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Chapter 5: Defining Risk Approaches - Coggle Diagram
Chapter 5: Defining Risk Approaches
Understanding Risk Assessments
Importance of Risk Assessments
Purpose of a Risk Assessment
Support Decision Making
Evaluate control effectiveness
Critical Components of a Risk Assessment
Identifying Scope
Identifying Critical Areas
Identifying Team Members
Types of Risk Assessments
Quantitative Risk Assessments (Objective)
Single Loss Expectancy
Annual Rate of Occurrence
Annual Loss Expectancy
Safeguard Value
Qualitative Risk Assessments (Subjective)
Probability
Impact
Risk Assessment Challenges
Using a Static Process to Evaluate a Moving Target
Availability of Resources and Data
Data Consistency
Differences in Data Format
Changes in Data Collection
Changes in the Busines
Estimating Impact Effects
Providing Results That Support Resource Allocation and Risk Acceptance
Risk Acceptance
Resource Allocation
Best Practices for Risk Assessment
Building a strong risk assessment team
Repeating the risk assessment regularly
Enlisting senior manager support
Defining a methodology to use
Starting with clear goals and a defined scope
Providing a report of clear risks and recommendations