Risk Management
What is Risk
Risk - Though there are plenty of definitions of risk, according to ISO 27001 standard, Risk is defined as “the effect of uncertainty on objectives”. According to NIST, the definition of Risk is “Risk is the potential of loss, damage, or harm resulting from the occurrence of a threat exploiting vulnerabilities”.
Risk Management
According to ISO 27001, “risk management is a systematic process for identifying, assessing and treating information security risks”. According to NIST, “risk management is a comprehensive process involving the identification, assessment, and mitigation of potential risks that could negatively impact an organization’s systems and operations.”
Risk management is a structured, continuous process through which businesses identify, assess, prioritize, and manage risks that could impact the achievement of strategic, operational, financial, compliance, and reputational objectives. Organizations are exposed to multiple risk categories—financial, legal, strategic, and security. A structured risk management approach ensures these risks are identified early and remediated in a timely and effective manner. Risk management is a foundational management discipline that helps organizations operate with predictability and resilience in uncertain environments. When integrated with governance and compliance, it becomes a strategic enabler—allowing organizations to pursue growth confidently while maintaining control over uncertainty.
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