This document provides an overview of security risk management. It discusses reactive versus proactive approaches, and quantitative versus qualitative risk prioritization. The key steps of the security risk management process include assessing risks, conducting decision support, implementing controls, and measuring effectiveness. When assessing risks, organizations should plan the assessment, gather data through facilitated discussions, and prioritize risks. Both quantitative and qualitative approaches have benefits and drawbacks.
Microsoft established its risk management group (RMG) in 1997 within the treasury department to develop a comprehensive approach to risk identification, measurement, and management across the enterprise. The RMG worked to bring non-financial risk management practices in line with the more mature financial risk management processes. Microsoft developed internal risk measurement systems and consulted third parties to ensure all risks were captured. The company encouraged a culture of transparency around risk through accessible internal reporting and education for all employees.
The document discusses risk management and risk transfer. It defines key terms like risk, risk management, and risk transfer. It outlines different risk categories and techniques for managing risk, including risk retention, insurance, and other methods. It emphasizes that a multi-pronged approach to risk management is most effective, using techniques like risk identification, analysis, control, and monitoring. The presentation aims to explain why risk management is important and how integrating different risk transfer and control strategies can benefit organizations.
What do we really need to protect a business from risk?
The COVID-19 pandemic has put risk management in a spotlight. Looking at leading risk indicators, incidences and reproduction figures have become commonplace among the general population.
Even though the success of the selected risk strategies can only be assessed in a few years, it has already become clear that risk management must take a holistic approach.
To effectively manage risk, companies need to be able to not only monitor risks but also respond.
To learn more, visit: https://bit.ly/3ypENF0
This document discusses risk management and provides definitions of risk. It summarizes the key steps in the risk management process as establishing context, identifying risks, analyzing risks, evaluating risks, treating risks, and monitoring and reviewing risks on an ongoing basis. Communication and consultation are also emphasized. Various risk management models and the benefits of risk management for organizations are outlined. Myths about risk management are dispelled.
The importance of risk management in businessr2financial
R2 Financial Technologies provides multi-asset risk analytics and risk intelligence to all sorts of business decision makers. Visit their website today to learn more http://www.r2-financial.com/.
Technology Risk Management Simulation - Mahesh Knowledge Group
This document discusses emerging trends in learning and introduces an IT risk simulation game called IT Risk Pro. It notes that MOOCs have good content but lack experience, while flipped classrooms and personalized learning use experience to engage learners better. The document then presents IT Risk Pro as an immersive simulation that provides managers a safe learning environment to play and learn risk management concepts represented as a 2x2 matrix. Key takeaways emphasize using experience to motivate learners and that experiencing is learning, while information alone is less impactful.
1. The document discusses risk management standards and processes for construction project management. It outlines ISO 31000:2009 as the key risk management standard and describes the risk management process it establishes.
2. The risk management process involves establishing the context, identifying risks, analyzing and evaluating risks, treating risks, monitoring risks, and communicating about risks.
3. The document also discusses different risk management strategies like risk avoidance, reduction, sharing, and retaining and provides examples of each.
Microsoft established its risk management group (RMG) in 1997 within the treasury department to develop a comprehensive approach to risk identification, measurement, and management across the enterprise. The RMG worked to bring non-financial risk management practices in line with the more mature financial risk management processes. Microsoft developed internal risk measurement systems and consulted third parties to ensure all risks were captured. The company encouraged a culture of transparency around risk through accessible internal reporting and education for all employees.
The document discusses risk management and risk transfer. It defines key terms like risk, risk management, and risk transfer. It outlines different risk categories and techniques for managing risk, including risk retention, insurance, and other methods. It emphasizes that a multi-pronged approach to risk management is most effective, using techniques like risk identification, analysis, control, and monitoring. The presentation aims to explain why risk management is important and how integrating different risk transfer and control strategies can benefit organizations.
What do we really need to protect a business from risk?
The COVID-19 pandemic has put risk management in a spotlight. Looking at leading risk indicators, incidences and reproduction figures have become commonplace among the general population.
Even though the success of the selected risk strategies can only be assessed in a few years, it has already become clear that risk management must take a holistic approach.
To effectively manage risk, companies need to be able to not only monitor risks but also respond.
To learn more, visit: https://bit.ly/3ypENF0
This document discusses risk management and provides definitions of risk. It summarizes the key steps in the risk management process as establishing context, identifying risks, analyzing risks, evaluating risks, treating risks, and monitoring and reviewing risks on an ongoing basis. Communication and consultation are also emphasized. Various risk management models and the benefits of risk management for organizations are outlined. Myths about risk management are dispelled.
The importance of risk management in businessr2financial
R2 Financial Technologies provides multi-asset risk analytics and risk intelligence to all sorts of business decision makers. Visit their website today to learn more http://www.r2-financial.com/.
Technology Risk Management Simulation - Mahesh Knowledge Group
This document discusses emerging trends in learning and introduces an IT risk simulation game called IT Risk Pro. It notes that MOOCs have good content but lack experience, while flipped classrooms and personalized learning use experience to engage learners better. The document then presents IT Risk Pro as an immersive simulation that provides managers a safe learning environment to play and learn risk management concepts represented as a 2x2 matrix. Key takeaways emphasize using experience to motivate learners and that experiencing is learning, while information alone is less impactful.
