Implementing risk management

Implementing a risk management program is one of the important aspects for ensuring effective and efficient governance, risk management, and compliance (GRC). The security manager should identify the existing risk management activities and try to integrate these activities to utilize resources. Integrating risk management activities helps prevent efforts from being duplicated and minimizes the gaps in assurance functions.

Risk management process

Implementing a risk management program in a structured way helps you achieve maximum efficiency and effectiveness with minimum effort. It is recommended to implement the program as per the following sequence:

1. Determine the scope and boundaries of the program.
2. Determine the assets and processes that need to be protected.
3. Conduct a risk assessment by identifying the risks, analyzing the level of risk based on the impact, and evaluating whether the risk meets the criteria for acceptance.
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