Security Management Risk Assessment Flashcards
What is risk defined as?
The possibility that human actions or events can lead to consequences
Risk is assessed via a mixture of two things, which are?
The possibility of the risk occurring and the damage it would deal if it were to occur
What is risk capacity?
The amount of risk that could take place before the business goes bankrupt or goes down
What is risk appetite?
The business has to take some amount of risk at the very least, and this target risk that would be preferred is the risk appetite
What is risk exposure?
The amount of actual risk that the business exposes itself to in real time
Where is risk exposure compared to risk appetite typically?
Usually, risk exposure goes up and down fluctuating around the risk appetite
What is risk tolerance?
Risk tolerance is the maximum amount of risk that the business is willing to expose themselves to
What is operational risk?
Operational risk is the risk of less resulting from inadequate or failed internal processes, people and systems
What is the order of the risk management process?
Risk identification, risk analysis, risk evaluation, risk treatment, risk acceptance
What are the three lines of defence in security management?
There are the management controls as the first line, then financial controls, security and risk management as the second line, then the internal audit as the final line
What is a risk grid?
A grid showing the comparable likelihood of certain risks and their impact
