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In this final video of Module 5 we discuss risk mitigation and review the topics covered in the module. Risk mitigation is the "so what" element of risk management. We seek to lower risk to an acceptable level. This is basically a compromise where a cost-effective solution is reached that weighs the cost of an asset against the cost of protecting it. Some of the risk mitigation topics discussed are:
- Security costs
- Reduce impact or probability of risk occurring
- Transference - transfer the risk onto someone else as in the case of purchasing insurance for an asset, SLA, or contract.
- Rejection - basically sticking your head in the sand. To be avoided!
Total risk, residual risk, and secondary risk
Module Review:- Know the three elements of risk
- Risk must be managed since it can't be totally eliminated
- Definitions and terms
- Types of risk
- Governance and compliance for risks