“Risk Management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events.”
The 5 Critical Steps in Risk Management
- Identify (Risk Analysis) identify, characterize, and assess threats
- Assess the vulnerability of critical assets to specific threats and determine the risk and (i.e. the expected consequences of specific types of attacks on specific assets)
- Plan ( Design a Risk Reduction Plan) identify ways to reduce those risks and prioritize risk reduction measures based on a strategy
- Implement the plan (Doing the work)
- Monitor (Observe the Effectiveness of the Plan)
IronRisk Strategies aims for a ROI (Return on Investment) of at least 5x the money or resources we recommend you invest in your Risk Reduction Plan.
There are four options you have in how best to manage the Risk you have identified:
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