Reference no: EM133398781
Risk management involves the planning, organization, leading, and controlling of an organization's activities in order to minimize security risks. Based on today's cloud-based businesses, online cyber security threats, and compliance protocol, risk management is extremely important. In this assignment, you'll analyze the various risks organizations are faced with and how to eliminate or mitigate those risks. You'll apply best practices you learned in course resources and your own research to make develop a risk management plan to address the risks.
Preparation
Select a risk that affects various organizations in different industries. Focus on finding solutions that will eliminate or mitigate the risk from actually occurring or occur with minimal impact on an organization.
Plan Your Research
Use research from the course textbook, resources from the library, or outside resources to develop solutions that relate to corporate culture, teamwork, and developing strategies to eliminate or mitigate the risk. Your recommendations must be fully articulated and supported with appropriate detail and sources. Note: Wikipedia and web-based blogs do not qualify as credible resources.
Instruction
Imagine yourself as a manager at your organization. You have been tasked with managing a risk associated with your organization. You must propose effective solutions to eliminate or mitigate the risk. Create a Risk management Plan in which you do the following:
1. Describe the Risk
Provide a brief description of the identified risk and impact of the risk on the organization.
2. Describe the Scope of the Risk
Provide details of the scope of the risk as well as outlining possible events. Describe the event, number, type, and size of the risk.
3. Describe the Nature of the Risk
Classify the risk. Provide an indication of the potential impact on terms of the timescale, including a description of the uncertainty, opportunity, or hazard of the risk.
4. Discuss Stakeholders Affected by the Risk
List the external and internal stakeholders, including their expectations and how they will be affected by the risk.
5. Describe Risk Evaluation
Discuss the magnitude and likelihood of the event of the risk, including the possible consequences or impact if the risk were to materialize at the current level.
6. Describe Loss Experience
Describe any previous incidents, including any loss that was experienced during these events relating to the risk in question.
7. Describe Risk Tolerance, Appetite, or Attitude
State the anticipated financial impact and loss potential of the risk. Identify the target for controlling the risk, as well as the desired level of performance.
8. Describe Risk Response, Treatment, and Controls
Describe the existing control mechanisms and activities that are in place and outline your confidence in these tools. Also outline procedures for monitoring and reviewing risk performance.
9. Describe Potential for Risk Improvement
Aside from the points that have already been mentioned, indicate the potential for a cost-effective risk modification or improvement. Deadlines and recommendations for implementation should be stated, as well as establishing responsibility for any improvements being implemented.
10. Describe Strategy and Policy Development
The detailed risk descriptions should indicate responsibility for auditing compliance with controls and developing strategies related to risk.