What is Security Risk Management?
Risk and Limitations are unavoidable when you are running a company. It cannot be eradicated, but the impact can be kept in check. Security Risk Management is one way to deal with these risks and limitations. In simple words, Security Risk Management can be defined as the identification, and assessment of the risks which is followed by the coordinated, and economical usage of the resources to nullify the effects of those, and also to monitor for the probable risks in future.
Security Risk Management is imperative in today?s corporate world, because, the risks what your company is associated with will be much bigger than your company, at times. So you should consider regular risk assessment, and look for ways to deal with it, in order to have steady progress. When you are running a company, you should have a risk-based approach towards your company’ activities. This risk-based approach will help you prioritize your activities, based on the risks that are posed by it.
One main reason, as to why you need Security Risk Management is, to maximize the positive outcomes and decrease the negative outcomes that will potentially harm the company’s reputation, and business. Risks will be of different types and intensities, and so will be assessments. When you are assessing the risks, few things need to be kept in mind. When you assess a risk, you will be trying to know the different aspects of that risk. Here are the five steps that are involved in risk assessment.
1. Identifying the threats or the hazards pertaining to that risk, and categorizing them based on the intensity and the impact.
2. Analyzing who will be harmed, and the ways they will be harmed may be a particular group of workers or just one worker.
3. Risk assessment and action is the third step, wherein the risks will be analyzed, and steps will be taken to reduce it.
4. Making a record of the findings of the assessment that is carried out, is the fourth step.
5. Lastly, the assessment has to be reviewed.…