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Risk Management Essay

526 words - 3 pages

Public trust is a major concern when it comes to managing risk policies. The base of risk management is necessary for the company to grow and move into its full potential. Weak policies can lead to vulnerabilities in our infrastructure and network allowing potential threats to the integrity of the company. Credit card information, confidential information, wireless connections and other assets can all be taken without proper management. What does risk management do for us and how does it address future security breaches and more importantly how does it reduce the risks.
Risk management is a decision which determines which types of vulnerabilities the company can be susceptible to, what kind of impact different vulnerabilities have, and lastly an action plan to control the ...view middle of the document...

A risk management policy as well as a dedicated team designed for risk management should also be implemented. Following this general infrastructure will help in organizing what assets we have and who would handle the assets in the case of a breach or protocol. Strong risk management documentation will help hold the procedure in place during different threats. Once the company’s acceptable level of risk has been determined, we can then develop a risk management policy. The policy should be mapped to the organizational security policy, this will help reinforce the security policy as well.
Managing risk will achieve the highest standard for success, by implementing a strategy and executing it, this will ultimately be the best movement going forward. Mitigating risk is a term used for removing the probability of a threat being introduced into the environment. The company must intervene a threat through risk assessment. Risk assessment will allow us to mitigate risk to a comfortable level for the company. All of this is necessary in order to insure that the company can grow moving forward and continue operating without fear of significant loss.
Risk management is a decision making process that involves figuring out what kind of breaches there are in security and what we can be acceptable to. A team needs to be in affect to handle these breaches. A policy needs to be in place to reinforce the documentation and procedure behind each kind of breach. With all of these items in place we will reduce the risk of the company as a whole. It will lock down all potential vulnerabilities in order to grow as a company.

References:
http://www.gartner.com/technology/consulting/it-risk-management.jsp
http://ithandbook.ffiec.gov/it-booklets/management/it-risk-management-process.aspx
http://www.virginia.edu/informationsecurity/riskmanagement/

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