What are the steps involved in risk management in information security?

Risk management defines the review of risks related to the particular action or event. The risk management is used to information technology, projects, security problems and some other activities where risks can be analysed based on a quantitative and qualitative basis.

Risks are an element of each IT project and business organizations. The management of risk should be appeared on a regular basis and be updated to recognize new potential threats. The strategic risk management provides to minimize the future risk probability and damage.

Risk management involves the following steps which are as follows −

Identify the Risk − The first step is to identify the risks that the business is defined to in its operating environment. There are several types of risks including legal risks, environmental risks, industry risks, regulatory risks, etc. It is significant to identify as some risk factors as possible.

In a manual environment, these risks are eminent down manually. If the organization has a risk management solution employed some data is inserted directly into the system.

The advantage of this method is that these risks are visible to each stakeholder in the organization with access to the system. Rather than this vital information being locked away in a document which has to be requested via email, anyone who required to see which risks have been recognized can access the data in the risk management system.

Analyse the risks − Once the risks are computed and identified, the risk analysis process should analyse each risk that will appear, and decide the consequences linked with each risk. It also decides how they might affect the goals of an IT project.

When a risk management solution is executed one of the essential basic steps is to map risks to multiple documents, policies, process, and business processes. This defines that the system will have a mapped risk structure that will compute risks and understand the far-reaching effects of each risk.

Develop a risk management plan − After analysis of the risk that supports a concept about which assets are valuable and which threats will possibly affect the IT assets negatively, it can create a plan for risk management to produce control recommendations that can be used to mitigate, transfer, accept or prevent the risk.

Implement the risk management plan − The objective of this step is to execute the measures to eliminate or reduce the analyses risks. It can eliminate or reduce the risk from beginning with the largest priority and resolve or at least mitigate each risk so that it is no higher a threat.

Monitor the risks − This step is answerable for monitoring the security risk on a regular basis for recognizing, considering and managing risks that should be an important part of any risk analysis process.