Domain 2 Risk Management - Risk Identification

These flashcards cover key vocabulary and concepts related to risk management discussed in the lecture.

Risk Management

The process of identifying, assessing, and controlling threats to an organization's capital and earnings.

Asset Valuation

The process of determining the worth or value of an asset.

Risk Analysis

The process of understanding what can impact the value of an asset and assessing the potential risks.

Risk Mitigation

Strategies and practices employed to reduce the severity or likelihood of risks.

Ongoing Process

An activity that is continuous and must be repeated regularly.

Risk Identification

The process of recognizing and defining potential risks that could affect the organization.

Historical Information

Past data and events used to identify potential future risks based on the pattern of occurrences.

Threat Modeling Methodologies

Structured methods used to identify and assess threats to a system.

Checklists

Lists used to ensure that all aspects of a task have been considered or completed.

Brainstorming

A method of generating ideas and identifying risks through group discussion.

Flowcharts

Diagrams that represent the flow of data and processes within an organization.

Scenario Analysis

The process of analyzing potential future events by considering alternative possible outcomes.

Workshops

Structured meetings where stakeholders collaborate to discuss and identify risks.

RMF (Risk Management Framework)

A structured framework for managing risk effectively within organizations.

ISO 31000

An international standard for risk management providing guidelines and principles for organizations.

What-if Scenarios

Hypothetical questions used to explore potential risks in unprecedented situations.