Risk Management

The basic equation for risk is defined as R = f(CIPT) where R is the level of risk, C is the consequences (public health, our economy, government action, public confidence in our institutions) of an attack, V is an assessment of the vulnerability of a potential target (how hard or easy it would be for it to be hit by terrorists) and T is the threat or the likelihood that a specific target will suffer an attack or disaster from a specific weapon. The Department of Homeland Security has stated that it will apply risk management principles to homeland security operations and has stated that "Ultimately, homeland security is about effectively managing risks to the Nation's security" (DHS 2010, 2). Drawing upon your class readings and additional research, examine how risk management is used by the homeland security enterprise and the many benefits derived from such activities as resource allocation, strategic planning, grant funding, or any other homeland security-related initiatives.