MANAGEMENT

Detailed explanation-1: -A project management risk owner is the individual responsible for observing each potential risk area and also executing a risk response should a risk event occur. Risk ownership is a key part of your risk response plan; it assures that all identified risks are accounted for and appropriately monitored.

Detailed explanation-2: -Why is identification of risks, through a listing of assets and their vulnerabilities, so important to the risk management process? Answer: It is important because management needs to know the value of each company asset and what losses will be incurred if an asset is compromised.

Detailed explanation-3: -It involves a number of steps, namely identification of assets; identification of threats; identification of existing security measures; identification of vulnerabilities; and identification of consequences.

Detailed explanation-4: -To carry out a Risk Analysis, you must first identify the possible threats that you face, then estimate their likely impacts if they were to happen, and finally estimate the likelihood that these threats will materialize.