From the course: Governance, Risk, and Compliance (GRC) Essentials by Pearson
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Surveying risk management concepts and frameworks
From the course: Governance, Risk, and Compliance (GRC) Essentials by Pearson
Surveying risk management concepts and frameworks
Welcome to this video on Risk Management Concepts and Frameworks. Let's start by defining risk management. In a GRC context, risk management refers to the process of identifying, assessing, and addressing risks that could impact your organization's objectives. objectives. Risk management is a systematic process of identifying, analyzing, and taking action to mitigate potential threats or uncertainties that can negatively impact an organization. This is done by evaluating the likelihood and severity of risks and developing strategies to minimize their harm while also monitoring their effectiveness. Essentially, it's about proactively managing potential problems before they occur. Risks come in many forms. Some of the most common you will hear about include cybersecurity risks such as data breaches or ransomware attacks, operational risks like system outages or supply chain disruptions, or regulatory risks, which arise when compliance with laws or standards isn't met. Effective risk…
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