Risk Control Management

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 or to maximize the realization of opportunities. Risk management’s objective is to assure uncertainty does not deflect the endeavor from the business goals.

For the most part, these methods consist of the following elements, performed, more or less, in the following order.

1. identify, characterize threats

2. assess the vulnerability of critical assets to specific threats

3. determine the risk (i.e. the expected likelihood and consequences of specific types of attacks on specific assets)

4. identify ways to reduce those risks

5. prioritize risk reduction measures based on a strategy