...Chapter 1 – Risk What is risk Something that could go wrong or go right Concept based on perspective dependent on personal opinion Underwriter- one who looks and rates policys on whether the insurance comp is going to offer insurance. Risk for underwriter: that’s what they ensure or underwrite * Risk Management Uncertainty concerning loss The difference between expected losses and actual losses Possibility of variation of outcomes from given situation Chance or possibility of a loss Loss exposures: any condition or situation that presents a possibility of loss. Examples picture of store Product liability Slippery floors Case application Michael is a college student majoring in marketing, he owns the following A high mileage 2003 ford that has a current market value of $2500 Retain exposure loss Liability law suit- driving negligent Liability insurance Clothes tv cell phone and other personal prop value at $10,000 Fire caught in kitchen Protection of things- loss reduction, property insuranace Disposable contact value at $200 for a six mo. Supply Disapearanve of contact lense Retain that loss Gets jumped Avoidance Types of risk Pure risk House damaged by fire One family Plant explosion River overflows Speculative risk Invester purchases 100 shares of stock Slot machines Diversified One family Plant explosion Non diversified Department of homeland security alerts a large group River overflows Home buyers are effected by interest rates Risk Management- process, takes multiple...
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...Risk Management Principles CMGT/430 INTRODUCTION Riordan Manufacturing is a company that is commited to handling their business in an ethical and logical manner. In order to provide the proper risk management plan for the company there needs to be a conference with all of management and stakeholders to get an oversight on the company and what it needs for mitigation control and risk management. The company needs to reconsider getting input from internal auditors, external auditors and outsources. Management will also need to get all of the department heads and key people together to discuss all of the initial assessments of the risk management capabilities and how effective it can be on the network/system. This assessment will be able to decide rather to have or continue with a more in tune risk management plan. There is also the need to discuss how to make the plan stronger for the company and how the analysts should focus on the risk management mitigation for Riordan manufacturing. Risk Management Principles Riordan Manufacturing is a corporation that is consistent of many different businesses. This new plan that needs to be implemented will help each business to deal with and handle their everyday risks and teach them how to make the proper decisions on what can or could be done. In order for this new plan to be implemented, eack business will have to be able to weigh out the risks with the strategies and be able to know and choose the proper decision when responding...
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...Applying Risk Management Table of Contents 1 Introduction 2 2 Aspect 1: Risk Analysis 2 3 Aspect 2: Risk Monitoring and Control Stage 3 4 Conclusion 5 5 Reference 6 1 Introduction In our attempt to cover all areas of the Risk Management process within such a small time frame, some areas of this Project Management principal were briefly covered or overlooked. In my opinion the following two key aspects could have been better managed by our group towards the contribution of the final presentation: • Risk Analysis Stage within the Risk Management Cycle (Refer to Figure 1 and 2) and, • Risk Monitoring and Control Stage (Refer to Figure 1 and 2). 2 Aspect 1: Risk Analysis In our final video submission we specifically focused on one of the two methods used to undertake Risk Analysis, which was qualitative. The qualitative approach is the most used method due to its usually rapid and cost effective means of establishing priorities for Risk Response Planning (PMBOK,2004), thus the reason for our focus. But there are two problems with this approach first their meaning can be widely interpreted and secondly you cannot do much with them except to have biased rules about combining them and taking this as an indicator of the overall significance of the risk.(Department of Commerce, 2004) The Quantitative method is the other technique used in Risk Analysis which was only briefly mentioned in the final presentation due to reasons discussed...
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...Gunther Documet 9/14/2015 Applications in Info Security Chapter 4 Review Questions: 1)It might depend on the risk, although all risks should be addressed. The conditions that an organization might have is if they don't have a risk management plan or if they don't have the money to identify and mitigate the risk 2) 3)Alignment is important because it can align organizational goals with ICT works. The benefits to an organization as a whole is that it can align security processes with business goals. 4)Evaluation is important because it can determine if your team is achieving the objectives and this is usually done through gathering data and then analyzing it. Organizations benefit by collecting quantitative data because it can be used to evaluate the options and implications of a decision. 5)A contract is an agreement between a customer and a supplier, while the RFP is technically a bid solicitation. 6)Typically a subcontractor role is to perform specific tasks given by a general contractor. They can be controlled by the supplier to follow the right procedures that are given in the contract. 7)The problem resolution is important because it involves two parties in agreeing that all problems are identified, analyzed, managed, and controlled to resolution. 8)There are two types of reviews: Formal Reviews Informal Reviews In a formal review, the ICT is presented to a team or to an individual before the actual review. In the other hand the informal review...
