Risk Management based on ISO 31000 Methodology

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Course type: Online Instructor led Course

Platform: Go to Meeting

Course ID: 43265

Course type: Online Instructor led Course

Platform: Go to Meeting

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Vijayvitthal V Bellary picture
Vijayvitthal V Bellary

BE E&C

7 Years of Experience

About Vijayvitthal V Bellary

Quality Manager with 12 years of experience in QMS, Quality tools,TQM and certified ISO 27001:2013 ,ISO 9001 : 2015 and Risk Management Lead Auditor and Trainer.
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About the Course
























Establish a risk management framework. These are the rules governing how you intend to identify risks, to whom you will assign risk ownership, how the risks impact on the confidentiality, integrity and availability of the information, and the method of calculating the estimated impact and likelihood of the risk occurring. A formal risk assessment methodology needs to address four issues and should be approved by top management:



  • Baseline security criteria

  • Risk scale

  • Risk appetite

  • Scenario- or asset-based risk assessment



2



Identify risks


Identifying the risks that can affect the confidentiality, integrity and availability of information is the most time-consuming part of the risk assessment process. IT Governance recommends following an asset-based risk assessment process. Developing a list of information assets is a good place to start. It will be easiest to work from an existing list of information assets that includes hard copies of information, electronic files, removable media, mobile devices and intangibles, such as intellectual property.



3



Analyse risks


Identify the threats and vulnerabilities that apply to each asset. For instance, the threat could be â??theft of mobile deviceâ??, and the vulnerability could be â??lack of formal policy for mobile devicesâ??. Assign impact and likelihood values based on your risk criteria.



4



Evaluate risks


You need to weigh each risk against your predetermined levels of acceptable risk, and prioritise which risks need to be addressed in which order.



5



Select risk treatment options


There are four suggested ways to treat risks:



  • 1. â??Avoidâ?? the risk by eliminating it entirely.

  • 2. â??Modifyâ?? the risk by applying security controls.

  • 3. â??Shareâ?? the risk to a third party (through insurance or outsourced).

  • 4. â??Retainâ?? the risk (if the risk falls within established risk acceptance criteria).


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