Risk Analysis Considerations for Huffman Trucking
University of Phoenix
CMGT442
1-8-2012

The purpose of a risk assessment is to help decision makers to become aware of threats that can negatively impact the business and to help them to make sound and informed decisions to limit the amount of risk the business is exposed to. Huffman trucking is embarking on the creation of a benefits election system for the tracking and reporting of employee benefits. Because of the sensitive nature of the information being dealt with, Huffman must take measures to limit the amount of exposure to risk the system will have.
Often times companies overlook some factors of risk because they have limited vision with regards to potential liabilities or faults in their systems. A good and thorough risk assessment can identify previously unseen weaknesses as well as develop a better understanding of all the threats. There are some components that when in place can have a huge effect on the validity of a risk assessment. Hiring an outside firm with expertise in identifying threats and developing action plans can be costly but can also help to ensure any risk analysis is thorough. Also, companies with good data sources are in a better position to evaluate existing operations and assets.
When putting together a risk assessment there are certain components that are crucial to getting the process completed thoroughly and appropriately. These steps include:

Identifying Threats. Cataloging both internal and external threats that could interrupt operations and jeopardize assets is the first step. Threats come in many forms both physical and non. Some threats include hackers, terrorists, natural disasters, angry employees and untrained employees. Getting a full and complete list of these potential threats both great and small is the most critical function for creating a plan to stop them.