Risk-Based Management – Identifying and Prioritizing the Risks

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One of the biggest components in successfully managing your cybersecurity programs is a strong risk management plan. In order to successfully mitigate risks, they must be prioritized based on their overall effect on the organization. The major keys to reducing the impact of any risk to a project are to recognize, prioritize, and control.

Recognizing Risk

Accepting that despite the best laid plans, unforeseen conditions, design errors and omissions, and owner scope revisions will occur is imperative during the risk recognition process. 

Prioritizing

Since every project is unique, the priorities of certain risks will be different for every project. 

1) Identify: listing every potential risk to the project is necessary before any assessments can take place. Even events that have only a slight chance of occurring should be considered when creating the beginnings of your Risk Matrix. 

2) Measure Likelihood: Each risk identified should be given a ranking based on the likelihood of them occurring. The scale for this ranking is at the discretion of the project team, it

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