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A Layer-Based Risk Tool (LBRT) for IT security management in a corporate environment is presented and discussed. The Risk-Rank algorithm is modified for implementation in this tool by taking practical considerations into account. The focus is shifted to a security requirement-based approach during actual assessment of operational risk in the organization and absolute risk values are computed instead of relative risk probabilities. In addition, a risk mitigation algorithm is proposed to find the optimum set of measures under certain budget constraints. A dynamic programming formulation is presented and a shortest path solution is obtained based on Dijkstra's algorithm. The risk assessment and mitigation algorithms are illustrated and evaluated with numerical examples.