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About Elements of Risk Management – The Basics
In today’s global economy, every organization has a mission. In this digital era, as organizations critically depend upon information technology (IT) systems to process their information for better support of their missions, risk management plays a critical role in protecting an organization’s information assets, and therefore its mission, from IT-related risk. An effective risk management process is an important component of a successful IT security program. The principal goal of an organization’s risk management process should be to protect the organization and its ability to perform their mission, not just its IT assets. Therefore, the risk management process should not be treated primarily as a technical function carried out by the IT experts who operate and manage the IT system, but as an essential management function of the organization.
Risk is the net negative impact of the exercise of a vulnerability, considering both the probability and the impact of occurrence. Risk management is the process of identifying risk, assessing risk, and taking steps to reduce risk to an acceptable level. This course provides an overview into the specific criteria, steps and actions necessary to implement and sustain a comprehensive Information Risk Management program.