and impact
Score each risk from 1 to 5 for likelihood and impact. Multiply them to get a risk score.
Step 4
Record existing controls
Note what already reduces each risk, such as MFA, backups or staff training.
Step 5
Decide actions for the top risks
For the highest scores, choose an action, an owner and a target date.
Step 6
Review regularly
Revisit the assessment every six to twelve months, or after a major change or incident.
Summary
A basic risk assessment turns vague worry into a short, prioritised list of actions you can work through.
Still Need Help?
Some IT problems are easier to solve with a professional. If you've followed the guide and still need help, the Omnicron team can assist.