Different ways to deal with a risk, according to the Risk Management Program.
May it be, any company, it will be associated with a certain number of risks. Getting rid of risks forever is impossible, but assessing them regularly and keeping them at minimal is possible through Security Risk Management. Not all risks can be treated in the same way. The different methods used to deal with the risk depend on the type and intensity of a risk. In Security Risk Management, most of the times, risks are avoided in the beginning stages itself, as the precaution is better than cure.
Analyzing a risk is a tedious process, as you will need to keep your company, your employees, your clients and your competitors in mind, as all these people, will be affected by your assessment and action. Here are few ways to deal with a risk-
1. The first thing you can do with a risk is to avoid it. May it be any form of risk, avoiding it is thousand times better than, eliminating it. However, this is not possible when the intensity of that risk is very high.
2. If a particular risk could not be avoided, you should try to reduce the impact of that risk, and that is the second way to deal with a risk, which is Risk reduction. This action will reduce the intensity of the risk, and make it less dangerous to the company.
3. After the application of avoidance and reduction to your company assets, whatever that is left out, will be subjected to risk spreading. Risk spreading will reduce the losses and prevent the potential losses.
4. Risk transfer is the fourth way to deal with a risk, and this is opted when the first three ways cannot be applied to the risk that you are posed with. It is the process of transferring the risk to the alternatives, since the risks will be of really high levels.
5. Risk acceptance is the last thing you can do when you have no other go. It is about preparing for the consequences and trying to be more careful in the future.…