The primary tool for the management of risk is sufficient and strategic risk assessment. Risk management in information technology comprises of the policies, procedures, and technology that an organization uses to reduce the threats, consequences, and vulnerabilities that arise when there is no protection of data. Moreover, the authentic evaluation of risks that face an organization enables the appropriate identification of impending threats. Furthermore, such a process of risk assessment works as an offensive discipline that helps in creating a risk mitigation framework. Additionally, the effective implementation of risk mitigation strategies creates a competitive advantage that brings superior returns.
STEPS FOR THE MANAGEMENT OF RISK
The initial step in the management of risk is identifying the risk. This involves the identification of impending threats. Secondly, the analysis of the risk follows. This enables them to determine the impact of each of the risks. The next step is evaluation and strategic risk assessment. It begins with the development of strategies that control those risks. The management then responds to the risks through preventive and contingency plans. The final step is tracking and reviewing the progress on mitigating the risks. Moreover, it involves monitoring how a team is dealing with the risks to make sure nothing is left out.
THE IMPORTANCE OF STRATEGIC RISK ASSESSMENT
Primarily, strategic risk assessment helps in the identification of impending threats and evaluating risk within the workplace. Additionally, it helps in the management of risk to evaluate the effectiveness and suitability of the existing control measures. Moreover, it helps to ensure the implementation of additional controls when the remaining risk is still high. Also, it assists in prioritizing further resources to ensure effective risk management. Failure to place the necessary controls in place may lead to financial loss.
the importance of strategic risk assessment
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