Glossary of Compliance

Compliance Glossary

Our list of curated compliance glossary offers everything you to know about compliance in one place.

Glossary » SOC 2 » Risk Assessment

Risk Assessment

Risk assessment in SOC 2 is the process a service organization uses to identify potential gaps in their security system and non-conformities. It is used to identify and evaluate existing and potential vulnerabilities that can negatively impact the organization’s controls. This is an essential criteria in SOC 2, and the lack of a robust risk assessment process could lead to financial loss due to data theft, legal consequences, and interruption in business continuity. The steps involved in performing a risk assessment are: 

– Define your business objectives

– Identify in-scope systems

– Perform risk analysis

– Document risk responses

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