1. The document discusses risk management standards and processes for construction project management. It outlines ISO 31000:2009 as the key risk management standard and describes the risk management process it establishes.
2. The risk management process involves establishing the context, identifying risks, analyzing and evaluating risks, treating risks, monitoring risks, and communicating about risks.
3. The document also discusses different risk management strategies like risk avoidance, reduction, sharing, and retaining and provides examples of each.
Risk identification provides the foundation for risk management. There are various methods to identify risks such as preparing checklists, conducting on-site inspections, analyzing financial statements, creating flow charts, and interacting with employees. Sources of risk can be internal or external and come from a company's environments. Risk exposures include physical asset exposures, financial asset exposures, liability exposures, and human asset exposures. Traditional risk identification observes past losses while modern approaches identify risks before losses occur using tools like risk analysis questionnaires, financial statement analysis, flow charts, on-site inspections, interactions with other departments, contract analysis, and statistical records.
This document outlines a 5-step process for managing organizational ICT security:
1. Identify the organization's business objectives to ensure ICT resources support them.
2. Identify all ICT resources, including network infrastructure, servers, user devices, and hardware.
3. Identify and assess risks to ICT resources, such as theft, damage, and unauthorized access, and prioritize them based on likelihood and cost.
4. Develop activities to mitigate risks through a 7-layered approach involving policies, physical security, perimeter controls, internal access management, host protection, and application hardening.
5. Implement and monitor the security program with roles for the CIO, CISO, ICT
1) The document discusses organization level risk management. It addresses the importance of risk management for organizations' success, defining their risk attitude and thresholds, planning risks, establishing risk methodology, considering risk factors, implementing risk management, and learning from past lessons.
2) It emphasizes establishing a clear understanding of strategic risks and opportunities faced by the organization. A suitable risk methodology should guide risk management activities to achieve strategic goals.
3) Recording and applying lessons learned is important for organizational maturity. Both risks and opportunities from the past, whether achieved or missed, provide learning.
The document outlines an agenda for a risk management workshop being conducted by PT. Berau Coal, including introducing risk management terms and methodologies, providing an understanding of the need for risk management, and introducing a Risk Assessment Methodology to be adopted. Objectives of the workshop are to familiarize key personnel with risk assessment principles and ensure they can perform risk assessments for operations. The workshop will cover topics such as hazard identification, risk assessment methodologies, and PT. Berau Coal's specific risk assessment procedure.
The document discusses enterprise IT risk management. It notes that IT is now core to business and a top audit committee concern. IT risk management covers more than just information security, including risks from late projects, lack of value from IT, compliance issues, outdated architecture, and service problems. IT risk does not come solely from the IT department but from various external partners and users. The document discusses who should own IT risk and outlines frameworks and maturity models for assessing an organization's IT risk posture.
This document provides an overview of ISO 27005, which provides guidelines for information security risk management. It discusses establishing the context for risk management, assessing risks, treating risks, and monitoring the risk management process on an ongoing basis. Key activities covered include risk identification, analysis, evaluation, and acceptance criteria. Qualitative and quantitative risk analysis methodologies are described. The goal is to take a systematic approach to identify security needs and risks in order to create an effective information security management system.
Presenter:
Ali Bin Mohammed AlMuwaijei
Chief Risk Manager, Municipality & Planning Dept-Ajman
Risk and Business Continuity Management
Enterprise Risk Management
Risk management is a logical and systematic process to identify, analyze, treat, and monitor risks. It involves establishing the context, identifying risks, analyzing their likelihood and potential impact, evaluating them, treating risks through specific plans, and regularly monitoring and reviewing the process. Risk management is widely used in both public and private sectors to improve decision making and identify opportunities while avoiding or minimizing losses.
This document outlines a presentation on risk management fundamentals given by the Federal Aviation Administration. It introduces the topic of risk management and defines key terms like hazard, risk, risk assessment, and risk control. It explains the importance of identifying hazards and assessing risk using a risk matrix to determine risk levels. Finally, it details the five steps of the risk management process: identify hazards, assess risk, make risk decisions, implement controls, and monitor the effectiveness of controls. The overall goal is to provide a framework for integrating risk management into an organization to make safer decisions.
This document discusses enterprise risk management and contains activities and content related to risk management. It defines key risk management terms and concepts, outlines the risk management process, and discusses the benefits and relevance of risk management. It also addresses regulatory frameworks, legislative requirements, and key risks associated with ineffective risk management.
The document discusses the five phases of risk management process: establish context, identify risks, analyze risks, evaluate risks, and treat risks. It also discusses establishing the strategic, organizational, risk management, and project contexts. Key risk categories are described such as operational, schedule, budget, business, and technical environment risks. Risk assessment and handling strategies like retaining, abating, mitigating, transferring, and avoiding risks are also summarized. Types of changes and the ADKAR change management model are defined.
This document discusses business continuity planning and crisis management. It begins by outlining the pre-crisis, crisis, and post-crisis situations an organization may face. It then discusses managing both the crisis event itself as well as the organization's reputation during a crisis. The rest of the document provides guidance on developing a business continuity plan, including conducting risk assessments, developing contingency plans, and establishing roles and responsibilities to manage crises effectively.
