Hi, Please, read the discussion and comment/contribute to peers’ discussion posts

Peer 1: 

Identifying, acknowledging, and mitigating risk can be a very difficult, complex, and challenging task. Each project will have various nuances and potentially many unforeseen risks. According to our lecture from Dr. Olsen (n.d.) this week, a strong place to start in the risk exploration and identification process includes managers, executive committees, the CIO, the CFO, the IT manager, the risk management office, and also the Program office. Aside from specific individuals, a templated approach can be used for numerous instances of Risk identification; tàimportant to systematically identify all possible risks because it reduces the likelihood that potential sources of risk are missed(kirkpatrickprice, 2022). Ultimately thereàno way to guarantee that all risks will be identified but including all stakeholders and subject matter experts will help to identify the most significant.

Kirkpatrickprice. (2022, December 16). The 5 components of Risk Management: Kirkpatrickprice. KirkpatrickPrice Home. Retrieved February 3, 2023, from https://kirkpatrickprice.com/blog/5-components-ris…

Olsen, K. (n.d.). IT Acquisition Risk Management. Sign in to your account. Retrieved February 3, 2023, from https://learn.umgc.edu/d2l/le/content/732226/viewC… 

Peer 2:

The team should agree on what constitutes a risk to the organization. This process is essential because it allows the organization to identify risks and create a strategy for effective risk management. Next, the team should consider how the identified risks might impact the organization. This step is important because it allows the organization to anticipate and protects against threats. Afterward, the team should identify any areas of vulnerability within the organization to minimize risk exposure. The team should also determine any adverse outcomes to the organization should a risk/threat occur. By taking this step, the organization can proactively safeguard those vulnerable areas from risks. Lastly, the team should determine organizational security risk factors. This step looks at the likelihood of threat event occurrence and the impact it could have on the organization. This step “also determine what levels of risk (combination of likelihood and impact) indicate that no further analysis of any risk factors is needed”

Reference
4S NIST Guide for Conducting Risk Assessment (January, 2023). UMGC.