FAIR Risk Management Analysis
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Added on 2020-05-28
FAIR Risk Management Analysis
Added on 2020-05-28
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IT governance framework (Question 1) My host company uses FAIR as an IT governance framework. FAIR which stands for Factor Analysis of Information Risk is a framework model that is used to quantify the risk of information loss. Information is vital to every company, and any chance of information loss can lead the company to lose trust of its members. The focus of this model is the risk of losing information through cybersecurity and also operation risk. Some of its structural components include the scope and the input and analysis results. The range defines the extent to which the analysis is conducted. The input contains the data variables to be analyzed while the analysis results give the output of the investigation (Aven, 2012).The company information technology administrator can decide to run a FAIR-U tool which is a website application designed to analyze the risk of information loss through the website. The IT governance framework is fundamental to this company because it enhances security, reliability, and management of the information. Assessing risk helps the company mitigate any forms of threats that may damage the reputation of the company. FAIR ensures thatthe individuals who may have caused information loss are accountable and responsible for their actions by identifying them as threats to the company. FAIR enhances decision-making process in the company by exposing all the facts to the company board of governance on the best ways ofmitigating the cyber security issues (Peterson & Fabozzi, 2012).References Aven, T. (2012). Foundations of risk analysis. Hoboken, N.J: Wiley.Peterson, D. P., & Fabozzi, F. J. (2012). Analysis of financial statements. Hoboken, N.J: Wiley.
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