Risk Analysis Methods - Research Paper Example

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The researcher of this essay aims to analyze risk assessment methodologies. The latter is used for threat detection, clarifying the vulnerability of big processes, evaluating the risks of loss of assets, the chance of an occurrence of the suggested threats in some infrastructure or system…
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Download file to see previous pages tifying threats, accessing the vulnerability of critical processes, evaluating the impact on the assets, infrastructure or system given the probability of an occurrence of these perceivable threats. There are lots of risk assessment methodologies that are used to critically evaluate the risks that can occur on critical infrastructure. Almost all of these models follow a predefined approach that is common to all the methods and the approach contains certain specific elements. The common elements that are present are identification of classification of threats, identification of the vulnerabilities that are present and evaluating the impact of the threats (Giannopoulos, Filippini and Schimmer, 2012). These three steps are common to all risk assessment methods and form the backbone of any risk assessment methods. The factors that are used to differentiate in between the risk assessment methods are
MSRAM model or Maritime Security Risk Analysis Model is a model that has been designed by the US coast guard for the purpose of mitigating the risk of terrorist attacks on US ports and waterways MSRAM was developed as a captain of the port level risk analysis tool soon after the incident of 9/11 occurred. As per the DHS strategic plan 2008-13, since it is not feasible to secure the United States again all possible forms of attacks that may occur or any other threats that may arise, they have made risk management as the primary basis of policy and resource allocation decision making. A principal of US coast guard operation is risk management. The task is challenging due to the fact that the organization is engaged in multiple missions. This however forms one of the criteria of US coast guard decision making. The ultimate aim is to form an integrated performance management system that is used for measuring risk, readiness and ROI.
The first step in the risk management model is to understand the risk that is existent in the system. Understanding risk has several dimensions ...Download file to see next pagesRead More
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