Risk Management Flashcards
WHAT IS RISK MANAMENT
KEEP UP WITH RISK BY LOOKING REPORTING PATCHING ETC.
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RISK ANALYSIS
LIST OF RISK THAT CAN HELP YOU
RISK TREATMENT
HELP MANAGING
RISK ASSESSMENT FREQUENCE
HOW OFTEN THE RISK ASSESSMENT IS CONDUCTED
AD-HOC
CONDUCTED WHEN AND AS NEEDED TO A SPECIFIC EVENT THAT CAN INTRODUCE NEW RISK OR CHANGE. NATRUAL DIASTER
RECURRING RISK ASSESSMENT
MONTHLY,ANNUALLY OR QUARTERLY ANALYSIS.
ONE TIME RISK ASSESSMENT
NOT REPEATED FOR PROJECTS OR USING NEW IT SYSTEMS JUST HAPPENS ONE TIME.
CONTINUOUS RISK ASSESSMENTS
ON GOING MONITOR AND EVAL ON RISK
RISK IDENTIFICIATION
RECOGNIZING POTENITAL RISK THAT COULD IMPACT ORG’S
BUSINESS IMPACT ANALYSIS
EVALUATING POTENTIAL EFFECTS OF DISRUPTION TO AN ORG BUSINESS FUNCTIONS.
RTO-RECOVERY TIME OBJECTIVE
REPRESENTS THE MAX ACCEPTABLE LENGTH OF TIME. BEFORE THE LACK OF A BUSINESS FUNCTION GETS REALLY IMPACTED.
RECOVERY POINT OBJECTIVE-RPO
MAX ACCEPTABLE AMOUNT OF DATA LOSS IN MEASURED TIME.
MTTR MEAN TIME TO REPAIR-MMTR
AVERAGE TIME REQUIRED TO REPAIR A FAILED COMPONENT OR SYSTEM.
MEANT TIME BETWEEN FAILURES MTBF
AVERAGE TIME BETWEEN FAILURES.
RISK REGISTER
A DOCUMENT RECORDS DEATILS OF THE RISK SUCH AS WHAT AND HOW IT HAPPENED.
RISK DESCRIPTION
DEATILING WHAT THE RISK IS DESCRIPTION
RISK IMPACT
THE CONSEQUENCES IF THE RISK TAKES PLACE
RISK LIKELIHOOD
CHANCE OF THE RISK HAPPENING
RISK OUTCOME
IF RISK HAPPENS WHAT IS THE RESULT OF IT
RISK LEVEL
COMBINING IMPACT AND LIKELIHOOD
THE COST OF RISK
COST OF MITAGTING/HAPPENING RISK.
RISK TOLERANCE
THE ORG IS WILLING TO ACCEPT THE RISK
RISK APPETITIE
AN ORG WILLING TO EMBRACE SPECIFIC TYPES OF RISK.
EXPANSIONARY RISK APPETITIE
ORG IS TAKING MORE RISK TO GETTER LARGER RETURNS
CONSERVATIVE RISK APPETITIE
FAVORS LESS RISK
NEUTRAL RISK APPETITITE
BALANCE OF RISK AND RETURN.
KEY RISK INDICATORS
PREDICTIVE METRICS TO SIGNAL RISING RISK LEVELS IN DIFFERENT PARTS OF THE ENTERPRISE.
RISK OWNER
PERSON OR GROUP IN CHARGE OF TAKING RESPOINIBTY OF THE RISK
QUALTIVITE RISK ANALAYSIS
METHOD OF ASSESSING RISK BASED ON THE IMPACT AND LIKELIHOOD OF THEM HAPPENING.
EXPOSURE FACTOR
PROPORTION OF AN ASSET THAT IS LOST.
SINGLE LOSS EXPECTANCTY SLE
MONETERY VALUE EXPECTED TO BE LOST IN A SINGLE EVENT
ANNUALIZED RATE OF OCCURRENCE
ESTIMATED FREQUENCY WITH WHICH A THREAT IS EXPECTED TO OCCUR IN A YEAR.
ANNUALIZED LOSS EXPECTANCY
SLE x ARO annual lost from a risk
RISK MANAGMENT STRATS
-RISK TRANSFERENCE SHIFTING RISK TO ANOTHER PARTY
-RISK ACCEPTANCE- DEALING WITH A RISK IF IT OCCURS BASICALLY WHEN IT ARISES.
-EXEMPTION- EXCLUDES PARTY FROM A SPECIFIC RULE OR REQUIRMENT.
EXCEPTION- PERMITS PARTY TO BY PASS A RULE OR REQUIRMENT.
RISK AVOIDANCE
PLANS TO COMPLETELY AVOID THE RISK
RISK MITIGATION
STEPS TO TAKE TO DECRESE LIKELIHOOD THE RISK.
RISK MONITORING
TRACKING IDENTIFIED ASSESSING EXECUTING RESPONSE ACTION ON A RISK
RESIDUAL RISK
IMPACT AFTER IMPLMENTNG MITAGAION
CONTROL RISK
HAS LOST EFFECTIVENESS OVER TIME.
RISK REPORTING
COMMUNICATION INFO ABOUT RISK MANAGEMENT ACTIVITIES.
INFORMED DECISION MAKING
INSIGHTS FOR INFORMED DECISIONS ON RESORVCE ALLOACATIONI
RISK MITIGATION
WHEN A RISK ESCLATIONG TO MITIAGETE THE RISK BEFORE IT BECOMES A PROBLEM
STAKEHOLDER COMM
SETTING EXPECTIONS AND SHOWING EFFECTIVE RISK MANANGMENT
REGULATORY COMPLIANCE
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SLE
The Single Loss Expectancy (SLE) is calculated as the value of the asset multiplied by the Exposure Factor (EF). In this case, SLE =12,000. The Annualized Rate of Occurrence (ARO) is 1/5 (since the server crashes once every five years) = 0.2. The Annualized Loss Expectancy (ALE) is calculated as SLE * ARO. In this case, ALE= 12,000 * 0.2= 2,400.
