http://www.csoonline.com/article/731833/three-simple-steps-to-determine-risk-tolerance-
By Craig Shumard
CSO
April 16, 2013
For CISOs, in addition to deciding what policies, processes, or
technology an organization should have in place, an even more
significant challenge is successfully negotiating disputed risk issues.
But, the process for determining risk tolerance is fraught with
organizational politics, and it goes without saying that each
organization's circumstance needs a customized fit. When determining a
process, the most important aspects to take into account include: how an
organization decides on risk tolerance, security risk assumption
decision-making, and who has the authority to assume security risks.
How to determine risk tolerance within your organization
Every organization has a risk tolerance model, ranging from a formal
documented process to an undocumented process, or more often than not
something in between. To solve the problem, first you need to determine
where on this spectrum your organization lies.
Found in organizations with mature enterprise risk management (ERM)
processes, a formal documented risk tolerance and assumption process
clearly defines risk assumption authority level and specifies who can
assume and sign-off on the risks. This process establishes a "governance
procedure" and is often based on quantifying the risks and exposures.
Even in these organizations, however, the ERM processes often do not
adequately simplify the resolution of contested security issues.
[...]
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