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Select appropriate controls or countermeasures to mitigate each risk. Risk mitigation needs to be approved by the appropriate level of management. For instance, a risk concerning the image of the organization should have top management decision behind it whereas IT management would have the authority to decide on computer virus risks.
There are a number of strategies that can be employed as one measure of defense or in a combination of multiple strategies together. A risk assessment is an important tool that should be incorporated in the process of identifying and determining the threats and vulnerabilities that could potentially impact resources and assets to help manage risk.
Mitigation planning identifies policies and actions that can be taken over the long term to reduce risk, and in the event of a disaster occurring, minimize loss. Such policies and actions are based on a risk assessment , using the identified hazards , vulnerabilities and probabilities of occurrence and estimates of impact to calculate risks ...
LOPA is a risk assessment undertaken on a 'one cause–one consequence' pair. The steps of a LOPA risk assessment are: [4] Identify the consequences, using a risk matrix; Define the risk tolerance criteria (RTC), based on the tolerable/intolerable regions on the risk matrix; Define the relevant accident scenario, e.g. mechanical or human failure
Risk accounting introduces the Risk Unit (RU) to measure non-financial risks, enabling their quantification, aggregation, and reporting. This approach uses three primary metrics: Inherent Risk, which quantifies the pre-mitigation level of non-financial risk in RUs; the Risk Mitigation Index (RMI), assessing the effectiveness of risk mitigation activities on a zero to 100 scale; and Residual ...
Risk control, also known as hazard control, is a part of the risk management process in which methods for neutralising or reduction of identified risks are implemented. . Controlled risks remain potential threats, but the probability of an associated incident or the consequences thereof have been significantly red
The Risk Management Framework (RMF) is a United States federal government guideline, standard, and process for managing risk to help secure information systems (computers and networks). The RMF was developed by the National Institute of Standards and Technology (NIST), and provides a structured process that integrates information security ...
This involves identification of risk (what can happen and why), the potential consequences, the probability of occurrence, the tolerability or acceptability of the risk, and ways to mitigate or reduce the probability of the risk. [3]