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Isk Management

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Submitted By jarel35
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Project Part One Risk Management Draft

Jarvis Thomas

ITT Technical Institute

IS 3110 Risk Management in Information Technology Security

16 October 2014

Table of Contents

Document Purpose 3

Definition 3

Risk Management Approach 3

Risk Tolerance 4

Risk Management Tasks 4

Document Purpose

The Risk Management Plan describes how risk management will be structured and performed on the project to ensure risk are being managed and controlled at acceptable levels. Risk in a project environment cannot be totally eliminated. The objective of a risk management process is to minimize the impact of unplanned incidents on the project by identifying and addressing potential risks before significant negative consequences occur.

The Risk Management Plan also becomes a subset of the Project Management Plan.

Definition

Definition of Risk Management: the formal process by which risks factors are systematically identified, assessed, and responded to. Risk management concentrates on identifying and controlling areas or events that have a potential of causing unwanted change. (Note that opportunities, also known as positive risk, should also be managed/exploited. This document is focused on mitigating negative risk, rather than maximizing positive risk.)

Definitions, Acronyms, and Abbreviations

|Risk |A potential undesirable and unplanned event or circumstance, anticipated in advance, which could |
| |prevent the project from meeting one or more of its objectives. |
|Issue |An event or circumstance that has occurred with project impact that needs to be managed and resolved,|
| |with

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