This, in a nutshell, is the process of risk analysis and assessment. This is the process of risk mitigation or risk reduction. Further, some risks such as betting on a horse are uninsurable. The processes of identifying, analyzing and assessing, mitigating, or transferring risk is generally characterized as Risk Management. These questions are answered by analyzing and assessing risk.
Uncertainty is the central issue of risk.
Prudent management, having analyzed and assessed the risks by securing credible answers to these four questions, will almost certainly find there to be some unacceptable risks as a result. Information Risk Management is an increasingly complex and dynamic task. This chapter is written with the objective of illuminating the process and the issues of risk analysis and assessment.