Risk Management Is The Process Of Information System...

Risk Management: Risk management is the process of information system managers applies to balance the operational and economic costs of protective measures for their information and information systems. As a part risk management process, organizations (Stoneburner, 2002) select and apply security controls for their information and information systems. The System development life cycle is the overall process of developing, implementing and retiring information systems through a multiple process from initiation, designs, implementation and maintenance. Applying the risk management process to system development (Stoneburner, 2002) enables organizations to balance requirements for the protection of agency information and assets with the cost of security controls and mitigation strategies throughout the SDLC. Risk management consists of three processes a) risk assessment: This process includes identification and evaluation of risks and risk impacts, and recommendation of risk-reducing measures; b) risk mitigation: This process refers to prioritizing, implementing, and maintaining the appropriate risk-reducing measures recommended from the risk assessment process; c) Evaluation and assessment: This evaluates process and keys for implementing a successful risk management program. Minimizing the negative impact on an organization is a need in decision-making which are fundamental reasons in an organizations to implement (Unuakhalu, 2014) a risk management process for their ITShow MoreRelatedRisk Assessment : An Essential Part Of A Risk Management Process1046 Words   |  5 PagesIntroduction The risk assessment is an essential part of a risk management process designed to provide appropriate levels of security for information systems. The assessment approach analyzes the relationships among assets, threats, vulnerabilities and other elements. Security risk assessment should be a continuous activity. Thus, a comprehensive enterprise security risk assessment should be conducted at least once every two years to explore the risks associated with the organization’s information systemsRead MoreManaging Information Security Risks: The Octave Approach1635 Words   |  6 PagesAlberts, C. Dorofee, A.(2003) Managing Information Security Risks: The OCTAVE Approach. New York: Addison Wesley. This work is a descriptive and yet process-oriented book on the concept of security risk assessment with a specific focus on new risk evaluation methodology, OCTAVE. 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