Risk Management Is An Integral Part Of The Business Decisions

Risk is a gamble each organization must face when dealing with information assets. Risk management is the centerpiece to how an organization must discipline itself when it comes to the trade-off of cost for additional security or the importance of losing information. Whitman (2015) explains the there are three elements that make up the identity of risk management. These three are risk control, risk identification and risk assessment. Risk is identified and assessed based on probability and likely impact. Along with documenting risk, there are methodologies used when using risk assessment (Whitman, 2015, p. 231). To an organization, risk management is the process of identifying risk, assessing its relative magnitude, and taking steps to reduce it to an acceptable level (Whitman, 2015, p. 231). Whitman (2015) goes on to stress that in order for an IT-system to remain viable, the discipline of risk management must become an integral part of the business decisions. Starting with risk identification, which is the enumeration and documentation of risks to an organization’s information assets, it is used to identify and understand risks that a business may face to information assets. This leads to risk control where the application of controls that reduce the risk to an acceptable level is used for organizations information assets (Whitman, 2015, p. 231). The strategy used in risk management requires information security professionals to identify risk and assess it (Whitman, 2015,Show MoreRelatedGeneral Guidelines And Rules On Risk Management1550 Words   |  7 PagesISO 31000:2009 explains the general guidelines and rules on risk management. These guidelines are used by associations, companies, organisations, private, communities, public and groups or individuals. Hence, ISO 31000:2009 does not limit to any particular industry. 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