Which factors must be evaluated when considering options to mitigate risk?

When considering options to mitigate risk, the evaluation of availability, affordability, and feasibility of application is crucial. Availability refers to whether the resources needed to implement a risk mitigation strategy are accessible and can be deployed as necessary. Affordability covers the financial implications of implementing certain measures; it is important to ensure that the costs of mitigation do not outweigh the potential benefits or the overall budgetary constraints of the organization. Feasibility of application assesses whether the mitigation strategies can be realistically implemented within the existing operational framework and timeline.

These factors align closely with effective risk management practices because they ensure that the chosen strategies are practical and can actually be put into action while remaining within the organization’s financial and resource capabilities. Focusing solely on any single aspect could lead to strategies that are either impractical or financially unviable, ultimately failing to enhance the organization’s security posture effectively.