Why is Session and Risk Management Important?

Name: Why is Session and Risk Management Important?
Author: Constance Blanson

Learn the various stages of risk management

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Course: On-Demand

Hello, my name is Constance Lanson. And in these lessons, you will learn an overview of risk management, risk management standards, and the relevance of risk management. What is risk management? Risk management is an essential part of every organizational strategy. By identifying and analyzing potential threats to the organization, the organization gives itself a opportunity to prepare, not only to probably mitigate those negative impacts, but also maybe to avoid them. So when we're looking at risk management, the organization is attempting to reduce uncertainty; uncertainty in the form of trying to quantify or even qualify any threats or potential vulnerabilities. When an organization is looking at risk management, it is crucial for successful planning, also it helps to reduce expenses and losses because risk that have been identified from that vulnerability assessment or that risk analysis those risk can be further divided based upon their impact on the organization and also their financial impact and risk. And last but not least, a risk management also helps an organization improve its reputation. By having risk management strategies in place, the organization basically provides a positive message to its business environment. It brings that vote of confidence to its employees that leadership is capable of handling any particular threat of vulnerability or risk that may be identified. If risk management is the process of identifying risk and then taking some steps to assess its regular magnitude or the impact of that risk and take some additional steps to reduce that risk to an acceptable level, then what does that process look like? One of the first steps or stages in the risk management process is risk identification. When an organization deploys risk identification, it first identifies its most critical assets within the organization. Once those assets have been identified, then they are prioritized. Maybe they're prioritized according to their financial or their priority or impact within the organization or the value. Also once those assets have been prioritized, they also are inventory, and then a plan on execution is further put into place. Once those assets now have been identified and prioritized, now a risk assessment is also conducted to look at the probability of a threat and also the magnitude of a vulnerability impacting that particular asset. So the risk management process involves not only identifying those assets, but also prioritizing risk according to the asset or how that asset is valued within the organization. Once an organization has concluded with its risk analysis within that risk management process, now a risk control strategy can be deployed. When looking at each individual asset, the organization must decide whether they will deploy a defense type of strategy, a transference strategy, a mitigation strategy, acceptance, or even a termination strategy. When looking at the controls that a organization has in place, now how that organization treats that particular asset or risk toward that asset is now determined. There are three types of controls that an organization can deploy in a risk analysis. One control can be a physical control; a physical control, such as a camera, a security guard. Another type of control can be a logical or technical control in the form of firewalls. And another type of administrative control that can be utilized within the organization is a use of audits or even logs. All of these control types help to not only enforce the security of that asset, but it also helps to minimize the vulnerability that has been exposed by that threat that was also exposed through that risk analysis and assessment. Some additional questions that an organization can also inquire during the risk management process is: Where and what is the risk? When we're talking about prioritizing and identifying risk, where has this risk been identified? What particular asset? Also the organization can think about: How severe is the current level of the risk? An evaluation of the risk should be deployed. And when talking about some of these strategies that can also be used to minimize or mitigate the risk, think about the treatment of the risk. What can the organization do to bring that risk to an acceptable level? These are some of the things or the items that the organization can discuss along with their risk management processes. Thanks for watching.

Beginner Provider : Constance Blanson 3 Lessons · 13m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

Managing risk is a key responsibility for every individual within an organization. Risk management is a complex operation that requires a formal methodology. In this cybersecurity course, you will learn how an organization practices risk management strategies within its business operations.

In this Cybersecurity Basics: Why is Session and Risk Management Important? course, you will learn what risk management is, organizational risk management standards, and the relevance of risk management within an organization. You will also learn the various stages of risk management and how an organization includes risk management within its strategic goals.

What You'll Learn

Recognize the value of risk management within an organization
Define events relative to organizational risk management strategies
Explain the importance of risk management
Describe how an organization practices risk management strategies within its business operations
Identify organizational risk management standards
Examine the various stages of risk management and how it fits into strategic goals

Key Takeaways

Managing risk is a key responsibility for every individual within an organization.
Risk management is a complex operation that requires a formal methodology.
An organization includes risk management within its strategic goals.
Risk management is relevant to an organization's overall business operations.

Frequently Asked Questions

What will I learn in this course?

You will learn what risk management is, organizational risk management standards, the relevance of risk management within an organization, and the various stages of risk management and how an organization includes it within its strategic goals.

Who is this course for?

Because managing risk is described as a key responsibility for every individual within an organization, this course is relevant to anyone in an organization who wants to understand risk management strategies within its business operations.

What topics do the lessons cover?

The course covers three lessons: An Overview of Risk Management, Risk Management Standards, and The Relevance of Risk Management.

What skills does this course help develop?

It supports skills in Cyber Risk, Cyber Security Management, Information Security Management, IT Risk Management, Risk Management, and Threat Management.

Is this a cybersecurity course?

Yes. It is part of the Cybersecurity Basics series and teaches how an organization practices risk management strategies within its business operations.