Review “NIST and Third-Party Risk Management” and Module 4 within the textbook regarding risk management processes. During this assignment, you will develop a comprehensive risk management plan for the same corporate profile selected earlier. Based on the information obtained from previous assignments, provide a synopsis of managing risks, and describe the tools and strategies that will ensure network security.

Develop a comprehensive risk management plan based on risk measurement and evaluation methodologies. Include the following parts:

Part 1: Prepare for Risk Management (“Establish a Framework for Managing Risk”)

1. List the corporate requirements (i.e., standards, laws) associated with the company and explain the impact of non-compliance.
2. Analyze threat information to identify vulnerabilities and potential for exploitation.
3. Analyze and evaluate systems with respect to maintaining operations in the presence of risks and threats. List at least eight categories for various people, processes, hardware, software, and data applicable to the company and describe the data/system classification scheme and the reasons for selecting it.

Part 2: Identify Risk (“Where is the Risk to My Information Assets”)

1. Evaluate and categorize risk 1) with respect to technology; 2) with respect to individuals, and 3) in the enterprise, and recommend appropriate responses and measure their value to the company (Low, Moderate, High, Critical) in a simple table.
2. Describe various risk analysis/assessment methodologies.
3. Describe how risk relates to a system security
4. Identify and analyze risk management models.
5. Examine the fundamental security concepts for an example system and implement the appropriate risk management methodologies and processes.
6. Select the optimal methodology based on needs, advantages, and disadvantages.

Part 3: Assess Risk (“How Severe is the Risk to My Information Assets”)

1. Provide a diagram of the matrix used to assess risk.
2. Identify risk mitigation strategies in relation to economic practices.

Part 4: Define Risk Appetite (“How Much Risk is Acceptable to My Organization”)

1. Establish a Risk Appetite Statement for the company.
2. Analyze risk transference, acceptance, and mitigation strategies within the corporate environment.
3. Define the Risk Tolerance of the company.

Part 5: Control Risk

In a 250-500-word summary, identify and describe the Risk Control Strategy adopted by the company. Ensure the strategy aligns with corporate requirements (standards, laws, frameworks, security policies, etc.) and risk appetite, and includes best practices to communicate risk.

While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

This assignment uses a rubric. Review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to LopesWrite. A link to the LopesWrite technical support articles is located in Class Resources if you need assistance.

Benchmark Information

This benchmark assignment assesses the following programmatic competencies:

BS Cybersecurity

1.2: Develop comprehensive risk management plan.

1.3: Analyze and evaluate systems with respect to maintaining operations in the presence of risks and threats.

5.2: Analyze threat information to identify vulnerabilities and potential for exploitation.

7.1: Examine the fundamental security concepts for an example system and implement the appropriate management methodologies.