The objective of a frequency analysis is to determine how often a particular risk scenario might be expected to occur during a specified period of time. Here’s the explanation:
To Determine How Often Risk Mitigation Strategies Should Be Evaluated and Updated Within a Specific Timeframe: This pertains to the management and updating of mitigation strategies, not the core purpose of frequency analysis.
To Determine How Many Risk Scenarios Will Impact Business Objectives Over a Given Period of Time: This relates to impact analysis rather than frequency analysis. Frequency analysis focuses on the likelihood of specific events.
To Determine How Often a Particular Risk Scenario Might Be Expected to Occur During a Specified Period of Time: This is the primary objective of frequency analysis. It involves calculating the probability of specific risk events occurring within a certain timeframe, helping organizations understand and prepare for potential occurrences.
Therefore, the main objective of frequency analysis is to determine the expected occurrence rate of specific risk scenarios within a given period.
References:
ISA 315 Anlage 5 and 6: Detailed guidelines on risk assessment and analysis methodologies.
ISO-27001 and GoBD standards for risk management and business impact analysis.
These references provide a comprehensive understanding of the principles and methodologies involved in IT risk and audit processes.
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