Physical SecurityExecutive Master of Science in Information Security SystemsUniversity of The Cumberland’sRisk Management.Mohamed Manzoor Ul Hassan Table of ContentsAbstract 3Introduction 4Managing Risk 4National Preparedness System 4References 7?Abstract This paper presents a theory of risk management which attempts to go beyond the “variance?minimization” design that controls most academic studies of the subject. It discusses that the primary goal of risk management is not to discourage, but rather to guard against the likelihood of costly lower?tail outcomes–circumstances that would cause economic distress or make a community unable to carry out its day to day operations. IntroductionWhat Is Risk?Risk is the potential for an unsolicited outcome resultant from an incident or occurrence as determined by its probability and the related consequences. It is a role of threat, vulnerability, and penalties.Risk is influenced by:• The nature and magnitude of the threat.
• The vulnerabilities to that threat.• The penalties that could result from the threat.Managing RiskRisk management recognizes how:• Threats and hazards will be deterred.• Vulnerabilities will be mitigated.• Consequences will be minimized.Risk management procedures also may include the means for civilizing resilience and allowing timely, efficient response and repair post an event.National Preparedness SystemThe National Preparedness System is an collective set of guidance, programs, and processes that include the following six major components:• Identifying and Assessing RiskDeveloping and preserving a considerate of the variety of risks faced by communities and the Nation, and how the data can be used to build and maintain preparedness, are necessary elements of the National Preparedness System. A risk evaluation collects knowledge regarding the threats and hazards, including the proposed consequences or impacts.
• Estimating Capability RequirementsTo fully speculate capability requirements, each association, organization, and level of government must consider only threats or hazards as well as the full scale of risks they may face. Using the decisions from a risk assessment in the context of the desired outcome(s) for each mission area, the conventional types and levels of capacity can be estimated.• Building and Sustaining CapabilitiesAfter performing the estimation process, subsisting and needed skills can be analyzed and gaps identified. The gaps can be prioritized based on a mixture of the desired outcomes, risk assessments, and the consequences of not addressing the gaps.Working collectively, planners, government officials, and elected leaders can strengthen strategies to allocate support effectively, as well as hold available assistance to reduce risk. These policies consider how to both maintain current levels of capability and approach gaps in order to realize the Preparedness Goal.
• Planning to Deliver CapabilitiesThe whole community shares to reducing the Nation’s risks. Preparing for low-probability, high-consequence dangers—such as a terrorist attack with atomic or biological weaponry or a catastrophic earthquake striking multiple domains—will be a difficult task and involve many partners. Federal efforts, therefore, must complement reasoning at other levels of government, which is often concentrated on more likely risks.
These shared planning exercises form a National Planning System by which the whole community can think during disasters, determine capability requirements, and address the cumulative risk identified during the risk evaluation process.• Verifying CapabilitiesMapping progress toward reaching the Preparedness Goal will afford the means to determine how and where to designate different resources and prioritize preparation. This validation method can be done through exercises, corrective action management programs, and evaluations.
• Reviewing and UpdatingChanges in a community’s susceptibility and irritability can and do occur, despite, whether from evolving threats and hazards, growing infrastructure, changes in population, or shifts in the natural environment. On a recurring basis, capacities, sources, and procedures should be evaluated to determine if they remain appropriate or need to be updated.ReferencesDefinition of Risk Management | What is Risk Management ? Risk Management Meaning – The Economic Times. (2018). The Economic Times.
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