Other Types Of Risk

Video Activity

This lesson discusses other types of risk. These include: Residual risk Secondary risk Work around Risk owner toggle_content title="Transcript" One other thing that you have to understand for the risk knowledge area, are these terms. Residual risk, secondary risk, workaround and risk owner. Residual risk is risks that remain around after the respo...

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Time
5 hours 14 minutes
Difficulty
Intermediate
CEU/CPE
10
Video Description

This lesson discusses other types of risk. These include:

  • Residual risk
  • Secondary risk
  • Work around
  • Risk owner

[toggle_content title="Transcript"] One other thing that you have to understand for the risk knowledge area, are these terms. Residual risk, secondary risk, workaround and risk owner. Residual risk is risks that remain around after the response has been implemented. There is still some risk remaining. Example could be, you ordered equipment from china. That equipment comes in, it doesn't work. Now you have a failed product. In our decision tree, we are going to sell that product at a reduced cost. The residual risk is you have a bad product its, still there, you give it to another client. They might not accept it for the quality that it has. Secondary risk is a risk that occurs, because you implemented the first one. Say a fire main breaks or a water main breaks, you stop the water and now that pressure is building up in the pipe so it could break somewhere else causing damage to another location. Workaround is on-the-fly, so you are trying to fix the problem as it occurs that was unplanned. In electronics it was a radio breaks, these radio I worked on were used by the navy, so we're out at sea. You have to have communications the radio breaks. The work around is trying to fix the equipment to try working again. Risk owner is if a risk occurs, who's responsible for that risk. A risk owner going back to a risk plan. He is the person you identified as the person responding if that trigger occurs. [/toggle_content]

Video Transcription
00:04
So one of life thing you have to understand for the risk knowledge, very are these terms. So residual risk, secondary risk work around and risk owner
00:13
Residual risk is risks that remains around after that risk has been That response has been implemented,
00:22
so there's still some risk remaining.
00:25
Ah,
00:28
example Could be,
00:29
um, you ordered
00:32
We'll go with the outsourcing.
00:34
You ordered equipment from China,
00:37
That equipment comes in. Um, it doesn't work.
00:41
So now you have,
00:43
um,
00:45
a failed product
00:46
and our decision tree. We're going to
00:49
sell that
00:51
products had to reduce costs.
00:54
The risk could be residual. Risk is you have a bad product that's still there giving to another client.
01:00
Um, they might not accept it
01:02
for the quality that it has.
01:03
Ah,
01:04
secondary risk. This is a risk
01:08
that occurs because you have a moment of the 1st 1
01:12
So
01:14
say
01:18
fire main breaks our water main breaks.
01:21
You've stopped the water. But now that pressure is building up in the pipe so it could have Ah,
01:27
this is all theory. It could break somewhere else. Um, causing damage at another location.
01:34
Work around is
01:36
on the fly. So you're trying to
01:38
fix a problem as it occurs. It was unplanned.
01:42
So
01:44
and electronics, it was a radio breaks.
01:47
Um, these radios I worked on were used by the Navy, so we're out to sea.
01:52
So,
01:53
um,
01:55
you have to have communications. The radio breaks. The workaround is trying to fix the equipment to get it Working a gun
02:01
risk owner is a risk occurs
02:05
who's responsible for that risk?
02:07
So
02:07
a risk owner
02:09
going back to our
02:10
Chris plan?
02:13
Um,
02:14
he's the person that you identified as the person responding that trigger occurs.
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