...Business Plan Part 5: Risk Assessment and Strategies for Growth Business Plan Part 5: Risk Assessment and Strategies for Growth Jasmeih Green BUS521002VA016-1126-001 Entrepreneurship & Innovation MANNERS, AMANDA 9/8/2012 Jasmeih Green BUS521002VA016-1126-001 Entrepreneurship & Innovation MANNERS, AMANDA 9/8/2012 Assess risk for your business. 1. Identify and evaluate the main sources of risk for your business. 2. Explain your plan for dealing with risk by developing a contingency plan. It is stated that risk assessment is third step in a basic risk management process. Risk assessments measure two components: severeness of expected loss and the probability that loss will occur. The aim is to determine the quantitative and qualitative values of risk associated with a potentially hazardous circumstance. Risk assessment is different for individual businesses, there is a general checklist to consider when assessing and managing risks. It should be able to identify potential endangerment to your assets when using the risk assessment. The primary assets that are subject to risk, as well as the secondary assets that might be affected can be determined. My company will have to be able to identify the threat community by deciding whether the threat is internal or external, human ware of malware. In this case we have to be specific in determining the threat. Sometimes you have referred to a broad-spectrum analysis. There is several risk assessment that do...
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...Risk Management Plan | Baylor University Dormitory Project | | Presented by: | Approved by: | Version 3 | 10/16/2012 | | Table of Contents Table of Contents………………………………………………………………………………………………………2 Introduction…………………………………………………………………………………………………………….3 Project Description and Objectives…………………………………………………………………………………….3 Objectives of the Risk Process………………………………………………………………………………………3-4 Project Sizing…………………………………………………………………………………………………………..4 Stakeholders and Analysis……………………………………………………………………………………………..5 The Risk Process……………………………………………………………………………………………………….6 Risk Breakdown Structure……………………………………………………………………………………………..7 Probability-Impact Matrix……………………………………………………………………………………………...8 BUD Project Risk Register………………………………………………………………………………………....9-11 Summary Risk Report…………………………………………………………….……………………………….12-15 Conclusions and Recommendations………............................................................................................................15-16 References…………………………………………………………………………………………………………….16 Introduction This document is the risk management plan for the Baylor University Dormitory (BUD) Project. The defining risk management process contained herein shall be employed throughout the life of this project. As the team leader and the primary representative of Quantum Electric, the project manager is responsible for reviewing and maintaining this risk management plan throughout the course of this project. The accountability...
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...Commodity Risk Assessment Plan The following provides guidance regarding the format and content of a risk assessment plan that should become part of a commodity strategy. Risk assessments can also be developed independent of commodity strategies. Section 1: This section includes an external intelligence report that describes in detail the supply market for the commodity/material. Who are the major suppliers and where are they located? Who are the major customers? What are the supply trends? Are there specific supply and demand price drivers? What is the overall competitive environment of the market for this commodity? The major suppliers are small, family-run cocoa farms in regions with tropical climate. Specifically, the primary growing sites consist of Americas, Asia and Africa, with a portion of 15%, 17% and 68%, respectively. Among them, Côte d'Ivoire in Africa is the largest producing country with a total 33% global supply volume. Usually, the cocoa beans are imported by direct purchase or through a broker. The ultimate major customers of cocoa are coffee and chocolate companies including Hersey, Godiva, etc. They are mainly from developed countries, whereas increasing markets exist in developing countries like China due to the growing middle class. With this stable demand growth, the total production for the past years has shown a growing tendency with a decreased increasing rate. Notably, due to the fluctuated weather patterns in recent years, it may pose more...
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... Rivers October 19, 2013 Project 1 Part 1: Risk Mgmt. Plan 1. Introduction Risk Mgmt. Plan Well for starters the purpose of this risk management for DLIS (Defense Logistics Information Service) plan will be similar to the purpose of any organization would be and that would be how to better protect and secure the company’s IT environment. The importance of this is major since there is all kind of important data that is on and transmitted throughout our networks on a daily basis. DLIS we must ensure that we implement all necessary preventative security measures as well as policies and procedures. We must do this by first of all ensuring that we have really good antivirus software installed on all of our systems and ensuring that it is always up to date. The next thing is extensively configuring our firewalls making it more difficult for our networks to be hacked. Another thing is data encryption which is very vital in securing all important data for our company and clients especially when we are performing data transmission over the networks. The last thing I want to mention which will be part of policies and procedure is implementing various password and logon policies and procedures for security purposes as well. As I stated the purpose of the development of this plan is to reduce the risk of threats and vulnerabilities on our networks. This is vital because threats and vulnerabilities definitely present risk(s) to any important company and client data. We...