This document provides an overview of corporate risk management. It defines risk according to ISO 31000:2009 as "the effect of uncertainty on objectives." It notes that managing risk can both reduce negative impacts and increase positive impacts for business. The document outlines key elements of risk management including risk causes, factors, and failures. It discusses the evolution of risk management from compliance-focused to business optimization-focused. It provides examples of establishing the context, risk assessment, treatment, and monitoring within a risk management process. Finally, it gives criteria for measuring likelihood, impact, risk rating, risk treatment effectiveness, and different risk treatment measures.
Risk management is important for construction projects. It involves identifying potential risks, assessing their likelihood and consequences, and developing responses to manage risks. The risk management process includes four steps: identifying hazards, assessing risks, controlling risks, and monitoring control measures. It aims to reduce the probability or impact of negative events. Key risks in construction relate to costs, time, and quality going over budget or being delayed. Risk management benefits projects by improving decision making and providing clear understanding of risks.
This document describes the risk assessment and risk treatment process used by Riesgo Risk Management's ISO27001 compliance tool. It involves projects submitting initial surveys that are scored as low, medium, or high risk. Medium and high risk projects undergo further assessment by an information security team. They identify project risks and information assets, conduct business impact assessments, and update risk registers with mitigation actions. Dashboards provide visibility into projects, assets, policies, and overall risk management. The tool aims to facilitate remote risk assessment and compliance for organizations.
Operational risk management has evolved over time as organizations seek to systematically manage risks. Key concepts include inherent risk, likelihood, exposure, and treatments like transfer, accept, and optimize. Operational risk can arise from organization, processes, technology, human factors, or external events. It is measured using tools like control and risk self-assessments to identify threats, controls, and residual risks. The goal is integrated risk management to both control risks and create shareholder value through efficiency and competitive advantage.
This document discusses approaches to managing risk in information security. It introduces the concepts of risk and outlines a multifaceted approach that includes controlling risk, developing security policies, and maintaining user awareness and training. It then describes different methods for controlling, reducing, and calculating risk from technical, operational, and managerial perspectives. These include privilege management, change management, incident management, and using metrics like likelihood of risk, impact of risk, and mitigation of risk to analyze security risks. Maintaining security policies is also discussed as an important part of the risk management process.
The document summarizes an internal auditor's workshop on using audits as a risk management tool. It includes the following:
- An overview of the risk management process including identifying risks, assessing and measuring risks, responding to risks, designing and testing controls, and continuously improving risk management.
- The three lines of defense in risk management - operational management owns risk management as the first line, risk management and compliance functions provide oversight as the second line, and internal audit provides independent assurance as the third line.
- Key aspects of the risk management process including governance, people, processes, and technology as well as identifying risks, assessing risks, developing risk response strategies, and monitoring risks.
This document summarizes a presentation on risk management 101. It defines key terms like threat, vulnerability, risk, and types of risk. It outlines the components of risk management frameworks including identifying threats, assessing risk, evaluating options, and taking action. It discusses different risk management standards and frameworks. Finally, it provides an overview of information risk management practices at the Minnesota Department of Human Services.
Enterprise risk management (ERM) is a process that helps organizations identify, assess, and manage risks to achieving their objectives. It involves identifying risks across strategic, operational, reporting and compliance categories and developing a portfolio view of risks from a business unit and entity level. The ERM process also includes establishing risk management philosophies, setting risk appetites, identifying and assessing risks, developing risk responses, monitoring risks, and oversight from management.
The document discusses risk planning and management for projects. It defines key risk management terms and outlines various types of risks that may be encountered on projects, such as computer-related risks, human-related risks, and risks specific to software projects. The document also discusses risk identification techniques, qualitative and quantitative risk analysis, developing risk responses, and creating a risk register to document identified risks and related information.
Risk identification provides the foundation for risk management. There are various methods to identify risks such as preparing checklists, conducting on-site inspections, analyzing financial statements, creating flow charts, and interacting with employees. Sources of risk can be internal or external and come from a company's environments. Risk exposures include physical asset exposures, financial asset exposures, liability exposures, and human asset exposures. Traditional risk identification observes past losses while modern approaches identify risks before losses occur using tools like risk analysis questionnaires, financial statement analysis, flow charts, on-site inspections, interactions with other departments, contract analysis, and statistical records.
This document outlines a 5-step process for managing organizational ICT security:
1. Identify the organization's business objectives to ensure ICT resources support them.
2. Identify all ICT resources, including network infrastructure, servers, user devices, and hardware.
3. Identify and assess risks to ICT resources, such as theft, damage, and unauthorized access, and prioritize them based on likelihood and cost.
4. Develop activities to mitigate risks through a 7-layered approach involving policies, physical security, perimeter controls, internal access management, host protection, and application hardening.
5. Implement and monitor the security program with roles for the CIO, CISO, ICT
1) The document discusses organization level risk management. It addresses the importance of risk management for organizations' success, defining their risk attitude and thresholds, planning risks, establishing risk methodology, considering risk factors, implementing risk management, and learning from past lessons.
2) It emphasizes establishing a clear understanding of strategic risks and opportunities faced by the organization. A suitable risk methodology should guide risk management activities to achieve strategic goals.
