Summary of "Unlock the Secret to Building the Perfect Risk Management Plan"
Unlock the Secret to Building the Perfect Risk Management Plan
The video titled "Unlock the Secret to Building the Perfect Risk Management Plan," presented by Prabh Nair, Chief Instructor at Infosectory, focuses on practical approaches to implementing Enterprise Risk Management (ERM) from scratch. The video combines theoretical knowledge with practical templates and strategies to provide a comprehensive guide for professionals looking to develop a risk management program.
Main Financial Strategies and Business Trends:
- Understanding Basic Terminology:
- Assets: Categorized as tangible (physical) and intangible (logical).
- Threats: Actions that compromise security.
- Vulnerabilities: Weaknesses that can be exploited.
- Risk: The overall impact on the organization due to threats exploiting vulnerabilities.
- Risk Management Framework:
- Importance of establishing a risk management policy.
- Differentiation between Enterprise Risk Management (ERM) and Information Security Risk Management (ISRM).
- Coso Framework:
- A structured approach to implementing ERM, including:
- Exercising board and risk oversight.
- Establishing an operating structure.
- Defining desired culture and commitment to risk management.
- A structured approach to implementing ERM, including:
- Risk Assessment Process:
- Identifying, analyzing, and evaluating risks.
- Understanding risk appetite and tolerance levels, which dictate acceptable levels of risk exposure.
- Risk Treatment Options:
- Accepting, transferring, mitigating, or avoiding risks based on their analysis and organizational strategy.
- Quantitative vs. Qualitative Risk Analysis:
- Quantitative analysis uses numerical values to assess risk, while qualitative analysis ranks risks based on likelihood and impact.
Step-by-Step Guide for Implementing ERM:
- Establish Risk Context:
- Determine internal and external contexts affecting risk perception and management.
- Identify Assets:
- Create an inventory of assets and assess their value (qualitative and quantitative).
- Identify Threats and Vulnerabilities:
- Document potential threats and associated vulnerabilities for each asset.
- Conduct Risk Analysis:
- Perform qualitative and quantitative analysis to evaluate the impact and likelihood of risks.
- Develop Risk Management Strategy:
- Formulate a strategy that includes policy creation, risk appetite definition, and risk tolerance statements.
- Implement Controls:
- Introduce controls to mitigate identified risks and monitor their effectiveness.
- Create a Risk Register:
- Maintain a comprehensive record of identified risks, their impacts, and treatment plans.
- Communicate and Report:
- Effectively present risks and recommendations to stakeholders to ensure understanding and action.
Presenters/Sources:
- Prabh Nair, Chief Instructor at Infosectory.
Notable Quotes
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Category
Business and Finance