...2. Identified Risks There are a number of organisations that maintain a database of vulnerabilities. The list below is not exhaustive, but the vulnerabilities listed in this report have been extracted from Cve.mitre.org (n.d.). 2.1 The Catastrophic List These vulnerabilities were identified during the assessment and need urgent remediation as they pose a serious security risk to the organisation. ID Vulnerability Description Risk Category Remediation Method V001 A firewall is on the edge of the network acting as the first line of defence against any attempts to access the network without permission. However, the network not optimally protected, as the firewall is poorly managed. Catastrophic: Attempts to scan or penetrate network will not be detected all the time. • Operating system firewall installed where required. • Hardware firewall...
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...Identify – Risk identification allows individuals to identify risk so that the operations staff becomes aware of potential problems. Not only should risk identification be undertaken as early as possible, but it should also be repeated frequently. There are multiple types of risk assessments, including program risk assessments, risk assessments to support an investment decision, analysis of alternatives, and assessments of operational or cost uncertainty. Risk identification needs to match the type of assessment required to support risk-informed decision making. Brainstorming is also a good method to use to identify risks. Everyone involved with the project to be included in risk identification. Review the project scope, cost estimates, schedule, technical maturity, key performance parameters, performance challenges, stakeholder expectations vs. current plan, external and internal dependencies, implementation challenges, integration, interoperability, supportability, supply-chain vulnerabilities, ability to handle threats, cost deviations, test event expectations, safety, and security. Review historical data from similar projects, stakeholder reviews, and risk lists provide valuable insight into areas for consideration of risk. Analyze and prioritize – Risk analysis transforms the estimates or data about specific risks that developed during risk identification into a consistent form that can be used to make decisions around prioritization. Risk prioritization enables...
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...Risk mitigation techniques Risk management involves the process of continuous identification of the risk factors and devising way and methods of dealing with them. The identification process can be done using different types of models depending on the type of organization being analyzed (Chapman, 1996). Dr. Kallman a professor of risk management, has several techniques which he has discussed regarding the risk management which will be compared with other techniques recommended by other authors like Victoria Duff. Understand the risk According to Dr. Kallman on risk management, he has given the following techniques to be used. Dr. Kallman says that before giving the mitigation techniques to the risk, there must be identification of the risks. A risk manager should understand the type of risks which are likely to face a firm and list them down. This is what we call risk identification. For one to know this, there must be clear understanding of the companies’ goals, mission and objective. From these factors, the risk that is likely to face an organization can be identified easily. When the risks have been identified, they can be categorized to three distinct groups such as, operational, strategic and economic. Strategic risks include those risks with long term varied effects on the firm and they are composed of factors like, the reputational risk, quality risk and brand risk. The next set of risk is operational risks which include things like the hazards which expose the business...
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...Risk assessment is a structured and methodical process, which is reliant on the correct identification of hazards and a suitable assessment of risks ascending from them, with a sight to making inter-risk comparisons for purposes of their control and prevention. Information technology, as a technology with the fastest rate of development and application in all branches of business, requires adequate protection to provide high security. The focus of the safety analysis applied on an information system is to recognize and evaluate threats, vulnerabilities and safety characteristics. IT assets are uncovered to risk of harm or losses. IT security includes protecting information stored electronically. That protection implies data integrity, availability and confidentiality. According to“Risk Assessment of Information Technology Systems” (2009) risk assessment is the most critical part of Information Security Management (ISM). Risk Management and Risk Assessment involves analysis, planning, implementation, control and monitoring of implemented measurements, and Risk Assessment, as part of Risk Management. It involves several processes: · Risk identification, · Relevant risk analysis, · Risk evaluation The main purpose of Risk Assessment is to make a choice whether a system is acceptable, and which measures would provide its acceptability. For every organization using IT in its business process it is important to conduct the risk assessment. Numerous threats and vulnerabilities...
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...Risk Management process- Comparison with Individuals and Corporate Entities:Literally speaking, risk management is the process of minimizing or mitigating the risk. It starts with the identification and evaluation of risk followed by optimal use of resources to monitor and minimize the same.Risk generally results from uncertainty. In organizations this risk can come from uncertainty in the market place (demand, supply and Stock market), failure of projects, accidents, natural disasters etc. There are different tools to deal with the same depending upon the kind of risk.Ideally in risk management, a risk prioritization process is followed in which those risks that pose the threat of great loss and have great probability of occurrence are dealt with first. Refer to table below: | | IMPACT | ACTIONS | SIGNIFICANT | Considerable Management Required | Must Manage and Monitor Risks | Extensive Management essential | MODERATE | Risk are bearable to certain extent | Management effort worthwhile | Management effort required | MINOR | Accept Risks | Accept but monitor Risks | Manage and Monitor Risks | | LOW | MEDIUM | HIGH | | LIKELIHOOD | The above chart can be used to strategize in various situations. The two factors that govern the action required are the probability of occurrence and the impact of the risk. For example a condition where the impact is minor and the probability of occurrence is low, it is better to accept the risk without any interventions. A condition...
