Total risk is an assessment that identifies all of the risk factors associated with pursuing a specific course of action.
Total risk represents a combination of the systemic risk and unsystemic risk, including potential internal and external threats and liabilities, Identifying these risks requires performing a total risk assessment, which offers a comprehensive view of potential threats an organization might encounter. The goal of examining total risk is to make a decision that leads to the best possible outcome.
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From a compliance perspective, total risk determines an organization's approach to security planning and spending, and regulatory compliance.