Risk Management Flashcards
(48 cards)
Risk assessment frequency
The regularity where risk assessments are performed
Frequency Ad Hoc
Conducting when needed
Frequency recurring
Conducting at regular intervals
Frequency one-time
Conducting for a specific purpose and not repeated
Frequency continuous
Continuous
Risk Identification
Recognizing potential risks that can negatively impact an organization
Business Impact Analysis
Process of evaluating the potential effects of disruption to the functions and processes
Recovery Time Objective
The maximum length of time that can elapse before the shutdown affects you
Recovery Point Objective
The maximum acceptable amount of data loss measured in time
Mean Time to Repair (MTTR)
The average time required to repair a failed component
Mean Time Between Failures
The average time between failures
Risk Register
Document detailing identified risks including description, impact, likelihood, and mitigation strategies
Risk Register Description
The what of the risk
Risk Register Impact
The consequence of the risk
Risk Register Likelihood\Probability
The chance of the risk happening
Risk Register Outcome
The result of the risk
Risk Register Level\Threshold
Combining the Impact and Likelihood
Risk Register Cost
The Financial Impact
Risk Register Tolerance\Acceptance
How much the organization is willing to deal with uncertainty
Risk Register Appetite
the amount and type of risk an organization is willing to take
Key Risk Indicator (KRIs)
Predictive measurements to signal rising risk levels
Risk Owner
The person or group responsible for managing the risk
Qualitative Risk Analysis
Subjective and high-level view of risks; method of accessing risk based on their impact and the likelihood of occurrence
Quantitative Risk Analysis
Objective and numerical view of risks