3) Recording and applying lessons learned is important for organizational maturity. Both risks and opportunities from the past, whether achieved or missed, provide learning.
The document outlines an agenda for a risk management workshop being conducted by PT. Berau Coal, including introducing risk management terms and methodologies, providing an understanding of the need for risk management, and introducing a Risk Assessment Methodology to be adopted. Objectives of the workshop are to familiarize key personnel with risk assessment principles and ensure they can perform risk assessments for operations. The workshop will cover topics such as hazard identification, risk assessment methodologies, and PT. Berau Coal's specific risk assessment procedure.
The document discusses enterprise IT risk management. It notes that IT is now core to business and a top audit committee concern. IT risk management covers more than just information security, including risks from late projects, lack of value from IT, compliance issues, outdated architecture, and service problems. IT risk does not come solely from the IT department but from various external partners and users. The document discusses who should own IT risk and outlines frameworks and maturity models for assessing an organization's IT risk posture.
This document provides an overview of ISO 27005, which provides guidelines for information security risk management. It discusses establishing the context for risk management, assessing risks, treating risks, and monitoring the risk management process on an ongoing basis. Key activities covered include risk identification, analysis, evaluation, and acceptance criteria. Qualitative and quantitative risk analysis methodologies are described. The goal is to take a systematic approach to identify security needs and risks in order to create an effective information security management system.
Presenter:
Ali Bin Mohammed AlMuwaijei
Chief Risk Manager, Municipality & Planning Dept-Ajman
Risk and Business Continuity Management
Enterprise Risk Management
Risk management is a logical and systematic process to identify, analyze, treat, and monitor risks. It involves establishing the context, identifying risks, analyzing their likelihood and potential impact, evaluating them, treating risks through specific plans, and regularly monitoring and reviewing the process. Risk management is widely used in both public and private sectors to improve decision making and identify opportunities while avoiding or minimizing losses.
This document outlines a presentation on risk management fundamentals given by the Federal Aviation Administration. It introduces the topic of risk management and defines key terms like hazard, risk, risk assessment, and risk control. It explains the importance of identifying hazards and assessing risk using a risk matrix to determine risk levels. Finally, it details the five steps of the risk management process: identify hazards, assess risk, make risk decisions, implement controls, and monitor the effectiveness of controls. The overall goal is to provide a framework for integrating risk management into an organization to make safer decisions.
This document discusses enterprise risk management and contains activities and content related to risk management. It defines key risk management terms and concepts, outlines the risk management process, and discusses the benefits and relevance of risk management. It also addresses regulatory frameworks, legislative requirements, and key risks associated with ineffective risk management.
The document discusses the five phases of risk management process: establish context, identify risks, analyze risks, evaluate risks, and treat risks. It also discusses establishing the strategic, organizational, risk management, and project contexts. Key risk categories are described such as operational, schedule, budget, business, and technical environment risks. Risk assessment and handling strategies like retaining, abating, mitigating, transferring, and avoiding risks are also summarized. Types of changes and the ADKAR change management model are defined.
This document discusses business continuity planning and crisis management. It begins by outlining the pre-crisis, crisis, and post-crisis situations an organization may face. It then discusses managing both the crisis event itself as well as the organization's reputation during a crisis. The rest of the document provides guidance on developing a business continuity plan, including conducting risk assessments, developing contingency plans, and establishing roles and responsibilities to manage crises effectively.
This document provides an overview of corporate risk management. It defines risk according to ISO 31000:2009 as "the effect of uncertainty on objectives." It notes that managing risk can both reduce negative impacts and increase positive impacts for business. The document outlines key elements of risk management including risk causes, factors, and failures. It discusses the evolution of risk management from compliance-focused to business optimization-focused. It provides examples of establishing the context, risk assessment, treatment, and monitoring within a risk management process. Finally, it gives criteria for measuring likelihood, impact, risk rating, risk treatment effectiveness, and different risk treatment measures.
Risk management is important for construction projects. It involves identifying potential risks, assessing their likelihood and consequences, and developing responses to manage risks. The risk management process includes four steps: identifying hazards, assessing risks, controlling risks, and monitoring control measures. It aims to reduce the probability or impact of negative events. Key risks in construction relate to costs, time, and quality going over budget or being delayed. Risk management benefits projects by improving decision making and providing clear understanding of risks.
This document describes the risk assessment and risk treatment process used by Riesgo Risk Management's ISO27001 compliance tool. It involves projects submitting initial surveys that are scored as low, medium, or high risk. Medium and high risk projects undergo further assessment by an information security team. They identify project risks and information assets, conduct business impact assessments, and update risk registers with mitigation actions. Dashboards provide visibility into projects, assets, policies, and overall risk management. The tool aims to facilitate remote risk assessment and compliance for organizations.
Operational risk management has evolved over time as organizations seek to systematically manage risks. Key concepts include inherent risk, likelihood, exposure, and treatments like transfer, accept, and optimize. Operational risk can arise from organization, processes, technology, human factors, or external events. It is measured using tools like control and risk self-assessments to identify threats, controls, and residual risks. The goal is integrated risk management to both control risks and create shareholder value through efficiency and competitive advantage.
