Risk Management
Risk management is an important activity for a business. Identifying risks, assessing the impact of the risk, and making the right financial decision about how to deal with the results of a risk – are crucial areas that need to be addressed. In addition, programs that continually measure and assess the effectiveness of your company's current safeguards – are vital to the risk management process. Managing risk is continuous – it's not a one-time project!
What is a Risk?
It's probably best to define a Risk by the following formula:
Risk = Threats x Vulnerabilities x Impact
Threat: Any potential danger to information or an information system.Vulnerability: An information system weakness that could be exploited.
Impact: Asset value - what you are trying to protect
Develop a Risk Management Assessment Plan
Developing an effective Risk Management Plan is an
important part of any project, but unfortunately, is often viewed as something
that can be dealt with later. However, without a plan even small emergencies
can get out of hand. Here is a flowchart depicting steps that can be taken to
create a sustainable plan for Risk Assessment.
"Everything that can be counted does not necessarily
count; everything that counts cannot necessarily be counted"
~Albert Einstein~
Here are some more sites that I found useful when researching this subject:
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