Risk Management is the process of identifying, analyzing, assessing, and communicating risk and accepting, avoiding, transferring or controlling it to an acceptable level considering associated costs and benefits of any actions taken. This includes: 1) conducting a risk assessment; 2) implementing strategies to mitigate risks; 3) continuous monitoring of risk over time; and 4) documenting the overall risk management program.
Related Terms: Enterprise Risk Management, Integrated Risk Management, Risk
Source: DHS Risk Lexicon and Adapted from: CNSSI 4009, NIST SP 800-53 Rev 4
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