Overview: Risk Response and Mitigation - Analysis techniques - Cost-benefit analysis
3 important questions on Overview: Risk Response and Mitigation - Analysis techniques - Cost-benefit analysis
What factors to include in calculating the costs?
1. Cost of acquisition
evaluation of solution, cost of control, cost of training, cost to rearchitect systems
2. Ongoing maintenance
license costs, costs of staff to monitor and report on control, impact on productivity/performance, cost of support and technical assistance.
3. Cost to remove/replace control
evaluation of solution, cost of control, cost of training, cost to rearchitect systems
2. Ongoing maintenance
license costs, costs of staff to monitor and report on control, impact on productivity/performance, cost of support and technical assistance.
3. Cost to remove/replace control
What factors to include in calculating the benefit?
1. Reduced cost of risk event
2. Reduced liability
3. Reduced insurance premiums
4. Increased customer confidence
5. Increased shareholder confidence
6. Trust from financial backers
7. Faster recovery
8. Better employment relations (safety)
2. Reduced liability
3. Reduced insurance premiums
4. Increased customer confidence
5. Increased shareholder confidence
6. Trust from financial backers
7. Faster recovery
8. Better employment relations (safety)
What is the underlying value of cost-benefit analysis?
The underlying value is the extent to which a given expense results in reduction of risks.
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