Risk management is the continuing process to identify, analyse, evaluate, and treat loss exposures and monitor risk control to mitigate the adverse effects of loss. While a variety of different strategies can mitigate or eliminate risk, the process for identifying and managing the risk is fairly standard First, threats or risks are identified. And then the vulnerability of key assets like information to the identified threats is assessed.
Risk Control Techniques
1. Avoidance of activities which cause loss.
2. Reduction of the frequency of loss - risk prevention.
3. Reduction of the severity of loss - risk reduction.
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