Risk Management Is An Integral Part Of The Business Decisions

Risk Management is an internal IT strategy used to align the IT risk management plans with the business strategic initiatives to reduce the IT threats. Incorporating this process will ensure IT risks are managed, and the impacts are identified and monitored effectively.

As such, our company’s people resources pose the greatest risk for security breach. Our way to help mitigate risk in this area is to keep communication lines open in this area and to continually mandate security knowledge training, with mandatory updates on a regular basis. When the employees are informed of company policy when facing a security matter, they are better equipped to act in the best or right way. In this way knowledge is power – or at least empowerment to act in the best interest of the company’s information security.

Risk management is a process for identifying, assessing and prioritizing risks of different kinds. Once the risks are identified, the risk manager will create a plan to minimize or eliminate the impact of negative events. A variety of strategies is available, depending on the type of risk and the type of business. There are a number of risk management standards including those developed by the Project Management Institute the International Organization for Standardization the National Institute of Science and Technology and actuarial societies. Organizations uses different strategies in proper management of future events such as risk assumption, risk avoidance,

Throughout all phases of risk management planning, the specific topic of discussion will be risk identification, awareness and communication. Risk Identification consists of determining which are likely to have an effect on the organization, and documenting the characteristics of each risk. Risk Awareness requires that all Defense Logistics Information employees and contractors be aware of what constitutes a risk and specific events or factors that could potentially impact the organization in a negative way. Risk communication involves bringing risk factors or events to the attention of the IT Manager.

Risk management includes the “overall decision-making process of identifying threats and vulnerabilities and their potential impacts, determining the costs to mitigate such events, and deciding what actions are cost effective to take to control these risks” (Conklin et al, 2012, pg. 678). For the proper development of risk management techniques, every person at every level of the organization, especially those involved in the Information Security (IS) department “must be actively involved in the following activities:

This project provides an opportunity to apply the competencies gained in the units of this course to

Risk refers to a likelihood, probability, a chance that a loss may occur in a given organization. Most of the times, there is a high risk when there is vulnerability. In this case, vulnerability refers to a weakness that the organization has. Risk assessment refers to the process of identification of potential hazards and proper analysis of the expected losses if those hazards occur (Homeland Security, n.d.). Risk assessment as a way of profiling risk according to impact to the organization. Some organizations have business impact analysis exercises geared towards determination of potential hazards based risk assessment approaches. Organizations’ risk differ depending on the size and the type of business they are doing. The disparity in organizations’ risk call for different adaptation of risk assessment approaches. Even with the disparities of the businesses, proper risk management not only ranks the risks according to the seriousness but also identifies the best methods to control risks in an organization.

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.

Background- In its most basic sense, risk management identifies, allows assessment, and prioritizes risks that are associated and central to an individual project or organization. Risk management allows the organization to be proactive in preventing or mitigating risks, for improving certain processes within the organization, and with the hope of preventing fiscal exposure. However, in almost every organization there are risks individuals are unique and do not always perform at a high level of safety; mechanical or design failures exist, construction projects have supply or labor issues, there are uncertainties in computer or data modification, of course natural disasters, and even deliberate attacks from competitors, etc. Because this is such a common occurrence, national and even international standards have been developed in conjunction with the insurance and regulatory institutions to at least provide basic guidelines to minimize risks risk (International Organization for Standardization, 2009).

IT risk is any threat to organization’s information technology, data, critical systems and business processes. When the businesses depend on information technology for main operations and activities, they need to be aware of the extent and nature of those threats hence they can be external, internal, intentional or accidental. IT risk includes business-critical areas, such as:

According to IRM-AIRMIC-ALARM (2002), risk management actually defines every organisational strategic management; it comprises the process which identifies and treats the internal and external risks and adds sustainable value to the organisation and its stakeholders by decreasing the probability of not achieving the organisation’s overall objectives. The specific institutes suggest that risk management lies in the strategic, tactical and operational levels, and its embodiment in all tasks and roles is required; it is a consistent manner for an organisations’ operation, which leads to effective decision making, efficient allocation and protection of the organisational assets, and enrichment of the organisational

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The NZ Society for Risk Management, 2001)

Information security professional’s job is to deploy the right safeguards, evaluating risks against critical assets and to mitigate those threats and vulnerabilities. Management can ensure their company’s assets, such as data, remain intact by finding the latest technology and implementing the right policies. Risk management focuses on analyzing risk and mitigating actions to reduce that risk. Successful implementation of security safeguards depends on the knowledge and experience of information security staff. This paper addresses the methods and fundamentals on how to systematically conduct risk assessments on the security risks of information systems.

The reader will become familiarised with the term risk and it definitions from specifically the ISO 31000 standard of risk management and also the definition of risk from the criminology crime triangle. Which one of these two definitions that are the most suitable for usage within the security industry will be discussed and evaluated. How and why consequence is important when assessing risk priorities and determining where to allocate resources will be examined and answered.

One well accepted description of risk management is the following: risk management is a systematic approach to setting the best course of action under uncertainty by identifying, assessing, understanding, acting on and communicating risk issues. In order to apply risk management effectively, it is vital that a risk management culture be developed. The risk management culture supports the overall vision, mission and objectives of an organization. Limits and boundaries are established and communicated concerning what are acceptable risk practices and outcomes. Since risk management is directed at uncertainty related to future events and outcomes, it is