Part 1 mitigation Flashcards
What does this stage of the lifecycle do?
Addresses actions taken to reduce the probability that the loss represented by the risk will occur
Mitigation doesn’t mean removing risk completely. But rather to
Make risk outcomes less intense or severe
Examples of mitigation….
Increased scrutiny
Four eyes checks
Accounting standards
Establishing default credit probabilities
Close monitoring of contracts
Mandatory training
Managing technology threats against the organisation
What is risk sharing ?
Sharing with another party the benefit of loss or the benefit of gain
Risk avoidance…
Withdrawing from a business because of an unacceptable level of risk / deciding not to take on new business
Risk acceptance…
Risk has been examined and assessed
Techniques to mitigate risk:
Avoidance Sharing Transfer Acceptance Retention Control measures
Detective controls : what Are internal detective controls and what are external?
INTERNAL: trap errors after they have occurred but before a potential loss is realised in the outside world
EXTERNAL: detect the effects
What are the 2 mitigation controls ?
Preventative controls
Detective controls
