Page 19 - ITIL® Foundation 3.15

Managing Risk
Risk Management
Risk - A possible event that could cause harm or loss, or affect the ability to achieve Objectives. A Risk is measured by the probability of a Threat, the Vulnerability of the Asset to that Threat, and the Impact it would have if it occurred.
All businesses look to manage risk... Risk management methods are used in Service Strategy (the risk of wrong decisions or investments), and Service Design (security management, incorrect customer expectations, IT Service continuity management), Service Transition (change management) and at all other lifecycle stages whenever a threat to the organization could be minimized or averted. M_o_R® stands for management of risk and it is a framework for managing risk brought forth by the owners of ITIL (the Cabinet Office).
Copyright © 2018. Knowledge ToolWorks. All Rights Reserved.