Cassius, a security professional, works for the risk management team in an organization. The team is responsible for performing various activities involved in the risk management process. In this process, Cassius was instructed to select and implement appropriate controls on the identified risks in order to address the risks based on their severity level.
Which of the following risk management phases was Cassius instructed to perform in the above scenario?
- Risk analysis
- Risk treatment
- Risk prioritization
- Risk identification
Answer(s): B
Explanation:
Risk treatment is the risk management phase that Cassius was instructed to perform in the above scenario. Risk management is a process that involves identifying, analyzing, evaluating, treating, monitoring, and reviewing risks that can affect an organization's objectives, assets, or operations. Risk management phases can be summarized as follows: risk identification, risk analysis, risk prioritization, risk treatment, and risk monitoring . Risk identification is the risk management phase that involves identifying and documenting potential sources, causes, events, and impacts of risks. Risk analysis is the risk management phase that involves assessing and quantifying the likelihood and consequences of risks. Risk prioritization is the risk management phase that involves ranking risks based on their severity level and determining which risks need immediate attention or action. Risk treatment is the risk management phase that involves selecting and implementing appropriate controls or strategies to address risks based on their severity level . Risk treatment can include avoiding, transferring, reducing, or accepting risks. Risk monitoring is the risk management phase that involves tracking and reviewing the performance and effectiveness of risk controls or strategies over time.
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