What is Risk?
Risk is defined as any threat or vulnerability to people, assets technology, data, operations, or productivity.
Important Terms
Risk Tolerance is the agreed-upon level of risk the organization is willing to withstand.
Risk Appetite is the amount of total risk the organization can withstand.
Risk Threshold is amount of risk the organization will deem acceptable.
Risk Management Process
- Identify the Risk
- Analyze the Risk
- Evaluate the Risk
- Treat the Risk
- Monitor and Review the Risk
Tools Used: Risk Assessment Matrix
