Risk Analysis and Management

Front

What is the process of identifying risks, analyzing them, developing a response strategy, and mitigating their future impact called?

Back

Risk Management

Front

What are the four phases of risk management?

Back

Assessment, Analysis, Response, Mitigation

Front

What does risk analysis determine regarding vulnerabilities?

Back

It determines the vulnerabilities that a threat can exploit, the possibility of damage occurring, and the extent of the potential damage.

Front

What are the three categories of risk analysis methods?

Back

Qualitative, Quantitative, Semi-quantitative.

Front

What does a qualitative risk analysis method use to measure risk?

Back

Descriptions and words are used to measure the amount and impact of risk, such as High, Medium, and Low.

Front

What is the purpose of a quantitative risk analysis method?

Back

It is based on numeric values and compares risk data to historical records, experiences, industry best practices, and statistical theories.

Front

What is the purpose of risk response techniques?

Back

To manage risks by accepting, transferring, avoiding, or mitigating them.

Front

What does the 'Accept' response technique entail?

Back

Acknowledgment of the risk and its consequences, recognizing that the risk is not entirely avoidable.

Front

What does the 'Transfer' response technique involve?

Back

Allocating the responsibility of risk to another agency or third party, such as an insurance company.

Front

What is the goal of risk mitigation?

Back

To protect against possible attacks and reduce the impact of potential risks.