GROUP PROJECT

COURSE TITLE: SECURITY ADMINISTRATION

COURSE CODE: DCSS 021
PROJECT TITLE: RISK ANALYSIS
LEVEL:100 LEVEL
LECTURER NAME: DR EMMANUEL UZUEGBU-WILSON
NAME MATRIC NO

EZEME SOMMTOCHUKWU 24/1311

FAJIMI MANUELA 24/1988

RISK ANALYSIS
INTRODUCTION
“Life is inherently risky. There is only one big risk you should avoid at all costs, and
that is the risk of doing nothing.” Denis Waitley quotes - brainyquote. (n.d.).
What is Risk Analysis?
Risk analysis is the process of identifying, assessing, and prioritizing potential risks
or threats to an organization, asset, or individual. It involves evaluating the likelihood
and potential impact of a risk, as well as identifying ways to mitigate or manage it. Risk
analysis is important in important in every aspects of life as decision tend to go
sideways. There should be assessment of probabilities of the outcome of every action.
Significance of Risk Analysis in Security Management
The following are distinguished significance of risk analysis in security
management:
• Identifying Potential Threats: Risk analysis helps identify potential threats and
vulnerabilities, enabling security managers to make informed decisions about
resource allocation.
• Optimizing Security Measures: Risk analysis helps security managers optimize
security measures, such as personnel, technology, and procedures, to mitigate
identified risks. (N.d.-b)
• Optimizing Security Measures: Risk analysis helps security managers optimize
security measures, such as personnel, technology, and procedures, to mitigate
identified risks.
• Meeting Regulatory Requirements: Risk analysis helps security managers meet
regulatory requirements and compliance standards, such as HIPAA, PCI-DSS, or
GDPR. What are regulatory requirements? Compliance corner: Cube. CUBE
global. (n.d.).
In summary, risk analysis is a critical component of security management,
enabling security managers to make informed decisions, allocate resources
effectively, enhance security posture, meet compliance requirements, and drive
continuous improvement.
Types of Risk
• Financial Risk: this has to do with risk associated with finance and its
industries. They usually analysis risk in relation to their consequences in
aspect of market fluctuation also in relation to credit risks and liquidity risks.
The theme financial risk does not stand on its own as they are various
factors which make up financial risk which would have to be addressed on
their own before the as a whole risk involved in financial activities would be
effectively managed Financial Risk Management: 15 strategies to minimize
risk - read more. Home. (n.d.).
• Operational Risk: Operational risk is the risk of losses caused by flawed or
failed processes, policies, systems or events that disrupt business
operations. Employee errors, criminal activity such as fraud and physical
events are among the factors that can trigger operational risk. Morgan, L.
(2024, February 15). What is operational risk?: Definition from TechTarget. Search
Security.
• Environmental Risk: this refers to activities which possess significant threat
to the normal day to day functioning of the environment.it is further referred
 to circumstances or situation which further affect the functioning of the eco
system. Google. (n.d.). Google search.
• Safety Risk: this by far the most important when it comes to risk analysis and
management as this actually serves as a threat to humans, their property
and even their environs. This evaluates how humans and their fellow human
activities may serve as a potential danger to others and even themselves.

Risk Analysis Processes

In order to effectively explain what risk analysis is all about, one must first adequately
understand that it does not only involve been able to see situations which stand as
threats but been able professionally explain which that has been assessed as a risk and
find various strategies to neutralize the risk.
The Risk Analysis Process

Risk Analysis Risk Assessment

Risk Analysis
Process

Risk Priortization
Risk Mitigation

• Risk Identification: the risk analysis process starts with the process of been able
to identify a potential threat. there are various ways which have been exemplified
as strategies for risk analysis such as; brain storming, SWOT analysis, Delphi
technique, interviews, Root cause analysis, document reviews. However, the
most distinguished strategy would be the SWOT technique.
S: strength
W: weaknesses
O: opportunities
T: threats
 • Risk Assessment: the process of risk assessment involves evaluating the likely
hood and impact risk using the techniques available to find out their
consequences on the situations. there are various methods which can be used in
the exercises such as probability impact matrices, risk scoring, qualitative risk
assessment, FMEA; failure mode effect analysis.
• Risk Prioritization: after the other processes have carried out, there must be an
effective plan carried out to determine how the resources would be utilized on the
previously identified and assessed risks. There must be an outlined scale to
show risks from the most dangerous to least dangerous till they can be effectively
utilized.
• Risk Mitigation: there is process of mitigating the identified risk to prevent them
from escalating to dangers to various situations. There should be effectively
neutralized. The process of neutralization is the most important in the factor of
risk mitigation.

Identify all possible

events in which risk Perform a risk
is presented. Prioritize risks.
assessment.

Implement and
Track risks.
monitor progress.

REFERENCES
• Denis Waitley quotes - brainyquote. (n.d.).
https://www.brainyquote.com/authors/denis-waitley-quotes
• (N.d.-b).
• What are regulatory requirements?: Compliance corner: Cube. CUBE global.
(n.d.). https://cube.global/resources/compliance-corner/what-are-regulatory-
requirements#:~:text=Regulatory%20requirements%20are%20rules%20that,obli
gations%20can%20specify%20different%20things.
• Financial Risk Management: 15 strategies to minimize risk - read more. Home.
(n.d.). https://www.citrincooperman.com/In-Focus-Resource-Center/Financial-
Risk-Management-15-Strategies-to-Minimize-Risk
• Morgan, L. (2024, February 15). What is operational risk?: Definition from
TechTarget. Search Security.
https://www.techtarget.com/searchsecurity/definition/operational-risk
• 1Google. (n.d.). Google search.

https://www.google.com/search?q=enivormental%2Brisk&oq=enivormental%2Bri
sk&gs_lcrp=EgZjaHJvbWUyBggAEEUYOTINCAEQABiRAhiABBiKBTINCAIQABi
RAhiABBiKBTINCAMQABiRAhiABBiKBTINCAQQABiRAhiABBiKBTINCAUQABi
RAhiABBiKBTIJCAYQABgKGIAEMgkIBxAAGAoYgAQyCQgIEAAYChiABDIMCA
kQABgKGLEDGIAE0gEJMTE2MzFqMGo3qAIAsAIA&sourceid=chrome&ie=UTF
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• What is risk identification? definition and tools | indeed.com. (n.d.-b).
https://www.indeed.com/career-advice/career-development/risk-identification
• read, A. byJairus A. min, Andales, A. byJairus, by, A., & Article byJairus
AndalesSafetyCulture Content SpecialistJai Andales is a content writer and
researcher for SafetyCulture since 2018. As a content specialist. (2024,
September 12). Risk assessment: Process, tools, & techniques. SafetyCulture.
https://safetyculture.com/topics/risk-assessment/