Discussion- Risk base Testing

Risk is the possibility of a negative or undesirable outcome or event. Testing is concerned with two main types of risks:

• Product or quality risks, which are problems that can potentially affect the quality of the product itself.
• Project or planning risks, which are problems that can potentially affect overall project success.

Question:

Not all risks are equal and there are a number of ways to assess the level of risk. So, how can we identify security risks, assess their levels, implement appropriate tests and other controls, and report security test results based on risk?

Your Task: Your initial posting must be between 200-250 words. In your posting make sure to provide substantive answers. By substantive we mean going beyond just providing an opinion; rather it means either identifying the relevancy (i.e., pros and cons) of the material and provide references as applicable.