Implementing Risk Management
The implementation of a risk management program is important for ensuring effective and efficient governance, risk management, and compliance (GRC). A security manager should identify the existing risk management activities and try to integrate them for optimum utilization of resources. The integration of risk management activities helps to prevent duplication of efforts and minimize gaps in assurance functions.
Risk Management Process
The implementation of a risk management program in a structured manner helps to achieve maximum efficiency and effectiveness with minimum effort. It is recommended to implement the program as per the following sequence:
Step 1: Determine the scope and boundaries of the program.
Step 2: Determine the assets and processes that need to be protected.
Step 3: Conduct a risk assessment by identifying risk, analyzing the level of risk based on impact, and evaluating whether the risk meets the criteria for acceptance...
