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1.Risk Analysis 2.Risk Assessment 3.Risk treatment (Risk Management…

- - - - assists the IS auditor in selecting certain areas to examine.
      - Assist management in identifying
        system-specific internal controls.
  - - - identify, quantify and prioritize risk
        against criteria for risk acceptance and objectives relevant to the organization.
      - priorities for managing
        information security risk
      - priorities for implementing controls
        selected to protect against risk.
    - - in the environment
      - security requirements
      - in the risk situation
    - - entire organization
      - Parts of organization
      - Information systems
      - Specific system components or services
  - - - Considering the following
        
        • Organizational objectives
        
        • Operational requirements and constraints
        
        •Cost-effectiveness (the need to balance the investment in implementation and operation of controls against the harm likely to result from security failures)
        
        •Requirements and constraints of national and international legislation and regulations
  - - - • Full coverage of all areas within the scope of the IS audit universe, which represents the range of all possible audit activities
      - • Reliability and suitability of the risk assessment provided by management
      - • The processes followed by management to supervise, examine and report possible risk or issues
      - • Coverage of risk in related activities relevant to the activities under review
- - - - Likelihood of Risk occurring event
- - - - technical complexity,
      - level of control procedures in place and level of financial loss.
  - - - business knowledge,
      - executive management directives,
      - historical perspectives,
      - business goals
      - and environmental factors
  - - - Generally, this information assists management in effectively discharging its responsibilities and ENSURES THAT THE AUDIT ACTIVITIES ARE DIRECTED TO HIGH RISK AREAS, which will add value for management.
- - - - business knowledge
      - executive management directives
      - historical
        perspectives
      - business goals
      - environmental factors
  - - - Variables considered such as
        
        Technical complexity
        
        level of control procedures
        
        level of
        financial loss