Domain 2 Risk Analysis, Evaluation and Assessment - Determining Likelihood

These flashcards cover key vocabulary and concepts related to the risk assessment process, including definitions of various risk analysis methods and their significance.

Risk Assessment

A process used to identify, analyze, and evaluate risks in order to determine how they may impact an organization.

Risk Identification

The step in the risk assessment process where potential risks are systematically identified and documented.

Risk Analysis

The process of understanding the nature of identified risks, including their frequency and potential impact.

Risk Evaluation

Assessing the significance of analyzed risks in relation to the organization's risk appetite and tolerance.

Qualitative Analysis

A method of assessing risks based on subjective judgment about how likely an event is to occur and its potential consequences.

Quantitative Analysis

A method of assessing risks using mathematical calculations to assign monetary values to potential risks.

ALE (Annual Loss Expectancy)

A calculation used to estimate the potential annual financial loss due to a specific risk.

Gap Analysis

A method of assessing the differences between the current state of a security environment and the desired state.

Value at Risk

A technique that estimates the potential financial loss an organization might face based on historical data.

Semi-qualitative Analysis

A hybrid technique that combines elements of both qualitative and quantitative analysis to assess risks.