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The 5 Best Approaches Of Risk Management - Effective Security Risk Mitigation Strategies || Siva RP
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Any business can apply these 5 best approaches to deal with various identified threats. An effective Security Management strategy will have all these or the right combination. The 5 best approaches to managing risks are –
1. Risk Avoidance
2. Risk Spreading
3. Risk Transfer
4. Risk Reduction
5. Risk Acceptance
Let’s understand each of this one by one.
1. Risk Avoidance: In this approach, an organization should remove any opportunity for the threat to cause the loss event. And this is the more direct approach. Organization by choosing this approach negated its business growth.
2. Risk Spreading: In this approach, an organization should spread the risk by distributing its critical assets geographically. Because even a single loss can impact 100% of its critical assets if they are stored in a single location.
3. Risk Transfer: In this approach, the organization should transfer risk to another party. This can be done by purchasing an insurance policy or making the organization a less attractive target than other targets or having formal agreements to transfer the risk to vendors or suppliers.
4. Risk Reduction: In this approach, the organization should take necessary security measures to manage the risk. This can be done by applying various security measures or enforcing the policy or improving the awareness of employees by conducting employee security awareness programs and employee education programs.
5. Risk Acceptance: In this approach, the organization should accept the risk usually after all risk spreading, transfer, and reduction measures have been implemented. Because it is practically not possible to avoid all the risks except in the case of the Risk Avoidance approach.
In this video, learn about the 5 best approaches to manage the risk of identified threats.
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Youtube: Follow Siva RP on Social Media:
#5BestApproachesOfRiskManagement #RiskManagement #SivaRP
1. Risk Avoidance
2. Risk Spreading
3. Risk Transfer
4. Risk Reduction
5. Risk Acceptance
Let’s understand each of this one by one.
1. Risk Avoidance: In this approach, an organization should remove any opportunity for the threat to cause the loss event. And this is the more direct approach. Organization by choosing this approach negated its business growth.
2. Risk Spreading: In this approach, an organization should spread the risk by distributing its critical assets geographically. Because even a single loss can impact 100% of its critical assets if they are stored in a single location.
3. Risk Transfer: In this approach, the organization should transfer risk to another party. This can be done by purchasing an insurance policy or making the organization a less attractive target than other targets or having formal agreements to transfer the risk to vendors or suppliers.
4. Risk Reduction: In this approach, the organization should take necessary security measures to manage the risk. This can be done by applying various security measures or enforcing the policy or improving the awareness of employees by conducting employee security awareness programs and employee education programs.
5. Risk Acceptance: In this approach, the organization should accept the risk usually after all risk spreading, transfer, and reduction measures have been implemented. Because it is practically not possible to avoid all the risks except in the case of the Risk Avoidance approach.
In this video, learn about the 5 best approaches to manage the risk of identified threats.
Follow Siva RP on Social Media:
Youtube: Follow Siva RP on Social Media:
#5BestApproachesOfRiskManagement #RiskManagement #SivaRP
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