Question

Explain the concept of risk management, including risk identification, assessment, and control.

Answer 1

Answer:

Risk management is the technique that is used for managing the risky situation so that security of the system or organization can be maintained. The risk can be reduced by parameters like monitoring the system,alertness, preventive measures etc. There are terms related with the risk management for prevention of the risk such as risk control ,risk identification and risk assessment .

• Risk control is the method that is used for calculating the loss or damage experience and then taking the correct measures to reduce the loss and thus, controlling the risk.
• Risk assessment is the analyzation of the threats and source of damage/loss that is caused or can be caused by assessing the whole process and functioning.
• Risk identification is the technique through which the threat is listed over a document and sorted in accordance with the category of risk, risk response etc.