What is a Threat and Risk Assessment (TRA)?

A Threat and Risk Assessment (TRA) is a structured process used to identify what could realistically compromise your systems, what the impact would be, and what you should do about it.

In other words: a TRA answers, “How could we get hit and how do we reduce the risk in a way that’s proportionate to our business?”

Threat vs. risk: the quick difference

• Threat = something that could cause harm (malicious actors, mistakes, vendor failures, misconfigurations)
• Risk = likelihood of harm and severity of impact

A TRA connects those dots so you’re not guessing or overbuilding controls in the wrong places.

What a TRA typically includes

A practical TRA usually covers:

• Asset identification (systems, data, users, vendors, critical workflows)
• Threat modeling (realistic scenarios: external + internal)
• Vulnerability review (architecture, configuration, access, process gaps)
• Risk ratings (likelihood x impact, prioritized)
• Mitigation plan (specific recommendations with sequencing)

If you want the service page: Threat and Risk Assessment (TRA)

When should you do a TRA?

Common triggers include:

• Launching a new product, platform, or major feature
• Migrating infrastructure (cloud changes, SSO, new identity provider)
• Integrating a new vendor that touches sensitive data
• Expanding into regulated customers (healthcare, public sector, finance)
• Post-incident (or after a near-miss)

TRA vs. penetration testing (and why you often need both)

They’re complementary:

• TRA: broad + contextual and prioritizes what matters most
• Pen test: technical + exploit-focused and tests if vulnerabilities can be abused

If you’re ready for testing: Penetration Testing

What you get from a TRA (deliverables)

A solid TRA should leave you with:

• A prioritized risk register (clear findings, not fluff)
• An executive summary (what matters, why, and what to do next)
• A mitigation roadmap (quick wins + longer-term fixes)
• Evidence you can reuse in questionnaires and audits

Not sure where your biggest risks are?

Start with a quick estimate using our: Security Incident Calculator

Then: Book a TRA scoping call

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