Identification should include

• defining risk management as the process of identifying possible vulnerabilities and quantifying potential risk as it pertains to systems
• addressing risk management strategies, including but not limited to
• risk mitigation―reducing an organization’s exposure to the risk
• risk transfer―transferring the risk to another company, such as an insurance firm
• risk avoidance―avoiding the possibility of the risk (e.g., a retailer discontinues personal data collection of customers to avoid the risk that the data could be stolen)
• risk acceptance―understanding and accepting the risks associated with use of a system or feature; this often happens when the cost of mitigation outstrips the potential loss associated with the risk. 

Teacher Resources:

• NIST Risk Management Framework
• Risk Management Matrix: Overview and Guide, AuditBoard