Risk

Instructions:  Students will prepare a 3-5 page (double spaced) point paper that provides a critical analysis of an existing risk assessment methodology.  Please use APA format.  Students should do some independent online searches (Google, Bing, etc.) to find an existing risk assessment method that they want to write about and describe. 

A risk methodology is a procedure, model, or program that contains steps to determine risk.  Some examples of risk methodology are the Maritime Security Risk Analysis Model (MSRAM), the CARVER model, and the Operational Risk Management (ORM).   

The point paper shall highlight:

The main point(s) of the risk methodology.

The current relevance of the methodology as discussed by risk experts.

The ease of applying the methodology by the average security officer to critical infrastructure protection and resiliency. 

***To answer the above questions you will need to conduct research to identify a risk methodology and then additional research to answer the above three questions about your choice.*** 

Your analysis should address:

The methodology's origin,

Intended audience,

A description of the methodology's main elements and attributes,

A characterization of the methodology's quantification scheme (i.e., how it adds up the risk factors),

Its approach to aggregating threat, vulnerability and consequence into "risk," and

Its treatment of man-made versus natural hazards, and your personal opinion as to its strengths and weaknesses.

Use this as a starting point:

http://www.isaca.org/Journal/archives/2010/Volume-1/Pages/Performing-a-Security-Risk-Assessment1.aspx

But please use other references.