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Risk Management in Practice
The basic idea behind a risk management framework is to define a methodology to identify assets, assess the risks, manage those risks, and take corrective action. There are many ways to go about this process.
“In the coming months, DHS expects the threat environment to become more dynamic as several high-profile events could be exploited to justify acts of violence against a range of possible targets. These targets could include public gatherings, faith-based institutions, schools, racial, ethnic, and religious minorities, government facilities and personnel, U.S. critical infrastructure, the media, and perceived ideological opponents.” (US DHS, June 7, 2022, DHS Issues National Terrorism Advisory System (NTAS) Bulletin, https://www.dhs.gov/news/2022/06/07/dhs-issues-national-terrorism-advisory-system-ntas-bulletin
Imagine you are responsible for the security of a banking institution in your city/town
What primary hazards and/or threats may exist here for your asset?
What is the likelihood or probability of the occurrence of the hazards and threats identified at your asset?
Be sure to use logic, research and data to inform your analysis. Don’t just guess at what might or might not occur. Don’t just rely on DHS. What support would you give your CEO to convince him/her of your analysis.
Risk, Threat, Vulnerability, and Consequence
This week introduced you to the concepts of risk, threat, vulnerability and consequence. You learned how they fit together in a risk management framework.
Differentiate the terms risk, threat vulnerability and consequence and explain how they are applied in relation to critical infrastructure.