In a risk management framework, what is the sequence of steps typically followed?

In a risk management framework, the sequence of steps is critical for effectively managing risks associated with security programs. The correct order begins with identifying risks, which involves recognizing potential threats and vulnerabilities within the system. This initial step ensures that stakeholders are aware of what risks exist and their potential impacts on operations.

Once risks have been identified, the next step is to analyze them. During this phase, the identified risks are assessed to determine their likelihood of occurrence and potential consequences. This analysis helps in prioritizing risks based on their severity, allowing organizations to focus on the most pressing threats first.

Following the analysis, the control step involves developing and implementing strategies to mitigate or manage the identified risks. This may include applying security controls, creating contingency plans, or implementing new policies and procedures to minimize risk exposure.

The final step, monitoring, involves continuously observing the risk environment and reviewing the effectiveness of the control measures in place. This ongoing process ensures that any changes in the risk landscape are promptly addressed and that controls remain effective over time.

This structured approach—Identify, Analyze, Control, and Monitor—ensures a comprehensive method for managing risks, reflective of best practices in risk management frameworks, especially within DoD security programs.