Optimization of Different Objective Function in Risk Assessment System

Abstract

This paper proposes a new definition and conceptual framework for Risk assessment system. Risk assessment is the first process in the risk management methodology Organizations use risk system to determine the extent of the potential threat and the risk associated with an IT system throughout its SDLC. The output of this process helps to identify appropriate controls for eliminating risk and to determine the likelihood of a future adverse event. In this paper we will also discuss the Quantitative versus Qualitative Assessment, their advantage and disadvantages, while conducting the impact analysis. Once all the objective function have be optimized and completed, the results should be documented in an official report. This expanded view of Risk assessment emphasis the double role of risk management instruments, protecting basic livelihood as well as promoting risk taking and protecting basic livelihood.

Keywords - Risk assessment, Risk Management, SDLC (System Development life cycle optimization)