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...RISK MANAGEMENT GUIDE FOR DOD ACQUISITION Sixth Edition (Version 1.0) [pic] AUGUST, 2006 Department of Defense Preface The Department of Defense (DoD) recognizes that risk management is critical to acquisition program success (see the Defense Acquisition Guidebook (DAG), Section 11.4). The purpose of addressing risk on programs is to help ensure program cost, schedule, and performance objectives are achieved at every stage in the life cycle and to communicate to all stakeholders the process for uncovering, determining the scope of, and managing program uncertainties. Since risk can be associated with all aspects of a program, it is important to recognize that risk identification is part of the job of everyone and not just the program manager or systems engineer. That includes the test manager, financial manager, contracting officer, logistician, and every other team member. The purpose of this guide is to assist DoD and contractor Program Managers (PMs), program offices and Integrated Product Teams (IPTs) in effectively managing program risks during the entire acquisition process, including sustainment. This guide contains baseline information and explanations for a well-structured risk management program. The management concepts and ideas presented here encourage the use of risk-based management practices and suggest a process to address program risks without prescribing specific methods or tools....
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...Use a Risk Breakdown Structure (RBS) to Understand Your Risks David Hillson, PhD, PMP, FAPM, MIRM, MCMI, Director of Consultancy, Project Management Professional Solutions Limited Introducing the Risk Breakdown Structure (RBS) The risk management process aims to identify and assess risks in order to enable the risks to be understood clearly and managed effectively. The key step linking identification/assessment of risks with their management is understanding. This is, however, the area where the project manager or risk practitioner gets least help from current guidelines or practice standards. There are many commonly used techniques for risk identification (see, for example, the risk management chapter of A Guide to the Project Management Body of Knowledge (PMBOK® Guide, Project Management Institute, 2000). These identification techniques, however, tend to produce an unstructured list of risks that often does not directly assist the project manager in knowing where to focus risk management attention. Qualitative assessment can help to prioritize identified risks by estimating probability and impacts, exposing the most significant risks; but this deals with risks one at a time and does not consider possible patterns of risk exposure, and so also does not provide an overall understanding of the risk faced by the project as a whole. In order to understand which areas of the project might require special attention, and whether there are any recurring risk themes, or concentrations...
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...It is the policy of Fay Servicing, LLC (“Fay”) to define the risk management requirements to protect the confidentiality, integrity and availability of its Information Resources. To accomplish this task, a formal Information Security Risk Management Program has been established as a component of the Organization's overall risk management policy and is an integral part of Fay’s Information Security Program to ensure that Fay is operating with an acceptable level of risk. The Information Security Risk Management Program is described in this Policy. 2. Overview Risk Management is the continuous process which allows Fay’s business owners to balance the operational and economic costs of protective measures while achieving gains in mission capability,...
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...paper, an analysis of the current project risk management Procedure followed by the Spanish Business Unit of an automotive multinational company, which manufactures steering wheels and airbag modules. Different changes are established in the current procedure for the purpose of defining and implementing a project risk management procedure more useful and efficient. Introduction In the competitive business environment, organizations are seeking to get and stay ahead of the competition by making significant advances in the products and services, and operating as efficiently as possible. Many businesses use projects as vehicles to deliver that competitive advantage. Clearly each organization wishes to move ahead as quickly as possible, and that involves taking risk as the business exposes itself to a range of uncertainties that could affect whether or not it achieves its desired aim. Risk can be broadly defined as the probability of variation surrounding an anticipated outcome. Risk has been examined across multiple Disciplines, including economics and management. Within the project management context, the important thing is not keep risk out Projects, but to ensure that the inevitable risk associated with every project is at a level which is acceptable, and it is effectively managed. A project risk management includes the processes concerned with identifying, analyzing and responding to project risk. It...
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...RISK ASSESSMENT REPORT Template Information Technology Risk Assessment For Risk Assessment Annual Document Review History The Risk Assessment is reviewed, at least annually, and the date and reviewer recorded on the table below. | Review Date |Reviewer | | | | | | | | | | Table of Contents 1 INTRODUCTION 1 2 IT SYSTEM CHARACTERIZATION 2 3 RISK IDENTIFICATION 6 4 CONTROL ANALYSIS 8 5 RISK LIKELIHOOD DETERMINATION 11 6 IMPACT ANALYSIS 13 7 RISK DETERMINATION 15 8 RECOMMENDATIONS 17 9 RESULTS DOCUMENTATION 18 LIST OF EXHIBITS Exhibit 1: Risk Assessment Matrix 18 List of Figures Figure 1 – IT System Boundary Diagram 4 Figure 2 – Information Flow Diagram 5 List of Tables Table A: Risk Classifications 1 Table B: IT System Inventory and Definition 2 Table C: Threats Identified 4 Table D: Vulnerabilities, Threats, and Risks 5 Table E: Security Controls...
