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Comprehensive risk management

risk management

 

It can be defined as the process by which an entity identifies its potential losses, and decides how to treat these potential losses. Once the risk is identified, analyzed and evaluated, the optimal method of risk treatment can then be chosen and carried out. Security-related losses are caused by a variety of factors, such as theft, insider crime, or vandalism. Losses due to fire, industrial and product safety problems, or third-party liability are also some of the main issues for risk managers. A properly conducted risk analysis can be used for many things, but its end result is a definition of the effects that risks have on a particular company, in terms of potential loss.

The analysis should tell where, when and how the risk is likely to occur. You must also indicate the amount of loss of damage or liability if the risk actually occurs and how affected the company will be. The risk manager must then design a program to cover the company's losses, exposures, and liabilities. In managing most risks, the company is faced with three basic choices:

• The risk can be avoided, eliminated or reduced to manageable proportions.

• Risk can be assumed or retained

• The risk can be transferred to a third party.

• Risk Control.

security survey

In security systems, the main purpose of vulnerability identification or threat determination is to make risk analysis more manageable by establishing a base from which logic allows understanding the reason for each intended countermeasure. set up.

When the risks associated with the various systems and subsystems within a given enterprise are known, then the location of countermeasures (resources) can be planned more carefully.  The need for such planning rests on the premise that security resources, as with any other resource, are limited and therefore must be located wisely.

Risk control logically begins with the identification and subsequent classification of risk.  To achieve this task, it is necessary to examine or study all the activities and relationships of the company that is being analyzed, so that From this field work, the evidence that supports the risk analysis can be taken.     5-cc751-bb3b399 -136bad5cf58d_

Risk Assessment

Risk quantification is an essential element for later use in determining the cost of an unfavorable event. It also helps to predict how and with what  frequency an event can occur in a given period of time. The two necessities for performing risk measurement and quantification are a quantitative means of expressing a potential cost and a logical expression of the frequency of occurrence. Both must support low and high frequencies of an event occurrence.

There is no better way to expose the impact of an adverse circumstance than to measure  arithmetically and present risk matrices that help to detect if the damage or cost is current or abstract or the victim is a person, a piece of machinery and then to assign a monetary value to a possible loss. Determining the cost of any adverse event is the logical way to equalize value in our society.

 

For a company that cares about costs, and what are they?, this is the only way. Since budgets and other financial matters are normally organized by year, the year is obviously the most appropriate time to use when expressing the frequency of occurrence of threats. Naturally, some hazards may occur only once in a period of years while others may occur as a flood every hundred years. Others may occur daily or multiple times a day, such as internal theft. Each, however, can be measurable in price as well as frequency of occurrence.

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