Question

Design a risk management strategy for a software house as a security expert. Assume that you can form a team of three to four members. One of the team member acts as Team leader. Your boss has assigned you the following tasks:

• Develop the software company's risk management strategy by taking into account the three major aspects of risk management: risk identification, risk assessment, and risk control.
• Description of the tasks for each team member is as follows.
a)Team Member 1 (or two members): Risk Identification that includes Asset
Identification, Asset Prioritization (Weighted criteria analysis worksheet), and Threat
Identification.
b)Team Member 2: Risk Assessment (Deliverable should be in the form of Ranked
vulnerability risk worksheet)
c)Team Member 3: Risk Control Strategy
Provide a comprehensive plan for implementing the risk management strategy and address any potential issues or challenges that may arise during the process.

Answer 1

A successful risk management strategy in a software house involves a team focusing on risk identification, assessment, and control. With a detailed plan, each member addresses specific areas while remaining adaptable to emerging challenges and actively contributing to the continual improvement process.

Step-by-step explanation:

Risk Management Strategy for a Software House

As a security expert in a software house, it is crucial to develop a comprehensive risk management strategy that encompasses the three fundamental aspects: risk identification, risk assessment, and risk control. The team, consisting of a leader and specialized members, will collaboratively address each aspect to ensure the company's assets are protected against various threats and vulnerabilities.

Risk Identification

Team Member 1 will focus on Risk Identification by pinpointing critical assets, prioritizing them through a Weighted Criteria Analysis Worksheet, and recognizing potential threats that could impact these assets.

Risk Assessment

Team Member 2 will conduct the Risk Assessment, analyzing and ranking identified risks by their potential impact on the business using a Ranked Vulnerability Risk Worksheet. This step is vital as it will aid in focusing resources to where they are needed most.

Risk Control Strategy

Team Member 3 will devise a Risk Control Strategy, outlining specific actions and measures to minimize identified risks. They will also consider how to respond effectively if an identified risk materializes.

The implementation plan should consider potential challenges such as changing threats, technology advancements, and staff training. Each team member must remain flexible in the face of these changes and participate actively in updating risk strategies. Building good relationships with the team and demonstrating a proactive, problem-solving attitude are vital to the success of the risk management process.