Risk Management Framework 2
Risk Management Framework 2 :
"As shown in figure 5 [modified below] a risk management framework represents a series of analytical and managerial steps, basically sequential, that can be used to assess risk, assess alternatives for reducing risks, choose among those alternatives, implement the alternatives, monitor their implementation, and continually use new information to adjust and revise the assessments and actions, as needed. Adoption of a risk management framework can aid in assessing risk by determining which vulnerabilities should be addressed in what ways within available resources". (GAO, Protection of Chemical and Water Infrastructure, 2005, 24). (1) Strategic Goals, Objectives, and Constraints; (2) Risk Assessment; (3) Alternative Evaluation; (4) Management Selection; (5) Implementation and Monitoring
