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The document outlines a 7-step risk management process: 1) Establishing the context by identifying risks, planning, and defining a framework. 2) Identifying potential risks from internal and external sources. 3) Assessing identified risks by evaluating potential severity and probability of occurrence. 4) Determining how to manage risks through avoidance, reduction, retention, or transfer. 5) Reviewing and evaluating the risk management plan periodically. 6) Implementing planned risk mitigation methods through purchasing insurance, avoiding risks, reducing risks, and retaining others. 7) Creating a risk management plan and selecting security controls to document mitigation approval and decisions.
The document outlines a 7-step risk management process: 1) Establishing the context by identifying risks, planning, and defining a framework. 2) Identifying potential risks from internal and…