Description
Instructions: Answer all questions in a single document. Then submit to the appropriate assignment folder. Each response to a single essay question should be about a half-page in length (about 150 words).
- Explain the steps taken to assess a risk from a quantitative perspective where monetary and numeric values are assigned and discuss the formulas used to quantify risk. Then, explain the methods used to assess risk from a qualitative perspective where intangible values are evaluated such as the seriousness of the risk or ramifications to the reputation of the company.
- Please define the terms vulnerability, threat, threat agent, risk, exposure and control. Then, describe the three different control types and give examples for each.
- After you’ve conducted your risk assessment and determined the amount of total and residual risk, you must decide how to handle it. Describe the four basic ways of handling risk.
Explanation & Answer
Attached.
Running head: RISK ASSESSMENT
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Risk Assessment
Institution Affiliation
Date
RISK ASSESSMENT
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1. Explain the steps taken to assess a risk from a quantitative perspective where monetary
and numeric values are assigned and discuss the formulas used to quantify risk. Then,
explain the methods used to assess risk from a qualitative perspective where intangible
values are evaluated such as the seriousness of the risk or ramifications to the
reputation of the company.
The procedure for assessing risk through a quantitative method involves the following.
The first step is the estimation of the possible loss (SLE). This entails the establishment of Single
Loss Expectancy which is evaluated by multiplying the SLE with the worth of the asset in order
to get the exposure factor (Rausand, 2013). The exposure factor is usually the level of
destruction that would be caused by a risk on a particular asset. Therefore, the elements that are
put into consideration during the evaluation of SLE comprise of robbery or damage of assets,
robbery of information, as well as ...
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