This document discusses approaches to managing risk in information security. It introduces the concepts of risk and outlines a multifaceted approach that includes controlling risk, developing security policies, and maintaining user awareness and training. It then describes different methods for controlling, reducing, and calculating risk from technical, operational, and managerial perspectives. These include privilege management, change management, incident management, and using metrics like likelihood of risk, impact of risk, and mitigation of risk to analyze security risks. Maintaining security policies is also discussed as an important part of the risk management process.
The document summarizes an internal auditor's workshop on using audits as a risk management tool. It includes the following:
- An overview of the risk management process including identifying risks, assessing and measuring risks, responding to risks, designing and testing controls, and continuously improving risk management.
- The three lines of defense in risk management - operational management owns risk management as the first line, risk management and compliance functions provide oversight as the second line, and internal audit provides independent assurance as the third line.
- Key aspects of the risk management process including governance, people, processes, and technology as well as identifying risks, assessing risks, developing risk response strategies, and monitoring risks.
This document summarizes a presentation on risk management 101. It defines key terms like threat, vulnerability, risk, and types of risk. It outlines the components of risk management frameworks including identifying threats, assessing risk, evaluating options, and taking action. It discusses different risk management standards and frameworks. Finally, it provides an overview of information risk management practices at the Minnesota Department of Human Services.
Enterprise risk management (ERM) is a process that helps organizations identify, assess, and manage risks to achieving their objectives. It involves identifying risks across strategic, operational, reporting and compliance categories and developing a portfolio view of risks from a business unit and entity level. The ERM process also includes establishing risk management philosophies, setting risk appetites, identifying and assessing risks, developing risk responses, monitoring risks, and oversight from management.
The document discusses risk planning and management for projects. It defines key risk management terms and outlines various types of risks that may be encountered on projects, such as computer-related risks, human-related risks, and risks specific to software projects. The document also discusses risk identification techniques, qualitative and quantitative risk analysis, developing risk responses, and creating a risk register to document identified risks and related information.
This document discusses risk management and information asset valuation in information security. It describes how to identify and prioritize information assets and threats, specify asset vulnerabilities, and conduct risk assessment. The risk assessment process involves determining loss frequency, evaluating loss magnitude, calculating risk, and assessing risk acceptability. The results are documented in a ranked vulnerability risk worksheet to guide the next step of controlling risks.
The document outlines the 7 steps of the risk management process:
1. Communicate and consult to identify risks and those involved in managing them.
2. Establish the context by understanding objectives, internal/external factors, and risk criteria.
3. Identify risks through retrospective analysis of past issues and prospective analysis of future threats.
4. Analyze the risks by evaluating their potential consequences and likelihood.
5. Evaluate the risks by prioritizing those that exceed established risk criteria.
6. Treat risks by developing options to reduce negative risks to acceptable levels.
7. Monitor and review risks and treatments to ensure risks remain managed over time.
The document outlines the 7 steps of the risk management process:
1. Communicate and consult to identify risks and those involved in managing them.
2. Establish the context by understanding internal business objectives and the external operating environment.
3. Identify risks through retrospective analysis of past issues and prospective analysis of future threats.
4. Analyze risks by evaluating their likelihood and potential consequences.
5. Evaluate risks by comparing them to established risk criteria to determine which need treatment.
6. Treat risks by developing options to reduce negative risks to acceptable levels.
7. Monitor and review risks on an ongoing basis to ensure the risk management process remains effective.
The document outlines the 7 steps of the risk management process:
1. Communicate and consult to identify stakeholders in the risk assessment.
2. Establish the context by defining internal/external factors and risk criteria.
3. Identify risks through retrospective analysis of past issues and prospective analysis of future risks.
4. Analyze risks by evaluating their consequences and likelihood using qualitative or quantitative methods.
5. Evaluate risks by comparing them to the established risk criteria to determine if treatment is needed.
6. Treat risks by selecting options to reduce negative risks or enhance positive ones.
7. Monitor and review risks on an ongoing basis to ensure the risk management process remains effective.
This document outlines the steps of the risk management process. It begins by defining risk management as consisting of steps that enable continual improvement in decision making. It then details the 7 steps as: 1) Communicate and consult, 2) Establish context, 3) Identify risks, 4) Analyze risks, 5) Evaluate risks, 6) Treat risks, 7) Monitor and review. Each step is then explained in detail with tips provided. The focus is on establishing the proper context, identifying both past and potential future risks, analyzing the risks through qualitative or other methods, and continually monitoring and improving the process.
The document outlines the 7 steps of the risk management process:
1. Communicate and consult to identify risks and those involved in managing them.
2. Establish the context by defining internal/external factors and risk criteria.
3. Identify risks through retrospective analysis of past issues and prospective analysis of future threats.
4. Analyze risks by assessing their likelihood and consequences both qualitatively and quantitatively.
5. Evaluate risks by comparing them to the established criteria to determine if treatment is needed.
6. Treat risks by developing options to reduce negative risks to an acceptable level.
7. Monitor and review risks on an ongoing basis to ensure the risk management process remains effective.
Risk Based Internal Audit and Sampling TechniquesManoj Agarwal
This document discusses risk based internal auditing and sampling techniques. It begins with an agenda and definitions of risk, risk management, and the three lines of defense model. It then covers topics like risk identification, evaluation, scoring, developing a risk based internal audit plan, criteria for rating observations, and tools used for auditing. Sampling techniques discussed include random selection, systematic selection, monetary unit sampling, haphazard selection and block selection. Guidelines are provided for determining appropriate sample sizes based on the frequency of control activities.
