Risk Management : A Dynamic Environment Essay

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Risk Management in a Dynamic Environment

Research Problem The Department of Defense (DoD) is increasingly challenged to assess and manage risk in an exceedingly dynamic threat environment. Risk Management includes multiple steps of which risk identification is the foundation of the process. A flawed identification of threats is shaky ground from which to build the remaining risk management steps. Mitigating a threat is this actually not a threat is a poor use of resources and potentially indicates that another threat is not being mitigated or managed. To further constrain the process, mitigation strategies are limited by a finite amount of resources, including personnel, money, time and political acceptance. Therefore, it is extremely important that the risk identification process is as accurate as possible. Preliminary work has revealed three focus areas for further research as they pertain to DoD’s risk assessment process. First, is a need for high-priority defense-relevant interests or objectives for the United States, second is a characterization of the risk environment, and third is the identification of the threats or the Principal Risk Portfolio. These have been understood to be part of the research team’s proposed risk identification process.

Interests. The national interests generally have endured over time and are usually updated and documented periodically in the National Security Strategy. The research team has tailored these to make them more

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