Business Impact Assessment (BIA):
BIA identifies and evaluates the potential effects of interruptions to critical business operations. It helps determine the priority of risk mitigation efforts based on the potential impact on business functions.
BIA provides detailed information on which processes and systems are most critical to the organization's operations and their respective impact levels.
Prioritizing Risk Mitigation:
The results of a BIA guide decision-makers in prioritizing which risks to address first based on their potential to disrupt critical business operations.
Risks that could cause significant operational, financial, or reputational damage are prioritized higher.
Comparing Other Factors:
Cost of Risk Mitigation:Important but secondary to understanding the impact on business operations.
Asset Criticality:Relevant but typically part of the BIA process.
Acceptable Risk Level:Defines the threshold but does not prioritize specific risks.
References:
The CRISC Review Manual discusses how BIA facilitates risk prioritization by identifying critical processes and their impacts (CRISC Review Manual, Chapter 2: IT Risk Assessment, Section 2.7 Business Impact Analysis).
