For this week I want you to step into the role of the person who is responsible for managing the risks faced by your organization. As a reminder, from the Module Presentations and the textbook, there are 4 basic strategic options for managing Risk: Choose 1 or a combination of strategies to best address the risk
Re-state your Threat and the Vulnerability to the Threat, and briefly explain your strategy to manage the Risk. Choose one of more of the options below(there are no wrong answers, simply explain/support your strategy)
1.Avoid Risk: Prevent the occurrence of the impact (examples: increased security, preventative maintenance, relocate assets,…etc.)
2.Transfer Risk: Transfer the cost of the impact (example: purchase insurance to cover potential losses, or contractually transfer asset ownership,…etc.)
3.Mitigate Risk: Implement strategies to minimize the impact (examples: perform audits, develop response plans, create asset redundancy, develop a COOP,…etc.)
4.Accept Risk: Do nothing and accept the potential impact (ironically, sometimes this may be the correct management option)
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