Why are periodic risk assessments primarily conducted?

Periodic risk assessments are primarily conducted to address changes in threat and vulnerability profiles. Over time, the landscape of risks an organization faces evolves due to various factors, including emerging threats, technological advancements, and shifts in the operational environment. Conducting regular risk assessments allows organizations to identify new and existing vulnerabilities, evaluate their potential impact, and reassess the likelihood of various threats materializing.

Maintaining an up-to-date understanding of these evolving factors is critical for effective risk management. As new vulnerabilities arise or as threat actors modify their tactics, the risk to the organization may change significantly. Therefore, regular assessments help ensure that the organization's security controls and overall risk posture are relevant and effective against current and anticipated threats.

While changes to asset inventory, asset classification levels, and risk appetite are all important considerations in comprehensive risk management practices, they are not the primary reason for conducting periodic risk assessments. The focus should remain on the dynamic nature of threats and vulnerabilities to ensure ongoing protection.