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Risk Assessment for Asset Owners by Steve Watkins, Alan Calder

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CHAPTER 2: INFORMATION SECURITY RISK MANAGEMENT

Organizations develop and implement risk management strategies in order to reduce the negative impact on the organization of risks occurring, and to provide a structured, consistent basis for making decisions around risk mitigation options. Risk management has two phases: risk assessment and risk treatment.

• Risk assessment is the process of identifying threats, and assessing the likelihood of those threats exploiting some vulnerability, and the potential impact of such an event occurring.

• Risk treatment is the process of responding to identified risks.

Risk assessment, also known as risk analysis, is the process by which risks are identified and assessed. The assessment process then stops. ...

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