A colleague in InfoSec made the following observation:
My point - RA is a nice to have, but it is superfluous. It looks nice
but does NOTHING without the bases being covered. what we need
is a baseline that everyone accepts as necessary (call it the house
odds if you like...)
Most of us in the profession have met the case where a Risk Analysis would be nice to have but is superfluous because the baseline controls that were needed were obvious and 'generally accepted', which makes me wonder why any of us support the fallacy or RA.
It gets back to the thing about the Hollywood effect that is Pen Testing. Quite apart from the many downsides it has from a business POV it is non-logical in the same way that RA is non-logical.