Steps for Risk Management Part 2

Content
● Steps for Risk Management
○ Risk Ownership
○ Risk Monitoring
○ Risk Control
● Steps to lower the cyber risk

4. Risk Ownership
A Risk owner is any individual, generally a project team member.
Risk owners assess the risks, and report the status of the risk to the project
manager on a regular basis.
Depending on the project, there are separate risk register meeting or
discussed as part of the weekly progress/ status meeting.
When a risk or opportunity actually occurs, the Project Manager will either
initiate contingency action, or deal with the issue under Change Control.
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5. Risk Mitigation
Risk Mitigation is a systematic reduction in the extent of exposure to a risk
and/or the probability of its occurrence.
In this process, organization introduces specific measures to minimize or
eliminate unacceptable risks associated with its operations.
Risk mitigation measures can be directed towards :
● reducing the severity of risk consequences,
● reducing the probability of the risk materializing, or
● reducing the organization exposure to the risk.

5. Risk Mitigation
Types of Risk Mitigation Strategies:
● Risk Acceptance
● Risk Avoidance
● Risk Limitation
● Risk Transference

6. Risk Monitoring
Risk monitoring is the process which trace and evaluates the levels of risk in an
organisation or system.
The purpose of risk monitoring is to keep track of the risks that occur and the
effectiveness of the responses which are implemented.
Risk Monitoring is essential process because risk is not static.