Instructions:  Please respond to at least 2 other students. Responses should be a minimum of 150 words and include direct questions.

Responses Due: Sunday, by 11:55pm, ET 

AngelSmoke,

Great Post this week! I learned much more this week in how agencies or entities should approach risk management. By using the Risk assessment formulas we learned they can adequately learn how to reduce risk. We learned that if they evaluate equally Vulnerability, Threat and Consequences it will increase their Risk awareness. By developing the Threat Assessment they can achieve a better result in their approach to reducing Risk. By determining the types of threats, whether it’s criminal, accidental or terrorist they can fully complete their threat assessment. Then, by using the Vulnerability Assessment they can evaluate the losses that will occur from an attack. Lastly, they will use the Criticality assessment to determine if the goals they have previously determined will be achieved. Next, by weighing the variable risks used they can further evaluate which variable has the highest weight. Thus, they can then determine which risk factor has the highest critical weight.  By assessing these variables, the organization will know if they are adequately reducing risk in the correct areas.

Of all the three assessments, which one do you see as the most vital?

This is one of your classmate post:

Jeffery Crane

Risk Management

1. What is a standard risk assessment formula? Clearly define the variables in the formula. 

 Risk assessment combines threat, vulnerability, and consequence information.  Risk management is the means of deciding which protective measures to take based on an agreed upon risk reduction strategy.  Many strategies have been developed by which threats, vulnerabilities, and risks are put to use to reduce those risks.  Normally the strategies are utilized in the following order. 1. Identify assets and identify which are most critical 2. Identify, characterize, and assess threats. 3. Assess the vulnerability of critical assets to specific threats 4. Determine the risk (i.e. the expected consequences of specific types of attacks on specific assets). 5. Identify ways to reduce those risks. 6. Prioritize risk reduction measures based on a strategy

2. Should each variable in the risk formula be weighed equally or should different variables have different weights? Explain your rationale.

 However, not every asset is as important as another.  In order to focus assessment resources, all of the methodologies reviewed suggest that the assessment should focus on those assets judged to be most critical. Criticality is typically defined as a measure of the consequences associated with the loss or degradation of a particular asset.  The more the loss of an asset threatens the survival or viability of its owners, of those located nearby, or of others who depend on it (including the nation as a whole), the more critical it becomes. I would view an asset such as the Hoover Dam is being critical to the national Infrastructure.

3. What specific role(s) does risk management play in homeland security programs and activities?

The National Strategy for the Physical Protection of Critical Infrastructure and Key Assets stated:

“DHS, in collaboration with other key stakeholders, will develop a uniform methodology for identifying facilities, systems, and functions with national-level criticality to help establish federal, state, and local government, and the private-sector protection priorities.  Using this methodology, DHS will build a comprehensive database to catalog these critical facility, systems, and functions.” (Risk Management and Critical Infrastructure Protection: Assessing, Integrating, and Managing Threats, Vulnerabilities and Consequences).

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