The document defines risk and issue, outlines the risk lifecycle and management cycle, and provides details on risk identification, analysis, assessment, and management. Key points include:
- A risk is a potential future event that could negatively impact objectives, while an issue is a current problem.
- The risk management cycle includes identifying risks, assessing them, selecting strategies, implementing controls, and monitoring/evaluating.
- Risk identification involves knowing the organization's assets and sources of risk. Risk analysis assesses the likelihood and impact of risks.
Practical approach to Risk Based Internal AuditManoj Agarwal
The document provides an overview of risk based internal auditing. It discusses key concepts like the definition of risk, COSO ERM framework, three lines of defense model, definition of internal audit, and risk based internal audit approach. The approach involves identifying the audit universe and processes, risk identification and assessment, risk scoring and heat mapping, developing the risk based internal audit plan, and executing the plan. Various tools for risk based auditing like the audit tracker, audit report templates, and resources are also outlined.
Finance is the procurement (to get, obtain) of funds and effective (properly planned) utilization of funds. It also deals with profits that adequately compensate for the cost and risks borne by the business
Rohit Kumar Chawda has over 25 years of experience in risk, compliance, operations, and client servicing for major asset management companies in India. He developed a unique risk framework at Peerless Funds Management Company covering operational, regulatory, reputational, and financial risks across all departments. Riskindia.com provides cost-effective risk management support to asset management companies through training and consultations. They help create risk frameworks and inventories, standard operating procedures, risk assessments and controls, risk dashboards, and action plans to minimize residual risks through continuous engagement. Stakeholders in the risk framework include department heads, risk champions, management, and the risk management committee.
This document provides an overview of project risk management. It defines project risk as an event that could have a positive or negative impact on a project. Risk management involves identifying risks and developing plans to minimize their effects. The key steps in risk management are risk identification, analysis, response planning, monitoring and control. Managing risks helps improve project success rates, schedule and cost performance by moving from reactive to proactive decision making.
This document provides an overview of project risk management. It discusses the goals of risk management, including identifying and planning for risks to help projects succeed. The key aspects covered are identifying risks, analyzing their probability and impact, planning responses, and continuously monitoring risks. Qualitative and quantitative approaches to analysis are outlined. The overall process aims to move projects from reactive "firefighting" to proactive risk-based decision making.
This document provides an overview of project risk management. It discusses what project risk is, the risk management process, and tools for risk identification, analysis, response planning, monitoring and control. The risk management process involves planning risk management, identifying risks, analyzing their probability and impact, developing response plans, monitoring risks throughout the project, and using tools like risk logs and templates. Managing risks proactively helps improve project success rates.
This document provides an overview of project risk management. It discusses the goals of risk management, including identifying and planning for risks to help projects succeed. The key aspects covered are identifying risks, analyzing their probability and impact, planning responses, and continuously monitoring risks. Qualitative and quantitative approaches to analysis are outlined. The overall process aims to move projects from reactive "firefighting" to proactive risk-based decision making.
Delegation is an important part of building an effective team. This document outlines a step-by-step process for delegating tasks, including: 1) determining which tasks to delegate based on an employee's skills and the goal of delegation, 2) providing the necessary training, support and authority level for the task, and 3) establishing clear parameters for feedback and follow up. Effective delegation benefits both the manager by distributing work, and employees by providing opportunities for professional growth through new challenges and responsibilities.
This document discusses the concepts of delegation and empowerment. It defines delegation as transferring responsibility for a specific task to another individual and empowering them to accomplish it effectively. Empowerment focuses on developing and empowering individuals. The document outlines principles for effective delegation, including deciding what to delegate, communicating expectations clearly, and focusing accountability on results. It also discusses five dimensions that are key to empowerment: self-efficacy, self-determination, personal consequences, meaningfulness, and trust. Leadership processes can range from passive to active in developing these dimensions among employees.
The document outlines a company vehicle safety program with the goals of saving lives, reducing injuries and protecting resources and reducing liability. It discusses elements of the program including driver eligibility requirements, training, inspections, strategies for safe driving and addressing issues like aggressive, distracted, drowsy and impaired driving. It also addresses policies around young drivers and highlights statistics on crashes involving teenage drivers.
This document provides guidelines for physical security management including security zones and risk mitigation control measures. It discusses establishing security zones with layered protection and outlines requirements for each zone. It also details individual control elements that can be implemented, such as alarm systems, access control, perimeter barriers, locks and containers. The guidelines aim to help organizations implement appropriate security measures to protect physical assets and information.
This document discusses various physical security considerations for protecting enterprise resources including people, data, facilities, and equipment. It covers topics such as choosing a secure site location, designing and configuring a secure facility, and implementing controls to secure the facility against unauthorized access, theft, and environmental threats. Specific controls discussed include perimeter protections, intrusion detection systems, CCTV surveillance, lighting, locks, compartmentalized areas, portable device security, and alarm systems. The document emphasizes applying a layered defense model and the importance of life safety goals like emergency procedures and fire protection.