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...Developing, Manufacturing and Selling A New Product Risk Management Douglass Turner BUS4090 November 8th, 2015 Risk Identification In developing this new project for Cola Enterprises LLC, we have taken an overall view of the project in its entirety and have identified several risks. The purpose of this section is to identify the risks, assess each of the risks for severity, plan responses accordingly and develop monitoring programs for each identified risk. This is by no means an absolute solution based document as risks and unforeseen issues may come up during the execution of this project. The overall intent of this document is to be responsive enough to react to any other risks that may occur with robust monitoring and a cross-functional project team. Ingredient availability will be a risk due to the fact that the ingredient combinations used will put additional demand on potential suppliers. Ingredient suppliers have been narrowed down to three possible supply points according to Cola Enterprises approved supplier listings. These vendors supply the same ingredients to two competitors already and have mentioned that increased demand may be an opportunity at the quantities we have provided based off of demand forecasting. Processing equipment is the next potential risk as the current processing equipment in place does not have the capability to proportion finished beverage at the ration required to make a cost effective yield. Other current equipment including...
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...MetricStream ISO 9001:2015 Discovers Risk-Based Thinking Since its launch in 1987, the ISO 9001 standard has stipulated the requirements for a certifiable Quality Management System (QMS) to ensure the consistent manufacturing of reliable, high-grade products. The ISO 9000 family for QMS provides organizations with the necessary guidance and tools for increased product quality, customer satisfaction, and a sustainable methodology to identify improvement. The new version of ISO 9001:2015 QMS, due to be published by September 2015, will center on managing risks in an efficient manner. ISO 9001 over the Years The International Organization for Standardization (ISO) was founded in 1946 to establish a common set of standards in trade, manufacturing, and technology, and it comprises national standards institutes and organizations of 163 countries worldwide. Every five years, the entire suite of ISO standards undergoes an overhaul to keep it current and updated. ISO 9001 provides a quality management standard for employees, facilities, infrastructure, training, services, and equipment across the enterprise. It was first developed in 1987 from the military, American National Standards institute (ANSI), Canadian Standards Association (CSA) and British Standards Institute (BSI) standards with 20 elements, also known as ‘buckets’. In 1994, this standard went through a minor revision with many additions and changes such as new requirements for a quality manual, quality planning and design validation...
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...Module 1 - The Accoutant As Strategic Business Adviser The Need For Advice 1.4 (9 issues small business entrepreneurs seek advice about - business structure, IP, liability, regulation, contracts, etc) 1.4 (Malach, Robinson & Radcliff 2006) 1.4 (business efficiency & productivity, management information systems, risk management & internal controls) 1.5 (strategic level - selecting appropriate growth strategies, identifying new products and markets, etc) 1.5 (the need for advice variety of reasons - consider the demand for advice arises) 1.5 (Xiao & Fu 2009) 1.5 Table 1.1 - Characteristics Of Different Sized Organisations 1.6 (SE MSE LE - organisation, strategy, customer/community, financial, governance, work force, IT processes) 1.6 Requests For Advice: Operational - Srategic - Global 1.7 (improving operational performance, greater strategic role, globally relevant issues) 1.7 Example 1.1: A Busniess Dilemma 1.7 Counterpoint (opposing arguement, soft skills, first: make the right decision about the services they perform - second:) 1.7 Providing And Implementing Advice (technical skills, soft skills) 1.8 Figure 1.1 - Providing Business Advisory Services 1.8 (issue, requirement, request, investigation, advice, decision, implementation) 1.8 (recommend actions should be well supported, identify key stakeholders) 1.9 Figure 1.2 - The Chain Of Events For Business Advisory Services) 1.9 Example 1.2: Succession Plan - Please Help 1.9 ...
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...about supply and prices, vendors - about demand and paying ability of their clients. Modern economic theory attributes to the market an important innovative function too - the market encourages vendors to create new products and bring them to the market in response to the emerging demand for them. Security for the future strongly influences the welfare of people by making better the personal well-being and by allowing for more risk taking activities unfolding the entrepreneurial spirit in an environment where insurance against harmful loss is available. Role of Information Technology in Insurance Sector The insurance industry has a particular dependence on information technology. Insurance was one of the first industries to apply computers transaction processing -- to handle the vast number of claims, reserve estimates, payments, codes, etc. required. Examples of this data processing commitment began in the 1950's. Not long into the information revolution, the need to make sense out of this mass of data was recognized. Hence the origins of Management Information Systems (MIS) in the 1970's. The goal of MIS was to consolidate data into meaningful reports. Yet these reporting systems were...
