Conducting a security risk assessment in an academic (SRA) institution involves a comprehensive review of the institution's security posture to identify vulnerabilities and potential risks to sensitive data, systems, and operations. Without a thorough assessment, academic institutions  may be vulnerable to a wide range of security threats, which could result in financial losses, damage to reputation, or even legal liability. Conducting an SRA helps institutions identify potential risks and implement appropriate measures to mitigate those risks, ultimately enhancing the overall security and resilience of the institution. ISO 31000 and API 780 will provide guidance on Risk Management (RM) and risk assessment processes. ISO 31000 is an international standard that provides principles and guidelines for managing risk in all types of institutions, while API 780 is a widely recommended practice for Risk Management within private entities.

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The SRA process for an academic institution will typically involve the following steps:

Identification of the assets that need to be protected. This includes all physical assets (such as buildings, equipment, and supplies), as well as digital assets (such as data, software, and intellectual property).

Identification of potential threats. This includes both internal threats (such as employee theft or sabotage) and external threats (such as natural disasters or cyberattacks).

Assess the likelihood of each threat occurring. This involves evaluating the probability of each threat and determining the potential impact it could have on the institution.

Evaluate existing security measures. This includes assessing the effectiveness of current security measures in place, such as access controls and surveillance systems.

Develop a risk management plan. Based on the results of the assessment, develop a plan to address any identified risks, including implementing new security measures or modifying existing ones.
The scope and purpose of the SRA will be to identify, assess, and manage security risks to the institution or process being assessed, with the involvement of all relevant stakeholders, and with the aim of achieving specific outcomes that align with the overall RM strategy of the academic institution.

The scope and purpose of the SRA defined as follows, will be adhered to:

System or Process Being Assessed. The SRA will clearly define the system or process that is being assessed for security risks. This may include physical systems (such as buildings, equipment, and supplies), as well as digital security systems (such as networks, software, and data).

Stakeholders Involved. The SRA will involve all relevant stakeholders, including employees, contractors, suppliers, customers, and other parties who may be affected by the security risks being assessed. It is important to ensure that all stakeholders are aware of the assessment and have the opportunity to provide input and feedback.

Intended Outcomes. The SRA should have clear objectives and goals that are aligned with the overall RM strategy of the institution. The intended outcomes of the SRA may include identifying potential security risks, evaluating the effectiveness of existing security measures, developing risk mitigation strategies, and establishing protocols for monitoring and responding to security incidents.
ASSA follows the ISO 31000 and API 780 to provide guidance on the principles and framework for effective RM, including the identification of potential risks to systems and processes, these guidelines can help institutions identify and manage risks more effectively, thereby reducing the likelihood of negative impacts on the system or process. The process of identifying potential risks to a system or process involves the following steps:

Establishing the Context. This involves defining the scope and boundaries of the system or process, as well as identifying the stakeholders and their interests. This step helps to ensure that the risk identification process is focused and relevant.

Identifying the Risks. This involves identifying all possible internal and external threats that could affect the system or process. This will be done through brainstorming sessions, surveys, interviews, historical data analysis, and other techniques.

Analysing the Risks. This involves evaluating the identified risks in terms of their likelihood and potential impact. This step helps to prioritize the risks and determine which ones require further attention.

Evaluating the Risks. This involves assessing the risks in terms of the institution's risk tolerance and appetite. This step helps to determine whether the risks are acceptable or whether additional risk mitigation measures are needed.

Treating the Risks. This involves developing and implementing risk mitigation measures to reduce the likelihood or potential impact of the identified risks. This can include risk transfer, risk avoidance, risk reduction, or risk acceptance.

Monitoring and reviewing. This involves regularly monitoring and reviewing the effectiveness of the risk mitigation measures and the overall RM process. This step helps to identify any new risks that may arise and ensure that the RM process remains effective and relevant.

The risk analysis will involve the following steps:

Identifying the potential consequences of each risk. This step involves determining the various ways in which the risk could impact the installation, institution or project.

Assess the likelihood of each risk. Once the potential consequences of each risk have been identified, the next step will be to assess the likelihood of each risk occurring. This step involves evaluating the probability of the risk eventuating.

Determine the impact of each risk. After assessing the likelihood of each risk, the next step will be to determine the impact of each risk. This step involves evaluating the severity of the consequences of the risk if it were to occur.

Prioritize risks. Once the potential consequences, likelihood, and impact of each risk have been determined, the next step will be to prioritize the risks. This step involves ranking the risks based on their potential consequences and likelihood, and determining which risks pose the greatest threat to the institution or project.

Develop risk treatment options. After prioritizing the risks, the next step will be to develop risk treatment options. This step involves identifying strategies and measures that can be implemented to mitigate, transfer, or accept the risks.

Review and monitor risks. Finally, it is important to review and monitor the risks on an ongoing basis. This step involves continuously assessing the effectiveness of the risk treatment options and adjusting them as necessary. It is also important to identify new risks that may emerge over time and incorporate them into the RM framework.

Evaluating risks based on the analysis will involve identifying and prioritizing risks, assessing the level of risk tolerance, developing risk mitigation measures, implementing these measures, and continuously monitoring and reviewing the RM process. The following steps are generally recommended by ASSA:

Identify and prioritize risks. This involves identifying potential risks and prioritizing them based on their likelihood and potential impact. The risks will be categorized based on their severity, likelihood of occurrence, and potential consequences.

Assess the level of risk tolerance. Determine the institution's level of risk tolerance based on its RM objectives and the consequences of the identified risks. The institution should decide which risks to accept, which to transfer or mitigate, and which to avoid.

Develop risk mitigation measures. Develop strategies to reduce or eliminate risks that exceed the institution's risk tolerance. These measures may include risk avoidance, risk transfer, risk reduction, and risk acceptance.

Implement risk mitigation measures. Implement the selected risk mitigation

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The SRA Process

Scope and Purpose

Risk Identification, Analysis and Evaluation