RISK MANAGEMENT
Risks, or vulnerabilities, are always present. There are many categories and levels of risk, each with its own probability of occurrence and level of impact.
There are essentially four elements to risk management, and their relationships are cyclical: risk identification, risk analysis, risk control, and risk reporting.
Risk identification involves identifying the risks, components, and processes potentially affected. Risk analysis is converting information gathered into identification. Risk control is identifying controls that are or should be in place to deal with a threat. Risk reporting is reporting on the results of the risk identification, analysis, and control.
Risk management offers many benefits. It allows for knowing ...
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