How to Determine the Level of Risk?

Expert centerCategory: HIPAAHow to Determine the Level of Risk?
Renjisha Staff asked 8 months ago
1 Answers
Anna Susan Staff answered 8 months ago

Covered entities should determine the level of risk to EPHI. Risk is a function determined by the likelihood of a given threat triggering or exploiting a specific vulnerability and the resulting impact. The covered entity will use the output of, likelihood and potential impact of threat occurrence data as inputs to this step. The output of those steps, likelihood and potential impact of threat occurrence data, will focus the covered entity’s risk level determination to reasonably anticipated risks to EPHI. The level of risk is determined by analyzing the values assigned to the likelihood of threat occurrence and resulting impact of threat occurrence. The risk level determination may be performed by assigning a risk level based on the average of the assigned likelihood and impact levels. A risk level matrix can be used to assist in determining risk levels. A risk level matrix is created using the values for likelihood of threat occurrence and resulting impact of threat occurrence. The matrix may be populated using a high, medium, and low rating system, or some other rating system. For example, a threat likelihood value of “high” combined with an impact value of “low” may equal a risk level of “low.” Or a threat likelihood value of “medium” combined with an impact value of “medium” may equal a risk level of “medium.”

Each risk level is labeled with a general action description to guide senior management decision making. The action description identifies the general time-line and type of response needed to reasonably and appropriately reduce the risk to acceptable levels. For example, a risk level of “high” could have an action description requiring immediate implementation of corrective measures to reduce the risk to a reasonable and appropriate level. Assigning action descriptions provides the covered entity additional information to prioritize risk management efforts. One output of this step should be documented risk levels for all threat and vulnerability combinations identified during the risk analysis. Another output should be a list of corrective actions to be performed to mitigate each risk level.

Source: https://www.hhs.gov/sites/default/files/ocr/privacy/hipaa/administrative/securityrule/riskassessment.pdf