This is the final part of the description of the risk machine. It shows how the complete risk assessment according to probability of risk occurence and financial impact is summarized: All basic scenarios either for the availability or the security branch are specified according to probability, total financial impact and the resultant expeted value. You… Continue reading Risk Machine – Summary
Category: Risk Management
Risk Machine -Accessment of financial impact
This part is about the assessment of the financial impact of a risk. In this model the financial impact is assessed according to the following categories: External costs: invest in hardware, software, licences, freelancer,… Calculated costs: loss in sales, decline in value, … Loss in profit: loss in new-client sales Internal Effort: loss in produktivity… Continue reading Risk Machine -Accessment of financial impact
Risk Machine – Probabilty of risk treatment
This part deals with the probabilty of risk treatment. In most risk management systems the common components are probability of risk occurence and risk impact. But in case a risk commences several actions will takes place immediately to attenuate the risk impact. These risk treatment actions will lower the probability of the full impact of… Continue reading Risk Machine – Probabilty of risk treatment
Risk Machine – Probability of risk occurence
The first part within the risk machine is the determination of the probability of risk occurence: For the predefined loss-incurring primary event “System is compromised” ten qualitative questions affecting the probability of risk occurrence have to be answered by the technical experts. For all questions you can choose predefined values from a drop down list. For… Continue reading Risk Machine – Probability of risk occurence
Risk Machine
One part of my profession is risk management for an internet company in germany in an IT operation department. I process risk management now for more than five years and the most unsystematic part was the assessment of the risks. It had something of a Turkish bazaar when I brought the necessary experts together and… Continue reading Risk Machine
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