Managing The Risks Faced By Organizations

Managing The Risks Faced By Organizations

Re-state your Threat and the Vulnerability to the Threat, and briefly explain your strategy to manage the Risk. Choose one of more of the options below

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1.Avoid Risk: Prevent the occurrence of the impact (examples: increased security, preventative maintenance, relocate assets,…etc.)
2.Transfer Risk: Transfer the cost of the impact (example: purchase insurance to cover potential losses, or contractually transfer asset ownership,…etc.)
3.Mitigate Risk: Implement strategies to minimize the impact (examples: perform audits, develop response plans, create asset redundancy, develop a COOP,…etc.)
4.Accept Risk: Do nothing and accept the potential impact (ironically, sometimes this may be the correct management option)

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