Lesson 8 Flashcards
The reasons for all security activities whatever problems are involved, be it cash, negotiable instrument, permanent assets and fixture LS or even intangible assets likrle trade secrets
Security and risk analysis
When an organization makes a decision to protect it’s assets, it is necessary to clearly understand the actual threats to assets through an effective security plan
Security analysis
It helps minimize loss and ensure the continuity of production
Security hazards
It is the result of a state of mind, altitude and weakness of character traits
Man made hazard
Is defined as the potential damage or loss of an asset. It is fact a combination of two factors
Risk
Involves the security of specific vulnerability, probability and significance of potential threats including natural and man made
Risk
Complete elimination or eradication of the risk
Risk avoidance
Decreasing of the risk by minimizing the probability of potential loss
Risk reduction
The distribution of the risk compartmentalization or decentralization
Risk spreading
The movement of the financial impact
Risk transfer
This is a planned assumption and acceptance of potential risk
Risk self assumption
Making use of two or more of the above given strategies to manage potential risk and threats
Combination of the above
