How do risk management and risk assessment relate to a business impact analysis for an IT infrastructure?


Risk management can be defined as the policy, procedure, and practices in identifying, handling, and managing vulnerabilities, threat agents, and the risk due to them on an organization’s assets and systems.

Risk assessment is a crucial process of risk management as it provides a calibrated value of risk to the organization.

A Business Impact Analysis is a vital procedure that assists the organization to identify and analyze the different business activities, their resources and processes and criticality, and an estimate of the loss the organization will incur if they are disrupted.

This disruption is directly related to the risk faced by that business activity, and risk assessment helps to put a definite value on it. Hence risk management and risk assessment facilitate the BIA process by quantifying losses, impact, downtime, the order of priority of activities and assets, and other vital metrics.