What is risk management? Why is the identification of risks and vulnerabilities to assets so important in risk management?
The process of identifying risk, assessing its relative magnitude, and taking steps to reduce it to an acceptable level is risk management.Any remaining risks not removed, shifted, or planned is residual risks which is used once vulnerabilities are controlled in risk management. Once vulnerabilities are identified and ranked, the organization chooses out of the five strategies (defense, transference, mitigation, acceptance and termination) to control the risks. Including the practice of the confidentiality, integrity and availability followed in an organization is important in risk management.

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Who is responsible for risk management in an organization? Which community of interest usually takes the lead in information security risk management?
All three communities of interest are responsible for conducting periodic managerial reviews/audits along with general management. In risk management, it is the business job to defy risk identification, risk assessment and risk control to reduce the amount of risks bound to happen or already in place to protect the information assets.The upper management of an organization will be responsible of the information security functions to defend information assets, etc.
Organizations may place implement control mechanisms when they disregard necessary periodic review, revision and maintenance. Periodic review makes sure protection is maintained in an organization for the following policies, education and training programs being effective.
Why do networking components need more examination from an information security perspective than from a system development perspective?
Networking components need examination from an information security perspective for reconfiguration in the server, to properly maintain security requirements and identify the risks of the systems vulnerabilities in risk management.
Automated applications can automatically investigate hardware, software, and data in some cases. Before tracking information assets, the list of consideration is listed by three asset attributes which are people, procedures and data.
When devising a classification scheme for systems components, is it more important that the asset identification list be comprehensive or mutually exclusive?
The asset identification list should be comprehensive because being unrecognized in mutual exclusion is not worth having a hard time to recall data, so it"s best for data to be found and read when the asset is called by the user.
What"s the difference between an asset"s ability to generate revenue and its ability to generate profit?
In asset"s ability, generating revenue is income made from any activities done in the system in contrast to generating profit with revenue exceeding the operating costs.
Vulnerabilities are used for analysis on a specific device and software components that may help in many cases where records have the identity of a model number or part number of an element.

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Falling behind in competition is competitive disadvantage.This factor has emerged because, the effective IT-enabled organizations observed new technologies made by others and benefited the organizations entrepreneurship to avoid loss of market.