Risk Management, writing homework help

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enraxrl

Business Finance

Description

It is an accepted truth that without risk there can be no gain. Every individual and organization who wants to succeed must take some risks. Risk management is not about not taking risks, but about taking risks in a controlled environment for which one must understand the risks their triggers and their consequences.
Write a four to five (4-5) page paper in which you:

  1. Contrast risk, threat, and vulnerability.
  2. Explain the relationship between risk and loss.
  3. Describe risk management and assess its level of importance in information security.
  4. Argue the need for organizations to take risks with its data (e.g., Is it a risky practice to store customer information for repeat visits.)
  5. Describe the necessary components in any organizational risk management plan.
  6. Use at least two (2) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

  • Explain the basic concepts and need for risk management.
  • Describe the components of an effective organizational risk management program.
  • Use technology and information resources to research issues in IT risk management.
  • Write clearly and concisely about topics related to IT risk management using proper writing mechanics and technical style conventions.

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Explanation & Answer

please find the attached file. i look forward to working with you again. good bye

Running head: RISK MANAGEMENT

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Risk management
Name:
Class:
Tutor:
Date of submission:

RISK MANAGEMENT

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Introduction

Risk is the primary cause of uncertainty not only in organizations but also in all areas of
our daily lives. As such, business organizations in the recent past have increased their focus on
identifying the various risks managing them before they begin affecting the normal business
operations. Companies that have the ability to manage risk have a tendency of acting more
confidently in their decisions of activities. Obtaining prior knowledge of the potential risks they
are facing gives them a variety of options on how to deal with the imminent risk. Therefore, risk
management plays a very crucial role in every organization because it enables a company to
outline its goals in the future. The primary objective of risk management is to ensure that a
company only takes risks that will assist it in realizing its main goals while at the same time
controlling all the risks (Krause, 2006).
Contrast risk, threat, and vulnerability.
The three security terms risk, threat, and vulnerability are often used interchangeably or
incorrectly, but in the real sense, each of the terms has a distinct meaning. Defining these terms
will help us to realize the contrast between these terms. The first term we might define is an asset
which includes information, property, and people. The property asset is comprised of both
tangible and intangible materials that can be allotted a particular value (Peltier, 2005). Intangible
assets consist of a company’s public image or reputation and the as well as its brand information.
Some of the examples of information are crucial company data, databases, software codes, etc.
When it comes to risk management, an asset is what we are focusing on prot...


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