![]() ![]() Risk management can be thought of as a continuous process comprising the following components. It’s also important for guiding both investment and operational decisions.īelow we’ll take a closer look at the risk management process, which should be encompassed by the organizational risk management strategy. ![]() Having a risk management strategy is important for shaping an organization’s risk management process, including security control selection and assessment, contingency planning, and system authorization decisions. Why is a risk management strategy important? How risks, controls, and objectives are continuously monitored.How risks are documented and communicated.How risks are identified, assesses, and mitigated.All categories or types of risks including operational, financial, and compliance.The existing controls that mitigate risk.The organization's internal environment.The organization’s long-term objectives.The organization’s financial resources and legacy investments.The organization’s policies and procedures.It may also prescribe policies, procedures, and methodologies for performing these risk assessment, risk response, and risk monitoring activities.Īn effective risk management strategy must consider the following: A risk management strategy is a strategy that addresses how an organization intends to identify, assess, respond to, and monitor risk. ![]()
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