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...MDA Airlines MDA Airlines Risk Register A. Risk Register “The candidate provides a risk register with 8 risks currently facing the business, with substantial detail.” Risk 1|Jet Fuel Prices Fluctuates | Description|Fuel is required to fly aircraft and with fuel prices always changing, it can be very difficult to budget for it on a monthly/annual basis. The cost of fuel is based on the price of crude oil per barrel and is set by global entities. | Source|Global jet fuel prices are always fluctuating. If not able to purchase enough fuel at a reasonable price to store for several months, the company could find themselves well over budget potentially grounding aircraft.| Likelihood of Occurrence|High - Crude oil is traded on the stock market daily with prices fluctuating based on supply and demand.| Severity of Impact|High - If MDA is not able to manage the budget, they could find themselves in a financial bind.| Controllability|Med - The hedging program is intended to mitigate risks associated with increasing crude oil prices and is also intended to make it easier to plan for future fuel costs.| Risk Response|Mitigate - The acquisition and purchase of a refinery were researched by logistics managers that monitored and studied the aircraft fuel supply chain, which discovered that over the years refiners have benefited from increased margins on the sale of fuel. This decision will save millions of dollars and insure a reliable fuel supply for the domestic...
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...Video Game High School NSA Capstone Risk Management Plan Revision History revision | date | name | description | Original 1.0 | 1/20/2015 | Vester M. | Original | 1.1 | 1/27/2015 | Anita D. | Disaster | | | | | | | | | Key Personnel Contact Info Name, Title | Contact Option | Contact Number | James Thiel | Work | 1(800) VGH-TEAM x101 | Project Manager | Alternate | | | Mobile | | | Home | | | Email Address | | | Alternate Email | | | | | Vester Martin | Work | 1(800) VGH-TEAM x102 | | Alternate | | | Mobile | | | Home | | | Email Address | | | Alternate Email | | | | | Ben Bourg | Work | 1(800) VGH-TEAM x103 | | Alternate | | | Mobile | | | Home | | | Email Address | | | Alternate Email | | | | | Mike Dinsmore | Work | 1(800) VGH-TEAM x104 | | Alternate | | | Mobile | | | Home | | | Email Address | | | Alternate Email | | | | | Anita Davis | Work | 1(800) VGH-TEAM x105 | | Alternate | | | Mobile | | | Home | | | Email Address | | | Alternate Email | | Table of Contents Purpose and Scope 1 Risk Plan Objectives 1 Deliverables Produced 1 Deliverable 1: 1 Deliverable 2: 1 Deliverable 3: 1 Project Risks 1 Risk I 2 Risk II 2 Risk III 2 Disaster Recovery Plan 2 Types of Teams 2 In the Event of a Disaster 2 Recovery Scenarios 3 Recovery Activities 3 Purpose and Scope The purpose...
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...Sentinel Event Root Cause Analysis AFT2 Accreditation Audit October 4th, 2014 Sentinel Event Root Cause Analysis As defined by the Joint Commission (2014) a sentinel event is, “An unexpected occurrence involving death or serious physical or psychological injury or the risk thereof. The phrase "or the risk thereof" includes any process variation for which a recurrence would carry a significant chance of a serious adverse outcome” (Joint Commission, 2014). The sentinel event concerns a possible child abduction from a surgical unit within the Nightingale Community Hospital (NCH) on September 14th. A 3 year old patient was dropped off with a pre-op nurse for surgery. Prior to this the mother and child complete all necessary paperwork for surgery including appropriate authorization forms. The mother informed the nurse she had to leave the hospital and would return when her child would be released approximately 1 hour and 45 minutes later after the surgery and recovery period. The mother provided contact in case the child was ready for release earlier than the specified time frame. When the child was ready to be released the recovery nurse paged the mother, but the mother had not yet returned. Care of the child was reassigned to the discharge nurse. It was discovered that the father was in the waiting area and was then allowed to see the child. After 30 minutes had lapsed from the time the mother said she would return the discharge nurse elected to provide discharge...
