I am so confused about Business Impact Analysis vs Risk Assessment
Could you please explain to me the difference between them?
Thanks.
I am so confused about Business Impact Analysis vs Risk Assessment
Could you please explain to me the difference between them?
Thanks.
Those two things fill up some standards on it's own. A quick overview of them may help to understand the differences:
Business Impact Analysis: The goal of a BIA is to identify the key products / services of the organization. This means: if the company's main purpose is to deliver Software as a Service to it's customers, the processes relevant to deliver it are more important than others. Not as relevant are processes like accounting. To determine which services products are the most relevant for the company, you can take a lot of criteria into consideration:
Standards that could help you are for example: ISO 22313 and ISO 22301
Risk Assessment: Risk assessment is kinda the sum of:
Standard that could help would maybe be ISO 27005
Main differences - The goal of the BIA is to identify the most critical services / products - Risk assessment isn't limited to just critical services / products but to the whole company. It's about organization, processes, personell, physical environment, software, hardware, knowledge, ....
The Output of the Two BIA and RA is different
RA Output : Impacts, likelihood, counter measure controls. BIA Output : BC strategies, recovery prioritization, RTO & RPO
The Inputs are different as well, thus both differ from each other.