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A mitigating control is type of control used in auditing to discover and prevent mistakes that may lead to uncorrected and/or unrecorded misstatements that would ...
Hierarchy of hazard control is a system used in industry to prioritize possible interventions to minimize or eliminate exposure to hazards. [a] It is a widely accepted system promoted by numerous safety organizations. This concept is taught to managers in industry, to be promoted as standard practice in the workplace.
The mitigation strategy attempts to reduce the damage of a vulnerability by employing measures to limit a successful attack. According to Hill (2012), "this can be done by fixing a flaw that creates an exposure to risk or by putting compensatory controls in place that either reduce the likelihood of the weakness actually causing damage or ...
The purpose of the mitigation plan is to describe how this particular risk will be handled – what, when, by whom and how will it be done to avoid it or minimize consequences if it becomes a liability. Summarizing planned and faced risks, effectiveness of mitigation activities, and effort spent for the risk management.
Compensating controls mitigate ongoing damages of an active incident, e.g. shutting down a system upon detecting malware. After the event, corrective controls are intended to restore damage caused by the incident e.g. by recovering the organization to normal working status as efficiently as possible.
Engineering control approaches are often oriented towards reducing inhalation exposure through ventilation and isolation of the toxic material. However, isolation can also be useful for preventing skin and eye contact as well, reducing reliance on personal protective equipment which should be the control of last resort.
The continual focus on risk elimination that a control self-assessment can lead to has also been criticised. The process of continual evaluation of risks and making plans to mitigate and eliminate them may lead to an unbalanced corporate culture where risks are eliminated ignoring the risk-return ratio of different business choices. [21]
Mitigation planning identifies policies and actions that can be taken over the long term to reduce risk, and in the event of a disaster occurring, minimize loss. Such policies and actions are based on a risk assessment , using the identified hazards , vulnerabilities and probabilities of occurrence and estimates of impact to calculate risks ...