Run the Risk Cycle — TechKnowSurge

About this interactive

The Planning and Prioritization lesson finishes the module's risk cycle. The point of all the identifying and analysing is to act. 1. Identification: find the risks, from known risks, asset reviews, scans, assessments and interviews. 2. Analysis: work out how big each risk is, as ratings or as a dollar figure. 3. Prioritization: there are always more projects than people and money, so rank the risks. The lesson's default is return on investment; other reasons can reorder the list, such as one fix depending on another (contingencies and the critical path), who is available, extra benefits, or quick wins that build momentum. 4. Planning: work out each fix in enough detail to know its cost and what risk it leaves. Prioritization and planning go back and forth, because ROI needs a plan. 5. Mitigation: put the fix into the team's normal workflow (the lesson uses scrum and Kanban) and get it done. 6. Monitoring and reporting: check the control actually works, and report to management and sometimes customers. Monitoring turns up what did not go as planned and risks that are new, which sends you back to identification. Each pass makes the company a little safer.

What you'll learn

Put one pass of the risk management cycle in order: identification, analysis, prioritization, planning, mitigation, then monitoring and reporting
Recognize that monitoring sends the work back to identification, so the cycle repeats

Aligned to

CompTIA Security+

5.2 Explain elements of the risk management process.

Key terms

Risk Management: The ongoing process of identifying, assessing, and mitigating risks to an acceptable level.
Risk Prioritization: The process of ranking identified risks by their potential impact and likelihood to determine which require the most urgent attention.
Risk Mitigation: The process of reducing the probability or potential impact of a risk through the implementation of controls, countermeasures, or process changes. Risk mitigation is one of four standard risk response strategies alongside avoidance, transfer, and acceptance.
Return on Investment: A measure of the financial return gained from an investment, calculated by dividing the net benefit by the cost of the investment, expressed as a percentage.
Risk Assessment: The process of identifying, analyzing, and evaluating risks to determine their potential impact.

Topics

Risk Management Interactive Ordering

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