Adopting FAIR risk analysis in your organization can seem like a bit of a leap of faith. While we all want a world with more rigor and defensibility baked into our risk management programs, how can you trust your teams to produce IT risk analysis that is accurate and useful when, at the end of the day, they often rely on the knowledge and expertise of their colleagues for digital risk analytics?
The first thing to note is you're not in this alone. A great analysis is one that's performed by people with great risk assessment training — the first step towards effective risk assessment is investing in your people.
Your team can receive FAIR™ risk analysis training taught by accredited trainers either live or online through the RiskLens Academy. The introductory course, FAIR Analysis Fundamentals, is great for all levels of the organization, from leadership to the subject matter experts who will be providing the estimates that feed into the RiskLens platform to generate FAIR-based analyses. It provides the knowledge necessary to learn and apply consistent risk terminology; use various measurement concepts to select scenarios for analysis and estimate risk factors using probability distributions; understand and interpret the results of a FAIR analysis; and more.
If you're looking for a little more know-how from the analysts who will be performing the FAIR analyses, the RiskLens Academy also offers the FAIR Analyst Learning Path, which is an advanced training course designed to take participants with a foundational understanding of FAIR to the next level with four advanced courses, each covering one phase of the risk analysis process.
Using the information gained from training, as well as the hands-on guidance provided by the RiskLens Professional Services team to our customers, your organization will be empowered to conduct FAIR quantitative risk analyses that enable risk-based decision making and, eventually, establish a tailored, repeatable risk assessment process.
Now, even with all the training in the world, if your analyst is given a bad estimate, it can result in inaccurate results. The cause of bad estimates is usually not a lack of knowledge on the subject matter expert's part, but a miscommunication made during the data gathering session. In order to avoid such miscommunications, we have a piece of advice for any quantitative risk management program: Trust but Clarify.
At the end of day, we need to rely on historical information, industry data, and the knowledge and expertise of the subject matter experts in the organization in order to produce accurate estimates for FAIR analysis. In order to ensure those estimates are as accurate as possible, keep these three things in mind:
Want to learn more about FAIR risk analysis or the purpose of risk analysis? Download the (One-Page) RiskLens FAIR Analysis QA Guide.