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...Threats and Risks Assessment The determination of natural, man-made, and technological risks is the responsibility of security management and security personnel. Threats and risks are vital to determine to lessen the damages caused to assets within the organization. Retail organizations have many assets that are needed to be protected from threats and risks in order to maintain quality customer service. The threats and risks can either be caused from the inside threats or outside threats. The most common risks that are present in retail organizations are fires, internal and external thefts, and burglaries. Threats and vulnerabilities are managed and determined by security officials on a daily basis to ensure proper protocols are being upheld when risks present themselves. Retail Threat and Risk Assessment The determination of threats and risks that affect all organizations, not just specific organizations, must first be made by using a threat and vulnerability assessment and risk analysis. “The first step in a risk management program is a threat assessment. A threat assessment considers the full spectrum of threats for any given facility/location. The assessment should examine supporting information to evaluate the likelihood of occurrence for each threat” (National Institute of Building Sciences, 2012). The threats and vulnerabilities within the organization are discovered and then a risk analysis is used to determine which risks are most likely to be present within...
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...Risk Management Plan YIELDMORE Version 1.0.1 Table of Contents Executive Summary...………………………………………………………..3 1.0 Introduction..……………………………………………………………..4 1.1 Purpose of the Risk Management Plan……………..…….....4 2.0 Risk Management Procedure……….…………………………………...4 2.1 Objectives……………………………………………………4 2.2 Scope………………………………………………………...4 2.3 Compliance Laws and Regulations…………….………………….…....5 2.3.1 PCI DSS Summary ………………………………..…....…5 2.3.2 Sarbanes Oxley Act Summary ………………………..…..6 2.4 Roles and Responsibilities……………………………………..….…..6 2.4.1 Threat Identification………………………………………..7 2.4.2 Methods for Risk Identification……………………...…….7 2.4.3 Vulnerability Identification...………………………...…….7 2.4.4 Pair Threats & Vulnerabilities……………………...………8 2.5 Risk Analysis………………………………………………….……......8 2.6 Risk Monitoring……………………………………………....………..9 2.6.1 Risk Management Plan Approval………………………….10 Executive Summary A risk is an event or condition that if a threat exploits vulnerability there could be a positive or negative effect on a business or project. Risk Management is the practice of identifying, assessing, controlling and mitigating risks. This document is a guideline in completing a Risk Management Plan. The Risk Management Plan describes the vulnerabilities and threat pairs that could be a potential risk, and outlines a plan to be performed, recorded, and monitored with control measures. The Risk Management Plan is important because it outlines...
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...Applying Risk Management Consulting Ricardo Jackson CMGT/430 April 28, 2015 Dr. Leandro Worrell Applying Risk Management Consulting According to (Whitman & Mattord, 2010) Risk Management is the process of discovering and assessing the risks to an organization’s operations and determining how those risks can be controlled or mitigated. Risk management tackles part of a law-abiding control program that organizations implement to monitor the business and make informed decisions. Most corporate leadership takes on this task while bridging together other departments within the organization requirements. While governance programs differ broadly, all programs require a well-thought-out security risk management component to arrange and mitigate security risks. The management of information systems relies heavily on risk management therefore certain fundamentals must be applied within an organization risk management plan. These principles include identification, assessment, and decision support/implementation control. Identification The risk identification process begins with the identification of information assets, including people, procedures, data, software, hardware, and networking elements. Risk Assessment Identify and prioritize risks to the business Assess Control. Assessing the relative risk for each vulnerability is accomplished via a process called risk assessment. Risk assessment assigns a risk rating or score to each specific vulnerability. This enables...
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...Little booklet of Risk Management Terminologies Babou Srinivasan, PMP Little booklet of Risk Management Terminologies I dedicate this booklet to all Risk Management Gurus & Project Managers who takes risk management a serious stream in managing their projects 2 Little booklet of Risk Management Terminologies Contents Project Risk.................................................................................................................................................... 5 Risk Management Processes......................................................................................................................... 6 Known Risks - Unknown Risks ....................................................................................................................... 8 Risk Category............................................................................................................................................... 10 SWOT Analysis............................................................................................................................................. 12 Risk Response Planning Strategies.............................................................................................................. 14 Contingency Plan & Fallback Plan ............................................................................................................... 16 Residual Risk ..........................................................................
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