Can you tell me what the difference is between information security risk assessment, risk analysis and risk management? While there are different definitions of the above, here’s the simplest:
- A risk analysis involves identifying the most probable threats to an organization and analyzing the related vulnerabilities of the organization to these threats.
- A risk assessment involves evaluating existing security and controls and assessing their adequacy relative to the potential threats of the organization.
- Risk management is the systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risk.