Risk Management Process Overview
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Risk Management Process Overview

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Questions and Answers

What is the primary focus of risk management?

  • Identifying threats to essential functions (correct)
  • Deploying additional security controls
  • Calculating likelihood and impact
  • Mitigating vulnerabilities and threats
  • What is the first step of the risk management process?

  • Assessing the degree of risk
  • Identifying critical systems and assets (correct)
  • Analyzing systems and assets
  • Mitigating risks
  • What are the two main variables when calculating risk?

  • Cost and impact
  • Likelihood and cost
  • Impact and likelihood (correct)
  • Risk and mitigation
  • Study Notes

    • Risk management is a process for identifying, assessing, and mitigating vulnerabilities and threats to the essential functions of a business.
    • Risk management must focus on mission essential functions that could cause the whole business to fail if they are not performed.
    • Part of this process involves identifying critical systems and assets that support these functions.
    • For each function or workflow, analyze systems and assets to discover and list any vulnerabilities or weaknesses to which they may be susceptible.
    • For each risk, identify possible countermeasures and assess the cost of deploying additional security controls.
    • Most risks require some sort of mitigation, but other types of response might be more appropriate for certain types and level of risks.
    • For each business process and each threat, you must assess the degree of risk that exists. Calculating risk is complex, but the two main variables are likelihood and impact: likelihood of occurrence and impact.
    • Risk management is a complex process that is treated very differently in companies of different sizes and with different regulatory and compliance requirements.

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    Description

    Learn about the process of identifying, assessing, and mitigating vulnerabilities and threats to a business's essential functions. Understand the critical systems and assets, countermeasures, and risk assessment criteria. Explore the complexity of risk management in various company settings.

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