Security & Risk Management - Essay Example

The studies of risk perception and risk management have resulted in the development of different psychological models of risk perception. These models play an important role in understanding the behavior of the people toward risk and their reactions. This paper discusses these very models along with their advantages and limitations. The paper begins with a brief discussion on security management as it is important to first understand the nature of the topic. This is followed by another brief discussion on risk perception which provides the base for the paper.

After that, the psychological models of risk perception are discussed in general. The psychometric paradigm is discussed in particular as it is one of the main models of risk perception and perhaps the oldest. After that the advantages of these models are discussed followed by its limitations for the security managers. In the end, the conclusion of the paper is given. Security management is a broad term which is used to refer to securing different types of assets of an organization, including the security of the information of an organization.

It is the job of the security manager to identify the assets of an organization that need to be secured. Once these assets are identified, it is then required that the security manager develops policies to ensure the safety of these assets and introduce procedures and guideline which are to be followed for an effective security management. Managing risks is also an important part of security management which rather difficult as it includes identification, assessment, and prioritization of risks.

A wrong prioritization can result in a grave situation. Therefore, the security managers are always under great pressure to make the right decision which is influenced by a number of psychological and social factors that vary in different situations. The security managers