What does "SRA" stand for in FAIR?

In the context of the FAIR framework, "SRA" stands for Systematic Risk Assessment. This term reflects a structured methodology for evaluating risks by considering various components, including the likelihood of an event occurring and the potential impact it might have on an organization. The systematic approach ensures that assessments are comprehensive, repeatable, and defensible, allowing organizations to make informed decisions based on analyzed data rather than intuition or anecdote. By using a systematic risk assessment, organizations can identify, quantify, and prioritize risks in a way that aligns with their overall risk management strategies, leading to better resource allocation and more effective risk mitigation efforts.

This understanding is essential as organizations navigate the complexities of risk management, ensuring that their assessments are thorough and aligned with best practices.