Risk Assessment Methodologies And Risk Management Strategies

Throughout the many different types of establishments that currently exist today, there are risk assessments methodologies which are used to estimate or determine risk. According to the Department of Homeland Security (DHS) Risk Lexicon (2010), risk assessment methodologies are defined as, “set of methods, principles, or rules used to identify and assess risk and to form priorities, develop courses of action, and inform decision-making” (p.25). Whether it is a risk assessment tailored for the government or private companies, the methods and principles are similar in a sense that they all aim at evaluating risk. Once risk can be determined, they can then decipher what types of strategies and decisions that should be used. Of the many risk assessments out there three distinct models who stood out were the Maritime Security Risk Analysis Model (MSRAM), The CARVER model, and lastly the Transportation Sector Security Risk Assessment (TSSRA). This paper will discuss the three risk assessment methodology’s origin, the intended audience, as well as some main elements and attributes. Afterward, the paper will conclude with my personal opinion to its strengths and weaknesses. But first, background on the selected risk analysis models in its designated order is needed starting with MSRAM.

Whilst on placement with the Aberdeenshire Council Children and Families Team I adhered to the lone working policy to ensure my safety when out of the office working with clients. To minimise risks, in line with this policy I have my mobile phone with me at all times and ensure I write my day to day diary on the office board with names, times and addresses of where I will be going, and notify staff of my where-a-bouts (Aberdeenshire Council 2014).

Risk analysis is an integral part of data safety within an organization and the analysis is vital to the mission and success of an organization. Risk analysis is used “to identify threats and then provide recommendations to address these threats” (Taylor et al, 2006). Risk analysis encompasses not only the equipment and programs used in an organization but also covers the culture, managerial, and administrative processes to assure data security. A key factor in risk analysis is to have a good Information Resource Management Plan.

This paper discusses three risk analysis methodologies, specifically, MSRAM, OCTAVE, and CRAMM and provides a detailed description of each and how they incorporate risk into a platform for decision makers to use in their endeavors to prevent, protect, mitigate, respond, and in recovery measures as part of the risk assessment and management processes.

There are two main types of risk management assessments. They are qualitative and quantitative methodologies. With the qualitative methodology, a relative values are used to determine the probability and impact of a risk (Gibson, 2011). This type of information can be collected quickly. A quantitative risk assessment is used to estimate how much money would be lost should a vulnerability be exploited (Vanderberg, n.d.). With the quantitative methodology, actual dollar values are used. It can take a time to gather this type of data. Once the data is gathered, however, a math formula is used to determine the priority of risks and in turn show the results of controls (Gibson, 2011).

You also need to be aware of your responsibilities to ensure the safety of children and young people when on school trips. You must ensure that the relevant risk assessments have been put in place and that you familiarise yourself with them before the school trip, by doing this you do not leave yourselves open to the accusation of

Conducting a risk analysis is an integral part of providing security management for an organisation,

This assessment checks for system vulnerabilities influencing, confidentiality, integrity, and the availability of the system. The methods used involved management, operational, and technical controls. The IT security system management team was heavily involved, as well as the operational team that implemented the security mechanisms that took place.

The use of the risk management process to identify and mitigate risk of information system is one of the best way to ensure the protection and security of information system. This often requires information security employees to assess the criticality of each system and all of the vulnerabilities the system has. To mitigate the risk of compromise on each system often requires the purchase of new software or devices which can be quite costly. This is why the use of a cost benefit analysis is a crucial part of risk management.

Organizations encounter risk every day as they pursue their strategies. Hence, Risk evaluation analysis is important for loads of enterprises.

In the examination of risk management of the organizations, the primary procedure is the risk appraisal that with thoughtfulness regarding the risk connection to the IT framework all through the SDLC, this procedure is utilized to decide the threat of insignificant risk. Yield of this procedure likewise recognizes the specialized controls to lessen or restrict the risk amid the procedure of risk diminishment. To decide the probability of future

In this book Allen et al discusses the risk management plans for IT managers. The book notes that there is no silver bullet for information security risks. The best practices are what should be used in handling the IT risks.

Good security management requires risk management to mitigate or reduce risk to an acceptable level within an organization. Security management’s objective is to protect the company and its assets. A proper risk analysis will identify the company’s major assets, threats that put those assets at risk, and estimate the possible damage and loss a company may endure if any of the threats were to become real. With a good risk analysis, management can determine the type of budget they want to set to mitigate threats. Risk analysis justifies the cost of the countermeasures against the threats and determines the benefit or worth of security

Ever since IT was introduced into the organizational management systems, numerous studies on the various facets of information technology risk management have been carried out, focusing on the extent of losses that may be experienced in case a threat exposed vulnerability. Every organization that relies heavily on IT to conduct its daily processes makes it obligatory to identify risks in their data and IT systems, in order to manage or reduce those risks. These organizations also develop response systems that can be turned to immediately an IT crisis occurs. Gibson (2010), states that risk management

Risk Management is the process that information system managers apply to adjust the operational and financial expenses of defensive measures for their information and information systems with the gains in abilities and enhanced backing of hierarchical mission that result from the utilization of effective security systems. As a component of the risk management process, organizations select and apply security controls for their information and information systems. The security controls are evaluated and monitored to guarantee proceeded with proficiency and adequacy. The Risk Management Framework RMF) comprises of six phases which are actualized in a cyclic manner and through a dynamic elaboration way to deal with guarantee that all SDLC stages are secured and to empower nonstop change. The six phases associated with RMF are: categorize information system, select security controls, implement security controls, assess security controls, authorize information system and monitor security controls. Each of the RMF stages map to a specific stage inside the SDLC lifecycle. It is essential to keep up this relationship to fulfill security prerequisites at the beginning and to lessen excessive change controls and extra time and exertion that might be required preceding approving the system.