Once the company has decided to accept and mitigate the risk, it has several solutions to managing the risk. Steve Elky at the SANS Institute points out that there are at least five methods for risk management, namely the NIST methodology (National Institute of Standards and Technology), the OCTAVE methodology, the FRAP methodology, the COBRA methodology and the Risk Watch methodology. The challenge at this level is for the economic agent to identify those precise methodologies which best respond to their specific needs.
In the context of the medium sized company with 500 user enterprise architecture, the recommendation for usage is represented by a combination of three independent tools. Taken separately, each of the risk control tools has its own advantages and disadvantages. Nevertheless, through their combination, the company would become better able to serve its specific needs through the maximization of the advantages of the three methods and the minimization of their shortages. The three methods are the NIST methodology, the COBIT 5 method and risk watch.
The NIST methodology has the primary advantage of being technical and supervising technical process based on standards and rules imposed by the industry. This method is to be applied through nine specific steps, as follows: (1) the characterization of the system; (2) the identification of the threats; (3) the identification of the vulnerabilities; (4) the analysis of the control; (5) the determination of the likelihood; (6) the analysis of the impact; (7) the determination of the risk; (8) the formulation of control recommendations and last, (9) the documentation of the results (Elky, 2006).
Then, the COBIT 5 method is selected due to its ability to serve the business needs of the medium sized enterprise. Specifically,...
Risk Management The objective of this study is to discuss the role and nature of organizational risk management in justice and security organizations and why it is so important. The following will be addressed in the assessment; (1) risk planning and resource identification; (2) management of risk in justice and security organizations; (3) costs associated in managing risk; (4) consequences of failing to manage risk; and benefits; and (5) benefits a
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The SMART-Ra solution is characterized by the following: The formal assessment of the risks through the employment of the ISO 27005 standards and the OCTAVE techniques The systematic assessment of the risk through the PDCA model (plan, do, check, act) The automated risk assessment through the Fast Ra feature, which "provides fully automated risk assessment with a built in database of standard assets, threats, vulnerabilities and controls" (Website of SMART-RA) The creation of
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