What is the first step of performing an information risk analysis?

The first step in performing an information risk analysis is to take an asset inventory. This foundational step involves identifying and cataloging all information assets within an organization, such as data, software, hardware, and other resources. By understanding what assets are present, organizations can then assess their value, criticality, and the potential impact of risk events on these assets.

Compiling an inventory allows risk analysts to have a comprehensive view of the organization’s assets, which is essential for effective risk management. Without a clear inventory, subsequent steps in the risk analysis process—such as establishing ownership, evaluating risk, and categorizing assets—would lack the necessary context and specificity needed to make informed decisions about risk mitigation and resource allocation.

An asset inventory lays the groundwork for identifying which assets are most critical and how they relate to the overall risk landscape, setting the stage for more detailed evaluations and strategies.