Risk Management
Identifying, assessing, and mitigating security risks
Risk Management is the systematic process of identifying, analyzing, evaluating, and treating risks to minimize their impact on an organization’s objectives.
Risk Management Process
- Risk Identification - Finding potential risks
- Risk Analysis - Understanding likelihood and impact
- Risk Evaluation - Prioritizing risks
- Risk Treatment - Selecting and implementing controls
- Monitoring and Review - Ongoing risk assessment
Risk Treatment Options
- Avoid - Eliminate the risk source
- Mitigate - Reduce likelihood or impact
- Transfer - Share risk through insurance or contracts
- Accept - Acknowledge and monitor the risk
Frameworks and Standards
- NIST Risk Management Framework (RMF)
- ISO 31000
- FAIR (Factor Analysis of Information Risk)
- OCTAVE
- COSO ERM
Key Deliverables
- Risk registers
- Risk assessments
- Risk treatment plans
- Risk appetite statements
- Risk reporting to leadership
