Managing Risk in Information Systems > Mitigating Risk > Defining Risk Assessment Approaches

Table of Contents

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Table of Contents

Pt. ONE. Risk Management Business Challenges

Pt. TWO. Mitigating Risk

Ch. 5. Defining Risk Assessment Approaches

Understanding Risk Assessment

Critical Components of a Risk Assessment

Types of Risk Assessments

Risk Assessment Challenges

Best Practices for Risk Assessment

CHAPTER SUMMARY

KEY CONCEPTS AND TERMS

CHAPTER 5 ASSESSMENT

Ch. 6. Performing a Risk Assessment

Ch. 7. Identifying Assets and Activities to Be Protected

Ch. 8. Identifying and Analyzing Threats, Vulnerabilities, and Exploits

Ch. 9. Identifying and Analyzing Risk Mitigation Security Controls

Ch. 10. Planning Risk Mitigation Throughout Your Organization

Ch. 11. Turning Your Risk Assessment into a Risk Mitigation Plan

Pt. THREE. Risk Mitigation Plans

Appx. A. Answer Key

Appx. B. Standard Acronyms

Glossary of Key Terms

References

Index

CHaPTeR 5 Defining Risk Assessment Approaches A RISK ASSESSMENT IS PERFORMEDtoidentifythemostseriousrisks. Earlierchaptersinthisbookpresentedriskmanagementtechniques. Theseincludedavoid,transfer,mitigate,oraccept.Theriskassessment allowsyoutoprioritizetherisks.Youmanagethehigh-priorityrisksandaccept thelow-priorityrisks.Theriskassessmentalsohelpsyouidentifythebest methodstocontroltherisks.Thishelpsensurethecontrolsyoupurchase providethebestbenefi ts. Therearetwoprimarymethodsusedtocreateariskassessment,quantitative andqualitative.Youcanuseaquantitativemethodwithpredefi nedformulas. Forexample,youcancalculateannuallossexpectancy(ALE)bymultiplyingannual rateofoccurrence(ARO)timessinglelossexpectancy(SLE).Thisisexpressed asALEAROSLE.Thequalitativemethodcanalsobeused.Itusesvalues orwordsassignedtotheprobabilityofariskoccurringandtheimpactofarisk ifitoccurs.It'simportanttounderstandbothmethodssoyoucanapplythem indifferentscenarios. Chapter 5 Topics Thischaptercoversthefollowingtopicsandconcepts: · Whatriskassessmentis · Whatthecriticalcomponentsofariskassessmentare · Whattypesofriskassessmentsareavailable · Whichriskassessmentchallengesyoushouldaddress · Whatbestpracticesforriskassessmentare 112

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Part TWO: Mitigating Risk > Defining Risk Assessment Approaches - Pg. 112