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...Manage risk Every business faces risks that could present threats to its success. Risk is defined as the probability of an event and its consequences. Risk management is the practice of using processes, methods and tools for managing these risks. Risk management focuses on identifying what could go wrong, evaluating which risks should be dealt with and implementing strategies to deal with those risks. Businesses that have identified the risks will be better prepared and have a more cost-effective way of dealing with them. This guide sets out how to identify the risks your business may face. It also looks at how to implement an effective risk management policy and program which can increase your business' chances of success and reduce the possibility of failure. * The risk management process * The types of risk your business faces * Strategic and compliance risks * Financial and operational risks * How to evaluate risks * Use preventative measures for business continuity * How to manage risks * Choose the right insurance to protect against losses The risk management process Businesses face many risks, therefore risk management should be a central part of any business' strategic management. Risk management helps you to identify and address the risks facing your business and in doing so increase the likelihood of successfully achieving your businesses objectives. A risk management process involves: * methodically identifying the risks surrounding your business...
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...Running head: RISK MANAGEMENT AND PROBLEM MANAGEMENT RELATION The effectiveness of the relationship between risk management and problem management of a compromised UNIX operating system CSMN 655 Computer Security, Software Assurance, Hardware Assurance, and Security Management Abstract Risk management is an ongoing, continuous process whose purpose is to identify and assess program risks and opportunities with sufficient lead-time to implement timely strategies to ensure program success. The entire risk management process balances the operational and economic costs of protective measures and contributes to mission capability by protecting the systems and the data that support the organizational mission from both deliberate and unintentional compromise. Computer security problem, or incident, management is an administrative function of managing and protecting computer assets, networks and information systems. These systems continue to become more critical to the personal and economic welfare of our society. Organizations must understand their responsibilities to the public good and to the welfare of their members. This responsibility extends to having a management program for reacting to system breaches, if and when they occur. Incident management is a program which defines and implements a process that an organization may adopt to promote its own welfare and the security of the public...
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...A-TEAM IIS Network & Communications Infrastructure Plan March 30, 2015 NETW 490 – Senior Project Prof. Nabeel Baig The A-Team Members: Michael Watson Jose Gutierrez Jr. Cory Brown Dean Bennett March 30, 2015 NETW 490 – Senior Project Prof. Nabeel Baig The A-Team Members: Michael Watson Jose Gutierrez Jr. Cory Brown Dean Bennett | Table of Contents | | | Executive Summary 2 Project Overview 3 1.1 Project Overview 3 1.2 Project Description 3 1.3 Alternatives Considered 3 1.4 Recommended Solution 3 1.5 Risks 3 Project Description 4 2.1 Project Background and Opportunity 4 2.2 Business Needs 4 2.3 Project Objectives 4 2.4 Organizational Benefits 15 2.5 Project Scope 5 2.6 Out of Scope 5 Alternatives and Cost/Benefit Analysis 6 3.1 [Possible Solution 1] 7 3.2 [Possible Solution 2] 7 3.3 [Possible Solution 3] 7 3.4 Comparison 7 3.5 Recommended Alternative 7 Project Risk Assessment 8 REFERENCES 9 Executive Summary | | IIS Network & Communications Infrastructure Design Plan IIS prides itself as an industry leader with product lines such as the revolutionary “” Thinking Navigator, which is a first of its kind to integrate GIS and real-time satellite imagery data with proprietary software algorithms. IIS is currently comprised of two division; Consumer and Military Defense Divisions with Corporate headquarters in Dallas and branch offices in Fairfax, Shanghai and London. The Military Defense Division...
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...Before Buying An Energy Trading & Risk System London: +44 20 7632 0170 Moscow: +7 495 925 7245 Singapore: +65 6738 6525 New York: +1 212 904 0740 Kuala Lumpur: +603 2776 6805 moreinfo@aspectenterprise.com 10 Things You Should Know Before Buying An Energy Trading & Risk System -- Table of Contents -- Part I: The 10 Key Points To Consider Before Buying An ETRM System......................Pages 1-5 1. Hardware Vs. So ware-as-a-Service (SaaS) 2. Speed Of Implementa on 3. Integra on 4. Customiza on 5. Affordability 6. Access 7. Security 8. Protec on Against Loss 9. Project Management 10. Scalability Part 2: A Problem-Solving Approach By Leading Companies ...................................Pages 6-11 Read About Four Very Different Companies & Their Success In Approaching & Implemen ng An Energy Trading & Risk System. Case Study 1: Singapore, Trading Company With Bunkering Opera ons (Company Confiden al) ....................................Page 7 Case Study 2: Germany, Trading Company With Bunkering Opera ons (Company Confiden al)...................................Page 7-8 Case Study 3: Africa, Regional Trading Company: Linetrale ............................................................................................Page 8-9 Case Study 4: Russia, Large Integrated Oil & Gas Company: TNK-BP.........................................................................Pages 10-11 The Costs Of Failing To Manage & Control Risks Are High. The Right ETRM System...
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