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...Risk-Based IT Audit Risk-Based Audit Methodology Apply to Organization’s IT Risk Management Kun Tao (Quincy) Cal Poly Pomona Author Note This paper was prepared for GBA 577 Advanced IS Auditing, taught by Professor Manson. March 2014 Page 1 of 26 Risk-Based IT Audit Table of Contents Abstract .......................................................................................................................................... 3 Introduction .................................................................................................................................... 4 Methodology................................................................................................................................... 6 Risk-based auditing methodology: Risk assessment...................................................................... 6 IT Risk Management................................................................................................................... 7 IT Risk Control Framework........................................................................................................ 8 Identifying assets...................................................................................................................... 13 Determining criticality and confidentiality levels......................................................................14 Threat and vulnerability identification................................................................
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...Health and Safety in the health and social workplace Name: OLUWOLE. F. OMITOYIN Introduction: This essay intends to demonstrate a clear understanding of health and safety legislation and its implementation in health and social care settings. A review of systems, policies and procedures for communicating information in relation to legislations and individual responsibilities in term of managing health and safety will be considered. While safety priorities and how they are being implemented will be looked into. The use of information from care plan; the importance of risk assessment, the impact of policies on health care practices and how dilemma situation are managed and in addition consequences of non-compliance with law and regulation will be discussed. Lastly, the essay will critically look at how health and safety arrangement are monitored and review and also analyse the effectiveness of positive health and safety culture in health care organisation. In conclusion, my own contribution to health and safety needs will be discussed and recommendation made. Task 1: 1.1 According to oxford English dictionary (2014) “Policy is defined as a course or principle of action adopted or proposed by an organisation to direct and limit its action in pursuit of a long term goals,” examples smoking policy, manual handling policy. While a procedure on the other hand is an established or official ways of doing things or a series of actions conducted in a certain order or manner...
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...Task 1(C) Implementation Plan • Formally assign ownership of field level IT Business Continuity initiatives to IT division CIO’s with an indirect ownership to IT Business Continuity to assure comprehensiveness of division level Business Continuity program requirements. • Provide the necessary resources and subject matter experts in the field of business continuity for each of the organization’s operational groups. • Mandate, define, develop, and implement the processes necessary to conduct a comprehensive risk assessment necessary to identify and define the potential risks and vulnerabilities to the decentralized information system infrastructure components, as similarly conducted for the Regional Data Centers, with the further requirements as mandated by HIPAA. • Perform risk management processes for the field level entities and their information system infrastructure, in order to prioritize and rank risks for mitigation purposes. • Conduct Application Impact Assessment (AIA) at field level facilities to identify and measure the effect of information system infrastructure resource loss and escalating losses over time in order to provide the business with reliable data upon which to base decisions concerning risk, hazard and vulnerability mitigation, recovery strategies, and continuity planning, as well as to provide application and data criticality analysis as addressed by the HIPAA Security Rule. • Implement mitigation...
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... Business Impact Analysis and Risk Assessment for Information Resources General Information & Process Description Introduction The IT Security and Policies area within Information Technology Services is responsible for establishing policies to ensure that Iowa State University has a secure information technology environment. This document defines a process for departments to perform a business impact analysis and risk assessment for their information resources. Once an assessment has been done, the resulting documents should be maintained and regularly reviewed by the department. By using the business impact analysis and risk assessment tool defined in this document, departments have the capability to identify and respond to risks for their systems and information resources. Departments are encouraged to contact the Information Technology Security and Policies area at 4-2588 if they have specific questions or if they would like to arrange a meeting to discuss the process on an individual basis. Business Impact Analysis and Risk Assessment Guaranteed absolute security in today’s information technology environments is not realistic. However, it is important to have a process of identifying resources and associated risks, determining their magnitude, and identifying what safeguards are needed. That process is what we are referring to as business impact analysis and risk assessment. It is the department’s responsibility...
