Risk management options include transfer, which involves shifting the responsibility or cost of a risk to another party, typically through insurance or outsourcing.
Options for Risk Management:
Avoid: Eliminate the activity causing the risk.
Mitigate: Reduce the risk to an acceptable level.
Transfer: Pass the risk to another party.
Accept: Acknowledge and tolerate the risk.
Transfer in Practice:
Commonly achieved via insurance or contracts with third-party providers.
Alignment with Scenario:
"Assign" and "Defer" are not standard risk responses. "Acknowledge" relates to acceptance, which is distinct from transferring risk.
Risk Management Frameworks: Highlights transferring risk as a key strategy, particularly in business continuity and contractual agreements.
Third-Party Risk Management: Demonstrates how outsourcing aligns with transferring risk responsibilities.
EC-Council CISO References:
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