Risks And Risks Of Risk Management Essay

1057 Words Aug 25th, 2015 5 Pages
Risk management is a systematic, analytical process to consider the likelihood that a threat will harm an asset or individuals and to identify actions to reduce the risk and mitigate the consequences on an attack as defined by Homeland Security: Key Elements of a Risk Management Approach. Risk management was created to gather the facts about the possible risk of attacks on any source and use the information collected to provide the emergency or private sectors to reduce or counter the threats. This allows the different sections incorporated within the homeland security enterprise to counter possible threats.
“The basic equation for risk is defined as R = ƒ(C*V*T) where R is the level of risk, C is the consequences (public health, our economy, government action, public confidence in our institutions) of an attack, V is an assessment of the vulnerability of a potential target, and T is the threat or the likelihood that a specific target will suffer an attack or disaster from a specific weapon (DHS 2010, 2).” This risk formula is useful to completely understand the risk associated with the attack or destruction of a facility or structure. The information below will further guide one to understand the components of risk assessments. A main component of risk management is threat assessments. Threat assessments are “used to evaluate the likelihood of terrorist activity against a given asset or location. It is a decision support tool that helps to establish and prioritize…

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