The document summarizes the findings of a survey about outsourcing security concerns. Key findings include:
- Companies are increasingly concerned about information security risks when outsourcing and perceive greater risks with offshore providers.
- Capabilities are prioritized over budgets when evaluating providers, and defining/monitoring security in contracts is challenging.
- Respondents want more third-party audits and independent evaluations of providers.
- Industry associations and public-private partnerships are preferred for establishing standards, while external auditors should monitor compliance.
This document discusses fire classification, extinguisher types, and how to properly use a portable fire extinguisher. It identifies the four main fire classes (A, B, C, D) based on the combustible material. It provides instructions on how to extinguish small fires using a portable extinguisher, including pulling the pin, aiming at the base of the fire, squeezing the handles, and sweeping from side to side. The document also notes the importance of regularly inspecting extinguishers for damage, rust, or wear.
This document provides information about heart attack symptoms and what to do in the event of a heart attack. Some common heart attack symptoms include chest pain spreading to the arm or neck, breathlessness, sweating, and nausea. If someone is experiencing heart attack symptoms, it is important to call the local ambulance number right away. The ambulance is equipped to stabilize the patient and get them to the hospital as quickly as possible for treatment.
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2. Agenda
Overview
Reactive Vs. Proactive approaches
Quantitative risk management or
qualitative risk management
Assessing Risk
Conducting Decision Support
Implementing Controls
Measuring Program Effectiveness
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3. Introduction – why, who,
what?
Why this guide?
-- The environmental Challenge
-- New legislation
-- lack of in-house expertise, budget resources, and guidelines to outsource
Who should read this Guide?
-- Architects and planners
-- Members of the information security team
-- Security and IT auditors
-- Senior executives, business analysts and BDMs
-- Consultants and partners.
What is in the guide?
-- Survey of Security Risk Management practice
-- Security Risk Management Process:
Assessing Risk
Conducting Decision Support
Implementing Controls
Measuring Program Effectiveness
3
4. Reactive Approaches to Risk Management
4
Protect human life and people’s safety should always
be your first priority.
Contain the harm that the attack caused helps to limit
additional damage.
Determine the extent of the damage that the attack
caused right after you contain the situation and
duplicate the hard disks.
Understand the resources at which attack was aimed
and what vulnerabilities were exploited to gain access
or disrupt services.
Damage should be repaired as quickly as possible to
restore normal business operations and recover data
lost during the attack.
Review the process thoroughly. Determine with your
team the steps that were executed successfully and
what mistakes were made.
5. Proactive Approaches to Risk Management
Instead of waiting for bad things to happen and
then responding to them afterwards, you minimize
the possibility of the bad things ever occurring in
the first place.
Common high-level procedures:
-- Identify business assets;
-- Determine what damage an attack against an asset
could cause to the organization.
-- Identify the security vulnerabilities that the attack could
exploit.
-- Determine how to minimize the risk of attack by
implementing appropriate controls.
5
6. Approaches to Risk Prioritization -- Quantitative Risk Management
The goal is to try to calculate objective numeric values for each of the components gathered
during the risk assessment and cost – benefit analysis.
Valuing Assets: The overall of the asset to your organization; The immediate financial impact of
losing the asset; The indirect business impact of losing the asset.
Determining the Single Loss Expectancy(SLE) : SLE is the total amount of revenue that is lost from
a single occurrence of the risk.
Determining the Annual Rate of Occurrence(ARO): ARO is the number of times that you
reasonably expect the risk to occur during one year.
Determining Annual Loss Expectance(ALE): The ALE is the total amount of money that your
organization will lose in one year if nothing is done to mitigate the risk.
Determining Cost of Controls: requires accurate estimates on how much acquiring, testing,
deploying, operating, and maintaining each control would cost.
Return on security Investment: ROSI = ALE before control – ALE after control – annual cost of
controls.
The results of the quantitative Risk analyses:
-- Assigned monetary values for asset
-- A comprehensive list of significant threats
-- The probability of each threat occurring
-- The loss potential for the company on a per-threat basis over 12 months.
-- Recommended safeguards, control, and actions.
6
7. Approaches to Risk Prioritization -- Qualitative Risk Management
The basic process is very similar to what happens in the
quantitative approach.
The difference is in the details:
-- You calculate relative values not assign hard financial
values to assets, expected losses, and cost of controls.
-- Risk analysis is usually conducted through a
combination of questionnaires and collaborative
workshops involving people from a variety of groups within
the organization;
The results are presented to management for
consideration during a cost-benefit analysis.
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8. Comparing two approaches:
8
Quantitative Qualitative
Benefi
ts
– Risks are prioritized by financial impact; assets
are prioritized by financial values.
–Results facilitate management of risk by return
on security investment.
–Results can be expressed in management-
specific terminology (e.g., monetary values and
probability expressed as a specific percentage).
–Accuracy tends to increase over time as the
organization builds historic record of data while
gaining experience.
– Enables visibility and
understanding of risk ranking.
– Easier to reach consensus.
– Not necessary to quantify threat
frequency.
– Not necessary to determine
financial values of assets.
– Easier to involve people who are
not experts on security or
computers.