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...1 February 2009 pp. 63–76 Assessing Information Technology General Control Risk: An Instructional Case Carolyn Strand Norman, Mark D. Payne, and Valaria P. Vendrzyk ABSTRACT: Information Technology General Controls (ITGCs), a fundamental category of internal controls, provide an overall foundation for reliance on any information produced by a system. Since the relation between ITGCs and the information produced by an organization’s various application programs is indirect, understanding how ITGCs interact and affect an auditor’s risk assessment is often challenging for students. This case helps students assess overall ITGC risk within an organization’s information systems. Students identify specific strengths and weaknesses within five ITGC areas, provide a risk assessment for each area, and then evaluate an organization’s overall level of ITGC risk within the context of an integrated audit. Keywords: internal controls; general control; ITGC; risk assessment. INTRODUCTION he Sarbanes-Oxley Act (SOX 2002) and the Public Company Accounting Oversight Board (PCAOB) Auditing Standard No. 5 (PCAOB 2007) require that the organization’s chief executive officer (CEO) and chief financial officer (CFO) include an assessment of the operating effectiveness of their internal control structure over financial reporting when issuing the annual report. External auditors must review management’s internal control assessment as part of an annual integrated audit of an organization’s internal controls...
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...large emphasis on financial risk assessments. The risk assessment process is needed to identify risks that need to be treated within an organization, as well as to provide strategies and methods that are most appropriate to treat these risks. Because many organizations are poorly aligned between their risk exposure and their risk appetite, it is important to engage in the risk assessment procedures. These procedures can help an organization prevent risk exposure and determine if their current operations will result in an increase or decrease of market value and owners’ wealth. As a result of the economic crisis, and the recent increase in corporate failures, organizations can now learn from the mistakes of others. This paper will discuss the mistakes that lead WorldCom, a telecom company that was once the fourth-ranked in Fortune 500, to bankruptcy in 2002, in an effort to demonstrate the importance of successful risk assessment and alignment implementation. Keywords: corporate failure, risk analysis, risk assessment, risk management, WorldCom Over the past years, and as a result of high profile firm failures, the economic crisis, and increased regulatory pressure, many organizations have placed a large emphasis on financial risk assessments. Risk assessment is the process where risk managers analyze the risks of an organization and identify risks that need to be treated (Tarantino & Cernauskas, 2011, p.47). In addition, a risk assessment provides strategies and...
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...DRAFT RTS ON ASSESSMENT METHODOLOGY FOR IRB APPROACH - Consultation Paper - 16 March 2015 Published by EBA Publication date 12 November 2014 Read by Hasan Isik Link CHAPTER 1- General rules for the assessment methodology 32 CHAPTER 2- Assessment methodology of roll out plans and Permanent partial use of Standardised Approach 35 CHAPTER 3- Assessment methodology of the function of validation of internal estimates and of the internal governance and oversight of an institution 38 CHAPTER 4- Assessment methodology of use test and experience test 48 CHAPTER 5- Assessment methodology for assignment of exposures to grades or pools 51 CHAPTER 6- Assessment methodology for definition of default 56 CHAPTER 7- Assessment methodology for rating systems design, operational details and documentation 60 CHAPTER 8- Assessment methodology for risk quantification 71 CHAPTER 9- Assessment methodology for assignment of exposures to exposure classes 90 CHAPTER 10- Assessment methodology for stress test used in assessment of capital adequacy 93 CHAPTER 11- Assessment methodology of own funds requirements calculation 96 CHAPTER 12- Assessment methodology of data maintenance 102 CHAPTER 13- Assessment methodology of internal models for equity exposures 106 CHAPTER 14- Assessment methodology for management of changes to rating systems 111 CHAPTER 15- Final provision 112 1. General Rules * Proportionality Principle: Competent...
