Review the different Risk Management methodologies in the course textbook and Te

Question

Review the different Risk Management methodologies in the course textbook and Technical Guides listed above (ISO/IEC 27005, FAIR, OCTAVE, & ISACA RiskIT).

In your initial post, provide your summary of one of the methodologies and how it would be used within a business. Present the strengths and weaknesses of your selected approach. Include where the use of the methodology would be beneficial.

Your post should show your analysis of the methodologies.

*In your replies, state whether or not you agree with the assessment. Was there anything missing from it? Is it easy for a “business leader” to understand? What did you learn from it?

Explanation / Answer

Answer : Different Risk Management methodologies are :  Enterprise risk management (ERM) , Effectiveness risk management review , Control implementation AND Risk Management/Assessment decision. These methodologies manage some business risks which are associated with the use, ownership, operation, involvement, influence.

Summary of Enterprise risk management (ERM) :     ERM is the most useful risk methodology for grasping opportunities related to the achievement of the business objectives. ERM is the one of such methodology which fulfils most of the business requirements under budget constraint. Methods and frameworks which are used in ERM manage complex or chaotic risks very effecitively.

if consideration of scope of the project is important as well as if there is a requirement of support of decision making and management, then using ERM methodology would be beneficial.

Yes, I am completely agree with the given assessment because risk assessment process which are discussed here are completely generic. No , Nothing was missing there because the most important requirement (which i learnt from it is ) of any "business leader" ( is to avoid threats, vulnerabilities, and their impacts ) has been discussed in a very appropriate manner.

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