Drawb
acks
–Impact values assigned to risks are based on
subjective opinions of participants.
– Process to reach credible results and consensus
is very time consuming.
– Calculations can be complex and time
consuming.
–Results are presented in monetary terms only,
and they may be difficult for non-technical
people to interpret.
–Process requires expertise, so participants
cannot be easily
– Insufficient differentiation
between important risks.
– Difficult to justify investing in
control implementation because
there is no basis for a cost-benefit
analysis.
– Results are dependent upon the
quality of the risk management
team that is created.
9. Microsoft Security Risk Management Process
Is a hybrid approach that joins the best elements of the 2
traditional approaches.
Significantly simpler than traditional quantitative risk
management.
Minimize resistance to results of the risk analysis and decision
support phases.
Enabling consensus to be achieved more quickly and
maintained throughout the process.
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10. Risk Management vs. Risk Assessment
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Risk Management Risk Assessment
Goal Manage risks across
business to acceptable level
Identify and
prioritize risks
Cycle Overall program across all
four phases
Single phase of risk
management
program
Schedule Ongoing As needed
Alignmen
t
Aligned with budgeting
cycles
N/A
12. Determining Risk Management Maturity Level
There are 6 levels
-- 0 non existed.
-- 1 Ad Hoc
-- 2 Repeatable
-- 3 Defined Process
-- 4 Managed
-- 5 Optimized
Self assessment: given a questions list, for each question, score your
organization from 0 to 5 based on the definition, then add all of the
score together.
>= 52. The organization is well prepared to introduce and use the
Microsoft security risk management process to its fullest extent.
34—50 indicates the organization has taken many significant steps to
control security risks and is ready to gradually introduce the process.
< 34 should consider starting very slowly with the Microsoft security risk
management process by creating the core security risk management
team and applying the process to a single business unit for the first
few months.
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14. Assessing Risk -- Identify and prioritize risks to the business
Planning —Building the foundation for a
successful risk assessment.
Facilitated data gathering — Collecting
risk information through facilitated risk
discussions.
Risk prioritization — Ranking identified
risks in a consistent and repeatable
process.
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15. Assessing Risk -- Planning
Alignment: Proper timing aids in building consensus during
the assessment because it allows stakeholders to take
active roles in the planning process. Proper alignment of
the risk management process with the budget planning
cycle also benefit internal and external auditing activities.
Scope: the risk assessment scope should document all
organization functions included in the risk assessment.
Stakeholder Acceptance: A best practice to enlist
stakeholder support is to pre-sell the concept and the
activities within the risk assessment
Preparing for success: Setting reasonable expectations is
critical if the risk assessment is to be successful.
Embracing Subjectivity
15
16. Facilitated Data Gathering
Keys to success: Building support; Discussing vs. Interrogating;
Building Goodwill
Risk Discussion Preparation:
-- Identify Risk Assessment Inputs
-- Identify and classifying Assets
-- Organizing Risk Information
-- Organizing by Defense-in-Depth Layers
-- Defining Threats and Vulnerabilities
-- Estimating Asset Exposure
-- Estimating Probability of Threats
Facilitating Risk Discussions
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17. Prioritize risks
Primary Tasks and Deliverables
-- Task One: Build the summary level list using broad categorizations to estimate probability of
impact to the organization.
Output: Summary level list to quickly identify priority risks to the organization.
-- Task Two: Review summary level list with stakeholders to begin building consensus on priority
risks and to select the risks for the detailed level list.
-- Task three: Build the detailed level list by examining detailed attributes of the risk in the current
business environment. This includes guidance to determine a quantitative estimate for each risk.
Output: Detailed level list providing a close look at the top risks to the organization.
Conducting Summary Level Risk Prioritization
-- Task one – Determine impact value from impact statements collected in the data
gathering process.
-- Task two – Estimate the probability of the impact for the summary level list.
-- Task Three – Complete the summary level list by combining the impact and probability
values for each risk statement.
Reviewing with stakeholders
Building detailed level list of risks.
-- Determine impact and exposure; -- Identify current controls
-- Determine probability of impact; -- Determine detailed risk level
Quantifying Risks
-- Assign a monetary value to each asset class for your organization
-- Input the asset value for each risk; --Produce the single loss expectancy value
-- Determine the annual Rate of occurrence; --Determine the annual loss expectancy.
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18. Conducting Decision
Support
Define functional
requirements.
Select control
solutions.
Review solutions
against the
requirements.
Estimate the degree of
risk reduction that
each control provides.
Estimate costs of each
solution.
Select the risk
mitigation strategy.
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19. Implementing Controls and Measuring Program Effectiveness
Implementing Controls phase
-- Deploy and operate control solutions to reduce risk to the business.
-- Seek holistic approach – Incorporate people, process, and
technology in mitigation solution.
-- Organize by defense-in-depth – Organize mitigation solutions across
the business.
Measuring Program Effectiveness phase
-- is an ongoing one in which the Security Risk Management Team
periodically verifies that the controls implemented during the
preceding phase are actually providing the expected degree of
protection.
-- Analyze the risk management process for effectiveness and verify
that controls are providing the expected degree of protection.
-- Evaluate the risk management program for opportunities to
improve.
-- Develop risk scorecard – Understand risk posture and progress.
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