Risk Management is simply the process of managing risks based on your organisation's security appetite.
The process includes the assessment of people, processes and technologies that can potentially impact security. A risk register and plan is developed in the process of risk (threat) identification, evaluation, prioritisation and development of mitigation controls (accept, reduce, transfer). The Risk Treatment Plan is built based on the results of the assessment, containing the actions recommended to improve ineffective controls. Each Risk Treatment is mapped to relevant risks; as risk treatments are completed, the effectiveness of the control improves and in turn reduces the likelihood of mapped risks occurring.
Define the context of the assessment.
Evaluate people, Processes and technology for potential risks.
Consider source (internal/external) of the risk.
Assess each identified risk.
Categories and priorities based on Likelihood and Impact.
Develop a risk analysis matrix to determine the level of risk.
Managing risks involves developing cost effective options to deal with them including:
Regularly monitor and review your risk management plan.
Ensure the control measures and insurance cover is adequate.
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