Question

In reference to risk managment strategies, dicuss the best practices for prioritization of key assets and identified risk, threats, and vulnerabilities.

Answer 1

The following risk assessment matrix can be used to categorize the types of risk and take preventive actions accordingly.

Depending on the probability of occurrence of a certain event and its impact different scenarios can be put into different buckets as shown in the figure.

In the matrix first, the probability of occurrence of an event must be evaluated and then those activities which are highly impacted by the occurrence of an event must be listed and must be prioritized. Depending on the output of the risk assessment a POC(Point of Contact) must be determined to be contacted in case of any exigencies and the steps to be taken thereof should be documented.

The " Extreme Risk" events should be assigned to the higher management for formulating mitigation measures and for addressing them in a timely manner.

Moderate to HIgh Risk can be taken care by the people in the level of Sr.Manager or Manager with the help of proper inputs from the team members.

Low and Minimum Risk can be taken care of the employees at their individual level which can be done through proper awareness and communication.