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risk assessment (risk identification, risk analysis, risk evaluation) risk treatment; monitoring and review "Risk assessment is the overall process of risk identification, risk analysis and risk evaluation" (ISO 31010) Risk can be assessed at any level of the company’s operations or goals.
Taxonomy-based risk identification – The taxonomy in taxonomy-based risk identification is a breakdown of possible risk sources. Based on the taxonomy and knowledge of best practices, a questionnaire is compiled. The answers to the questions reveal risks. [21] Common-risk checking [22] – In several industries, lists with known risks are ...
Risk identification is "the process of finding, recognizing and recording risks". It "involves the identification of risk sources, events, their causes and their potential consequences." [3] ISO 31000 describes it as the first step in a risk assessment process, preceding risk analysis and risk evaluation. [4]
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] [2] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [3]
The process facilitates the management of security risks by each level of management throughout the system life cycle. The approval process consists of three elements: risk analysis, certification, and approval. An element of managerial science concerned with the identification, measurement, control, and minimization of uncertain events.
ISO 31000 is a set of international standards for risk management.It was developed in November 2009 by International Organization for Standardization. [1] The goal of these standards is to provide a consistent vocabulary and methodology for assessing and managing risk, resolving the historic ambiguities and differences in the ways risk are described.