The basic equation for risk is defined as R = ƒ(C*V*T) 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 how that use benefits such aspects as resource allocation, strategic planning, grant award, or any of the multitudes of other homeland security issues or operations.
U.S. Department of Homeland Security (2010). Quadrennial homeland security review report: A strategic framework for a secure homeland. Washington, DC: Government Printing Office. Retrieved from http://www.dhs.gov/xlibrary/assets/qhsr_report.pdf.