Areas of Risk assessment in Software Application

These are the Areas of Risk assessment in Software Application.

1. Inadequate event logging and monitoring may lead to security violations
2. No security updates will be available and may lead to compromise/exploit of system or data
3. Absense of relevant reports for monitoring and ssuring operating effectiveness of security controls in the services offered by third parties/vendors may lead to service disruption, data breach and loss of reputation 

Categorise above three areas in three different sections , they are 

1.  Impact (Financial + Non Financial 
2.  Likelihood
3.  Implemented control rating 

Calculate residual risk value for the same,

The residual risk score is a qualitative score that is more granular than inherent risk. Inherent risk is commonly assigned one of the three scores of high, medium or low, while residual risk is commonly broken out into five or more scores of high, medium-high, medium, medium-low and low.