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This lesson focuses on risk management, which is an umbrella term to describe anything that's being done in relation to risk. This lessons discusses:
- Risk assessment
- Risk analysis: qualitative and quantitative
- Risk mitigation: reduce, accept, transfer
The most important part of risk management is identifying the risk and how to mitigate that risk using qualitative and quantitative analysis methods. It is important to keep a paper trail documenting the decision made when handling a risk to show responsibility and caution. Business continuity and disaster recovery planning are the safety net under risk management; these are in place for events that are low probability but high impact (i.e., a flood wiping out resources in a building). These allow for a smooth transition to allow a business to keep moving forward.