What is a DataComm IT Risk Assessment?
DataComm’s IT Risk Assessment Service helps your organization identify, measure, and prioritize risks across your information and technology assets—so you can apply the right controls, training, and oversight where they matter most.
Our methodology is built to support the expectations of banking regulators and industry standards. In particular, we align with FFIEC guidance that calls for an ongoing information security risk assessment program that:
- Gathers data about IT and information assets, threats, vulnerabilities, and existing controls
- Analyzes the probability and impact of threats exploiting vulnerabilities
- Prioritizes risks to determine the appropriate level of controls, training, and assurance
DataComm combines regulatory experience with deep IT knowledge to produce a risk assessment that is accurate, understandable, and maintainable by your internal team over time.
Why do organizations invest in IT risk assessment?
IT environments change constantly:
- New systems, vendors, and delivery channels are introduced
- Cyber threats and regulatory expectations continue to evolve
- Legacy processes and controls don’t always keep up
Without a structured IT risk assessment, it’s difficult to answer:
- Where are our greatest inherent risks?
- Do our current controls and policies reasonably address those risks?
- What residual risks are we accepting—and are we comfortable with them?
A DataComm IT Risk Assessment helps you:
- Identify gaps and weaknesses in your security and control environment
- Support board and management oversight with clear, risk-based reporting
- Demonstrate to examiners that you have an ongoing, methodical risk process
- Build a foundation for your information security program, vendor management, and audit plans
How a DataComm IT Risk Assessment works
We use a structured, repeatable process that your organization can update as technology and risks change.
Plan, scope & gather information
We begin by defining the boundaries and building a complete picture of your environment:
- Confirm scope (lines of business, locations, systems, and services)
- Identify applicable regulatory expectations and internal standards
- Collect existing documentation: network diagrams, asset lists, policies, and procedures
This sets the stage for a comprehensive but practical assessment.
Identify information & infrastructure assets
Next, we work with your team to inventory the assets that support your business and customers, such as:
- Servers, workstations, and mobile devices (including BYOD)
- Network components, firewalls, and remote access solutions
- Business applications (e.g., wire transfer, internet banking, lending systems)
- Databases and file stores containing sensitive or regulated information
- Third-party hosted systems and cloud services
We don’t just list assets—we group them into meaningful categories that can be assessed consistently.
Identify threats, vulnerabilities & pertinent risks
For each asset or asset category, we identify:
- Relevant threats (e.g., malware, unauthorized access, insider abuse, physical damage, third-party failure)
- Potential vulnerabilities (e.g., configuration gaps, missing patches, weak authentication, process weaknesses)
- The associated risk scenarios that could impact confidentiality, integrity, or availability
This step creates a risk register that reflects how your environment actually operates, not just generic threats.
Assess probability & impact to determine inherent risk
We work with your stakeholders to assign:
- Probability (likelihood) of each risk scenario
- Impact on operations, customers, regulatory standing, and reputation if the scenario occurred
From this, we calculate an inherent risk rating for each asset or risk scenario. For financial institutions, we can also incorporate GLBA-focused asset values to reflect sensitivity and criticality of protected information.
Map controls, policies & procedures
Once inherent risk is understood, we evaluate existing controls:
- Technical controls (e.g., firewalls, access controls, encryption, monitoring, patching)
- Administrative controls (e.g., policies, standards, procedures, training)
- Physical and environmental controls (e.g., facility security, environmental protection)
We cross-reference policies and procedures to confirm whether controls are documented and implemented as intended.
Determine residual risk & composite risk
For each asset or risk scenario, we:
- Evaluate the strength and coverage of current controls
- Assign a residual risk rating (e.g., Low, Moderate, High) after controls are considered
- Where applicable, compute a composite risk that reflects asset value and control effectiveness
This highlights where risks are acceptably managed, where they need improvement, and where immediate action is required.
Reporting, presentation & maintenance
Finally, we deliver and operationalize the results:
- IT Risk Assessment Report summarizing methodology, inherent risk, controls, and residual risk
- Asset-level or category-level risk tables with probability, impact, and risk ratings
- Prioritized recommendations to address high and moderate residual risks
- A maintainable risk assessment model (often in spreadsheet or tool form) that your team can update as:
- New systems are added
- Existing systems are retired
- Threats and controls change
The goal is not just a one-time project, but a living risk assessment that you can own and update going forward.
Key capabilities of DataComm IT Risk Assessment Services
- Regulatory-aligned methodology: built with FFIEC and GLBA expectations in mind.
- Inherent & residual risk calculation: structured approach to probability, impact, and control strength, including composite risk scoring where desired.
- Asset- and process-based coverage: includes infrastructure, applications, information stores, and key processes.
- Control and policy cross-referencing: risk assessment tied directly to your existing policies, procedures, and control documentation.
- Maintainable, institution-owned model: delivered in a format that your team can update as technology, threats, and business needs change.
What you get with a DataComm IT Risk Assessment
A typical engagement includes:
Who DataComm IT Risk Assessment is for
This service is a strong fit if:
- You are a bank, credit union, or other financial institution needing FFIEC-aligned IT risk assessment
- Your current risk assessment is outdated, too generic, or difficult to maintain
- You’re preparing for a regulatory exam, IT audit, or information security review
- You’ve recently undergone significant technology change (core upgrades, cloud adoption, new delivery channels)
- Leadership wants a clear view of technology risk to prioritize investments and controls
USE CASES
Explore the Possible Applications of a Risk Assessment
Building a formal IT risk assessment for the first time
You have scattered documentation and informal knowledge, but no structured IT risk model:
- DataComm works with your team to identify assets, threats, and controls
- A complete, documented IT risk assessment is created and handed off
- You gain a starting point for ongoing risk and security program improvements
Refreshing an outdated, checklist-style assessment
Your existing IT risk document is dated and doesn’t reflect current systems:
- DataComm reviews and updates the asset inventory, risks, and control mappings
- Probability, impact, and residual risk ratings are recalibrated
- The updated assessment aligns with current technology and regulatory expectations
Supporting an upcoming exam or IT audit
You know regulators or auditors will focus on IT risk management:
- DataComm refines your IT risk assessment, ensuring it is complete and consistent
- Key findings and risk themes are summarized for management and the board
- You head into the review with a defensible, up-to-date risk assessment
FREQUENTLY ASKED QUESTIONS
Common questions
An IT risk assessment identifies and prioritizes risks based on assets, threats, vulnerabilities, and controls. An IT audit tests whether controls are designed and operating effectively. A vulnerability assessment focuses on technical weaknesses in systems. All three are related but serve different purposes.
While the focus is on information and technology assets, we can include associated business processes and key third-party services where they affect IT and information security risk.
Yes. A core design goal is to deliver a maintainable risk assessment your organization can update as systems and risks change.
Many institutions review and update their IT risk assessment at least annually, and more frequently when significant changes occur (new systems, mergers, major incidents, etc.).
Next steps
To tailor DataComm IT Risk Assessment Services to your organization, we recommend documenting:
- Your current IT risk assessment (if any) and known pain points
- Major systems, vendors, and delivery channels that drive your technology risk
- Any upcoming exams, audits, or board presentations related to information security
Ready to harden your network against active threats?
Schedule an IT Risk Assessment strategy session with DataComm to design a practical, regulator-ready view of your information and technology risks.