Question

There are 4 techniques for controlling the risk which is as follows:

Acceptance: risk is acknowledged but no action is taken
Transference: risk is transferred to a third party, but needs to pay a premium to the third party
Avoidance: Identify the risk but do not act on the activity from where the risk may occur.
Mitigation: Take a few mitigation techniques such as disaster recovery, business continuity, and others to reduce the risk.
You need to state clearly what approach you want to choose for controlling the three identified risks in Task 2.
Task 2: Risk Identification
Visit a higher education website such as www.koi.edu.au. Find the following according to the priority:
a. 3 assets
b. 3 threats
c. 3 vulnerabilities
d. 3 risks

Answer 1

To manage risks in a higher education institution, one would identify the institution's assets, threats, vulnerabilities, and risks, and then apply one of the four risk management strategies: acceptance, transference, avoidance, or mitigation.

Step-by-step explanation:

Your question pertains to risk management strategies that can be applied to identified risks, threats, and vulnerabilities within the context of a higher education institution. To answer this question, we would identify the assets, threats, vulnerabilities, and risks involved in the operation of a higher education institution like the one found at www.koi.edu.au, then decide on the best risk management strategies from acceptance, transference, avoidance, or mitigation.

Here's an example of how you might approach this:

• Assets might include the institution's data, physical infrastructure, and staff.
• Threats could be cyber-attacks, natural disasters, and vandalism.
• Vulnerabilities might include outdated security systems, location in a flood-prone area, and a high turnover of IT staff.
• Risks could arise from data breaches due to cyber-attacks, damage to facilities from natural disasters, and loss of knowledge due to staff turnover.

For each identified risk, you would then choose an appropriate strategy:

• Acceptance might be used for low-impact risks.
• Transference could involve purchasing insurance against specific threats like natural disasters.
• Avoidance might mean not storing sensitive data on systems vulnerable to cyber-attacks.
• Mitigation could involve updating security protocols or installing flood defenses.