The Ultimate Guide To Risk Measurement And Risk Management

Learn risk assessment and analysis using precise measurements for effective risk management with the Open FAIR model

What you'll learn

Develop the skill to measure risk in financial terms, using monte carlo to estimate Loss Event Frequency & Loss Magnitude

Enhance your communication skills, with proficiency in a standard risk terminology framework

Grasp the foundational concepts of the Open FAIR approach learning how to articulate and apply a proven approach to risk analysis

Engage with real-world case studies, honing your ability to translate theory into practice, and navigate complex risk scenarios

Learn the art of effective risk comparison, discerning between various risk scenarios and prioritizing actions based on potential impact

Acquire strategies for making cost-effective decisions by aligning risk management strategies with business goals and resources

Requirements

This course is for all levels of expertise, both newcomers with minimal exposure to risk management concepts as well as seasoned professionals

Description

"The Ultimate Guide to Risk Measurement and Risk Management" is designed to equip you with all the necessary tools and skills to achieve effective risk management. Throughout the course you will learn the importance of precise measurements, effective comparisons, and cost-effective decision-making for unparalleled risk assessment and analysis.This course teaches the Open FAIR approach to risk management to transform the way you think about risks, threats and vulnerabilities. Imagine having the power to decipher risks with absolute precision and clarity. Open FAIR isn't just a framework; it's your gateway to understanding, quantifying, and ultimately mastering information risk in a language your business understands: money.You’ll learn a standardized approach, recommended by NIST, that transforms complex risks into tangible, quantifiable figures. With Open FAIR, you're not just navigating uncertainties; you're strategically measuring risks, comparing options, and making cost-effective decisions that safeguard your business.This course is designed to cut through the jargon and deliver actionable insights from the first video. No fluff, no unnecessary complexities—just a clear, focused journey into understanding, applying, and mastering the Open FAIR approach to effective Risk Management.If you have any questions or need guidance along the way, don't hesitate to reach out to me!

Overview

Section 1: Introduction

Lecture 1 The Bald Tire Scenario

Lecture 2 What is risk?

Lecture 3 Asset / Threat / Vulnerability

Lecture 4 Risk Quantification

Lecture 5 The Open FAIR Model

Lecture 6 The Cheat Sheet

Section 2: Fundamentals of Risk Measurement

Lecture 7 Risk Assessment Approach

Lecture 8 Scoping a Risk Scenario

Lecture 9 Risk Data Limitations

Lecture 10 The Risk Management Stack

Lecture 11 Prediction vs Forecast

Lecture 12 Accuracy vs Precision

Lecture 13 Estimates

Lecture 14 Risk Perspective

Lecture 15 Probability vs Possibility

Lecture 16 Risk

Section 3: Calculating Frequency

Lecture 17 Loss Event Frequency

Lecture 18 Threat Event Frequency

Lecture 19 Contact Frequency

Lecture 20 Random / Regular / Intentional

Lecture 21 Probability of Action

Lecture 22 Value / Effort / Risk

Lecture 23 Calculating Threat Event Frequency

Lecture 24 Vulnerability

Lecture 25 Threat Capability

Lecture 26 Resistance Strength

Lecture 27 Threat Capability Continuum

Lecture 28 Calculating Vulnerability

Lecture 29 Calculating Loss Event Frequency

Lecture 30 Left Side Complete

Section 4: Calculating Magnitude

Lecture 31 Loss Magnitude

Lecture 32 6 Forms of Loss

Lecture 33 Primary Loss

Lecture 34 Secondary Loss

Lecture 35 Secondary Loss Frequency

Lecture 36 Secondary Loss Magnitude

Lecture 37 Calculating Secondary Loss

Lecture 38 Calculating Loss Magnitude

Lecture 39 Right Side Complete

Section 5: Calculating Risk

Lecture 40 Calculating Risk

Lecture 41 Case Study - Worksheet

Lecture 42 Case Study - Answers

Lecture 43 Open FAIR Tool

Section 6: What Next?

Lecture 44 The Open FAIR Certification

Risk Analysts: Individuals involved in analyzing, quantifying, and prioritizing information risk.,IT Professionals: Those responsible for managing IT infrastructure, aiming articulate risks.,Cybersecurity Professionals: Those tasked with ensuring the resilience of cybersecurity measures.,Information Security Managers: Professionals overseeing the implementation of controls to mitigate risks.,Project Managers: Those overseeing projects and seeking to integrate risk management practices,Business Leaders and Executives: Decision-makers seeking a deeper understanding of information risk.,Consultants: Professionals offering risk management advisory services to various organizations,Compliance Officers: Professionals ensuring adherence to regulatory requirements and standards.,Insurance Professionals: Individuals involved in assessing, underwriting, and managing risks for insurance