Risk Management Concepts

Question 1

Elements of risk

Answer 1

threat –> exploit vulnerabilities –> results in exposure –> which is risk –> which is mitigated by safeguards –> which protect assets –> which are endangered by threats

Question 2

7 Steps of Quantitative Risk analysis

Answer 2

1. Assign Asset Value (AV)
2. Calculate Exposure Factor (EF)
3. Calculate Single Loss Expectancy (SLE)
4. Assess Annualized Rate of Occurrence (ARO)
5. Derive Annualized Loss Expectancy (ALE)
6. Cost / Benefit Analysis for countermeasures

Question 3

Examples for Qualitative Risk Analysis

Answer 3

Brainstorming
Delphi technique
storyboarding
focus groups
surveys
questionnaires
checklists
one to one meetings
interviews

Question 4

Delphi technique

Answer 4

anonymous feedback and response process;
used to enable group to reach anonymous consensus;
primary purpose: elicit honest + uninfluenced responses

Question 5

6 Steps of Risk Management Framework (RMF)

Answer 5

1. Categorize
2. Select
3. Implement
4. Assess
5. Authorize
6. Monitor