A good risk management program incorporates multiple stages:
Identifying risks or vulnerabilities (e.g., threats to assets or processes) Analyzing risks based on likelihood and potential impact (quantitative or qualitative assessment) Evaluating and aligning existing or proposed security programs to determine adequacy and needed improvements All three elements are part of a systematic approach to managing security and organizational risk effectively.
References from PSP: Risk Management Process - ASIS POA; PSP Study Manual - Security Program Development