Risk Management is defined as the systematic process of identifying, assessing, prioritizing, and mitigating risks to minimize their impact on an organization’s objectives. It involves planning, monitoring, and controlling risks. It can include both quantitative and qualitative approaches to identify security threats. Usually, it involves several stakeholders, including decision-makers, risk analysts, and subject matter experts.
For enterprises to make sure that any risks are found and dealt with before they may cause damage or disruption, effective risk management is essential.
To implement risk management processes, a variety of risk management approaches and frameworks can be employed, such as ISO 31000, the COSO framework, and the NIST Cybersecurity Framework.