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...Running Head: RISK ASSESSMENT PLAN Risk Assessment Plan Therese Kress MGT. 401 Hazardous Materials Management Instructor Stephen Griffith October 6th, 2014 RISK ASSESSMENT PLAN Risk Assessment Plan Holding the position of ‘Risk Manager” can be a daunting task. Their role is to advise their company of any potential risks that might exist within the organization, its employees, customers, and even its reputation. A risk managers job tasks depend on the industry in which they work in, and the level at which they are working at. Their major job duties are to identify and assess hazards, put safety plans in place, and determine how to avoid, reduce, or eliminate the risks altogether. That is why in the 1970’s the “Occupational Safety and Health Act (OSHA) established three permanent federal agencies to help with accessing such issues. The Occupational Safety and Health Administration (OSHA) to set and enforce standards, the National Institute for Occupational Safety and Health to conduct research on workplace hazards, and the Occupational Safety and Health Review Commission (OSHRC) to referee any workplace challenges” (Matthews, P.2011). These three departments were established to set guidelines by which companies both large and small, could follow to minimize the potential risks within the workplace. At my place of employment, Generator Services, we do have a Risk Assessment Plan that observes a safe...
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...Name: Professor’s name: Course: Date: Introduction System security plan document describe all the possible system security control measures, their application status and how they are implemented. It can therefore facilitates the implementation of security processes by guiding the individual involved in this process. This document addresses the first version of system security plan (SSP) of automated banking system. The purpose of this report is to describe the controls that are in place or are in the plan, the expected behavior and the responsibilities of the individuals who uses or access the system. The document structures the planning process of implementing the security control procedures to provide adequate security and cost-effective security protection for the system. Management, operational and technical controls have been identified and discussed in details. The different family of system security controls are defined and discussed comprehensively how their implementation status and how they are implemented. DOCUMENT CHANGE CONTROL Version | Release Date | Summary of Changes | Addendum Number | Name | Version 1 | 22/4/2015 | | 1 | System security plan 1 | SYSTEM IDENTIFICATION Automated banking system is a company application system that has been categorized as a primary system according to FIPS 199...
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...Support positive risk taking in everyday life Explain ways in which risk is an integral part of everyday life, Risk for most people is an accepted part of everyday life e.g. catching a bus or walking to the shop etc... will carry some element of risk. Risk is associated with our health, safety, security, well being, employment, education, daily activities, using resources and equipment and community participation. Some adults such as those who are disabled or who are older are usually discouraged from taking risks with their budgeting, planning, employment and their daily living skills usually because people fear for their limitations or that they might hurt themselves or others. Everyone has the right to take risks and make decisions about their own lives, a balance should be found between service users participation in everyday activities and the carers duty of care. Social care and health policies are encouraging residents to increase their independence by being involved in the wider society such as leisure and work. It should be noted that it is impossible to eliminate risk completely, however minimising and being prepared for risk by preventative action. Supporting people to live independently by taking part of their lives means accepting that there are risks that cant be avoided but can be prepared for. Explain why individuals may have been discouraged or prevented from taking risks, For some services, approaches to risk have been a problem because they have...
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...Risk Assessment Paper CMGT 579 September 26, 2011 Kyrstal Hall Every organization is faced with some risk or potential threat that could cause an interruption to the organization’s operations. These risks and threats can come from within or outside of the organization. To prepare for the worst that could happen, organizations must focus their attention on how to assess different types of risks to protect the organization from the possible negative effects to the daily operations. Performing a risk assessment is one of the most important steps in the risk management process (eHow, 2011). A Risk Assessment is periodic assessment of the risk and magnitude of the harm that could result from the unauthorized access, use, disclosure, disruption, modification, or destruction of information and information systems that support the operations and assets of the organization. A risk assessment should include a consideration of the major factors in risk management: the value of the system or application, threats, vulnerabilities, and the effectiveness of current or proposed safeguards. Many organizations perform risk assessments to measure the amount of risks that could affect their organization, and identify ways to minimize these risks before a major disaster occurs. Department of Defense Information Systems Agency (DISA) follows guidelines and policies governed by processes by which the organization assesses and manages exposure to risks. In this paper the subject to identify...
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