Risk Assessment FAQs
How much does a risk assessment cost?
Pricing for a risk assessment depends on scoping factors, including business applications, technology platforms, physical locations, third parties, and if it’s combined with an audit.
How long does a risk assessment take to complete?
The average risk assessment is completed in a focused, 3-5 day assessment, then followed by the delivery of a risk assessment report.
What do I receive when my risk assessment is complete?
A risk assessment culminates in a risk assessment report that outlines how we evaluated risks and the potential impact of each one. This report will allow your organization to risk-rank your weak areas and prepare for upcoming compliance requirements.
How often does a risk assessment need to be performed?
Industry standard is to perform a formal risk assessment annually or when significant changes are made that will impact the control environment. Any frequency less than that typically indicates that the organization has not been properly mitigating risk.