What is Application Risk Assessment | Centraleyes

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Businesses rely on a multitude of software platforms and applications every day, from cybersecurity tools and accounting solutions to customer-facing applications.
For every application you use at work, there’s always a small but measurable risk involved in using it. Application risk can cause all sorts of issues, from server downtime to compliance and data security failures, not to mention the wasted time and resources spent remediating those issues. But to address potential problems in software use, you first need a way to identify and assess the risks.
There are many factors that contribute to an application’s risk rating. Some of the risks companies face today include:
- Software bugs - Application instability is the most well-known type of risk.
- Teams that lack the knowledge to fully use an application can be a risk factor.
- Applications are replaced with newer versions all the time and you need to stay on top of these updates.
- If you receive applications from a third-party service provider, make sure to keep up an active relationship. An unresponsive or unreliable vendor is definitely a risk.
- No source code: In some cases, you don’t have access to the source code at all, such as when updates are pushed from multiple sources.
An application risk assessment questionnaire might prompt you to undergo a comprehensive process to check for risks, which might include:
- Profiling your resources by describing applications that might include risks.
- Assessing risks by identifying vulnerabilities and rating their severity levels.
- Evaluating corrective actions on mitigating that risk.
- Documenting your intended actions, controls, and plans.
- Validating that your controls work for the appropriate type of risk.
And monitoring the progress afterward through regular audits.
Prioritizing your risks is part of the job during an application risk assessment.
Some risks that deserve your utmost attention occur in critical applications, which directly and immediately impact your revenue. Other risks might still be important but don’t have the same gravity and can be prioritized lower in the list.
Other times, risks are involved in strategic applications. While these programs don’t directly impact your operations, they can indirectly harm the bottom line if not eventually addressed.
So how Often Should Assessments Be Made?
The answer is - on an ongoing basis. Any time you add, modify or update new software or services in your toolset, you’re introducing new application risks that must be looked at promptly.
Businesses that use automated tools can address flaws early on before they become too costly.
A major benefit to note is the ability to record and analyze key metrics to compare your application health with the rest of the market. This way, you’re not only studying application risk, but also determining its potential impact on your business operations as a whole.
Note that not every automation tool is capable of handling the diverse set of technologies and compliance standards modern companies work with today. Take the time to find the right risk assessment platform that works in your business environment.
Visit us at: www.centraleye...
Learn more: www.centraleye...
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