How would a baseline risk level be established? How ISMS and FAIR can be applicable to organizations: Information Risk Management Assignment, UOD, UK

How would a baseline risk level be established? How ISMS and FAIR can be applicable to organizations.
What approach could be taken to define a risk assessment and can a single approach work or it will be more appropriate to individually assess each domain? Along with risk analysis and treatment strategies.
How would the effectiveness of controls be measured? What can be risk quantification measures and metrics? How to monitor ongoing risk?

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