1.3 Definitions, Acronyms, and Abbreviations "Risk management is the part of analysis phase that identifies vulnerabilities in an organisation`s information system and take carefully reasoned steps to assure the confidentiality, integrity, and availability of all components in the organisation`s information system" (Management of Information Security - second ed, Michael E. Whitman and Herbert J. Mattord) Risk is the potential loss resulting from the balance of threat, vulnerabilities, countermeasures, and value. Vulnerabilities are the weaknesses that allow the threat to exploit you. Countermeasures are the precautions you take. Value is the potential loss you can experience. Nuisance Value is the potential cost of dealing with a loss.
What are the differences and similarities between them? There are many similarities and differences between Business Impact Assessment, Vulnerability Assessment, Penetration Test, and Risk Assessment. This is because they are all used as part of the overall risk management process and many produce information that is critical for other assessment. For example the information from a Business Impact Assessment and Vulnerability Assessment can provide information that is crucial for the successful completion of a risk assessment. This goes the same with a penetration test which provides important information for a vulnerability
Qualitative risk assessment is a subjective evaluation, people’s opinion of how badly a particular problem might be. While quantitative risk assessment assigns values to information, systems, business processes, recovery costs,as a result risk impact, can be measured in terms of direct and indirect costs. 2. Risk Management life cycle Risk management is a process of thinking methodically about all possible risks or threats before they happen and setting up procedures that will avoid the risk, handle or reduce its impact. It is basically setting up a process and plan to deal and control a risk.
It is commonly accepted that risk management involves both the management of potentially adverse effects as well as the realisation of potential opportunities. In management responsibilities, risk management can be described as the collection of deliberate actions and activities that we carry out at all levels to identify, understand and manage risks to the achievement of our objectives. Organizational risk can include many types of risk (e.g., program management risk, investment risk, budgetary risk, legal liability risk, safety risk, inventory risk, supply chain risk, and security risk). Security risk related to the operation and use of information systems is just one of many components of organizational risk that senior leaders/executives address as part of their ongoing risk management responsibilities. Effective risk management requires that organizations operate in highly complex, interconnected environments using state-of-the... ... middle of paper ... ...ty and capability of the department to effectively and efficiently manage risk.
Introduction The purpose of risk management is to protect an organization’s valuable assets information, hardware, and software. The purpose of risk management process is to identify and manage risks in such a way that a company is able to meet its strategic and financial targets. Risk management is a continuous process, by which the major risks are identified, listed and assessed, the key persons in charge of risk management are appointed and risks are prioritized according to an assessment scale in order to compare the effects and mutual significance of risks. It is very important that the organizations and business to be very well prepared to see what kind of risk we are facing, or the business can suffer in case of a major disaster. 1.1 Purpose This report aim to explain how is achieved risk control through strategies and through security management of information.
In terms of uncertainty, it can be classified into tw... ... middle of paper ... ... should be designed to reflect current hazards and unexpected future uncertainties. Moreover, the process of risk framework should be able to reflect costs and benefits before making a decision to remove threats. Finally, we may say that it can be difficult to clearly separate risk from uncertainty. This is because the uncertainty is one part of the scope of risk. In other words, risk and uncertainty are closely linked to the context of risk management frameworks.
Literature Review Brush, (2005) research reviews defined risk as any uncertain event associated with the work of implementing a particular project. The definition is conventional with other universal definitions while it further attaching the definition with factors that could be used to identify inherent risks. The objective of the research review was to correlate risk as a product of two main factors: the expected consequences of the occurrence of the uncertain event and the probability that the uncertain event might occur. All the risks involved within the entity are distinct and different from each other. Employing this concept is vital in identifying the particular risks associated with a particular project.
Introduction Financial or technical, commercial or legal, the risk can affect an organization at any given time. Operations and compliance along with laws and regulations input by an organization have an important role in controlling the factor of risk within a project. As Pinto (2013) well noticed, projects tend to operate in an environment composed of uncertainty. There are projects that succeed and others that fail. The difference between these two types of project is given by the plan developed as well as the level of risk.
Risk’s most apparent category is in reference to accidental loss and is known as hazard risk. Operational risk, on the other hand, stems from controls, systems, people and processes. Both, hazard and operational risks are classified