Risk Assessment PolicyTechnology Services

Purpose

This Risk Assessment Policy is established to ensure the identification, evaluation, prioritization, and mitigation of technology risks that may impact the operations, assets, and reputation of Gustavus Adolphus College. The policy aims to create a systematic approach to risk management, promoting a secure environment for all stakeholders, including students, faculty, and staff. The risk assessment process will be conducted every three years, with the goal of maintaining an up-to-date understanding of potential risks and implementing effective mitigation strategies.

Scope

This policy applies to all College employees, departments, and areas that deal with sensitive data, or manage processes that expose institutional data to risk. All College employees and areas should consider security in the routine performance of their duties.

Risk Assessment Schedule

Frequency

A comprehensive risk assessment will be conducted every three to five years. Additionally, targeted risk assessments may be initiated in response to significant changes in the College's technology operations, infrastructure, or as deemed necessary by the Executive Leadership Team (XLT).

Timing

The risk assessment process will commence during the designated calendar year and will be completed before the end of that same year, with the final risk assessment report presented to the XLT within three months of completion.

Facilitation

The Chief Technology Officer, or an appointed representative, will facilitate the risk assessment process, ensuring objectivity, consistency, and thoroughness.

Risk Identification

Stakeholder Input

Input will be sought from key stakeholders, which may include faculty, staff, students, and relevant external parties, to identify potential risks and concerns.

Documented Risks

All identified risks will be documented in a standardized risk register, including a description of the risk, its potential impact, likelihood, and current mitigation measures in place.

Risk Evaluation and Prioritization

Assessment Criteria

Risks will be evaluated based on their potential impact on the College's strategic objectives, financial stability, reputation, and operational continuity.

Likelihood and Impact

A qualitative and quantitative assessment of the likelihood and impact of identified risks will be conducted, utilizing a predetermined risk assessment matrix.

Risk Mitigation and Management

Mitigation Strategies

Technology Services will develop and recommend mitigation strategies for high-priority risks, emphasizing proactive measures to reduce or eliminate the potential impact.

Implementation Plan

A detailed implementation plan, including responsible parties and timelines, will be developed for each identified mitigation strategy.

Reporting and Review

Risk Assessment Report

A comprehensive risk assessment report will be submitted to the XLT, highlighting key findings, prioritized risks, and recommended mitigation strategies.

Policy Implementation Assistance

Contact the Chief Technology Officer with questions or comments related to this policy.

Policy Authority

The XLT has responsibility for this policy and will obtain necessary approvals for changes.