... namely sales personnel, could be the biggest vulnerability, but by training, utilizing AD password controls and maintaining accountability the risk of their laptop being lost, stolen or compromised decreases sharply. This is a risk that can be easily evaluated through mitigation, keeping the employees accountable for their equipment, and minimizing cost to the enterprise. With such a wide geographical area the sales employees workstations may be infected or compromised without their knowledge, which would be rare, but plausible. This can be worked with, but will leave residual risk. Equipment can be provided to users such as laptop desk locks or even increades security using biometrics. A cost-benefit analysis should be performed. The routers at the remote sites may be susceptible to intrusion attacks, if no Intrusion Detection/ Prevention system is in place. As a remote site it is also possible that iOS patches and the like may not be current. Documentation, vulnerability monitoring and mitigation by adding preventative measures, such as encryption are advisable at production and headquarters site. As the servers house a proprietary Management system, it is of the highest priority that these servers be secured, physically and logically and be protected against attacks. The risk that this will go down is inherent. WE can...
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...Application of Risk Management Techniques Risks Windows Vista, while relatively current is still a lacking OS when compared to Windows 7. All desktops connect to an industry standard switch via an Ethernet cable. While this can be a risk, it is not a sizable risk. (Minimal Risk) The two large production facilities are connected to the headquarters via an external ISP. Even with the firewalls in place, there is no accountability if the connection they contract is in use by anyone else. I would advise contacting the ISP and verifying if the connection is shared with other users and take further action depending on their answer. (Substantial Risk) The individual sales personnel connect via VPN software, but use their individual internet connection, usually out of their home office. This can be very dangerous as they do not fall under the blanket of protection offered by the bigger offices and their terminals are at greater risk to be tampered or infected by a malicious user. (Critical Risk) The core idea of preventing risk is to safeguard the information stored on the database server. The workers and customers of the company have private information stored there and the loss or leak of the data could be catastrophic to the company. Ergo I suggest the changes to be made to mitigate the risk of an intruder gaining access to the network. There is not a lot of information given about the entirety of the network, so much of this may not be necessary or already in place. ...
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...In accordance with each of the threat/vulnerability pairs and their likelihood of occurrence, each of the possible risk will be listed below and how we will mitigate each: -Malware This can occur because of outdate virus protection and lack of employee knowledge. The best mitigation for this would be to update the current virus protection program and allow for constant updates through the firewall for updates for each program. -Equipment Failure This will occur when equipment isn’t maintained properly or just failure over time. This will lead to data loss due to not backing up data. The best way to mitigate this issue would be to back up data regularly and keep copies of all data to an off-site location. -Denial of Service Attacks This can occur when proper firewall and intrusion detection systems are not properly implemented. Mitigation for this would be to implement firewalls along with intrusion detection systems and monitor all traffic accordingly. -Users Users themselves that are not properly trained and kept on check can cause major damage to a company’s network. Lack of access control and giving out admin privileges to all users is dangerous. Mitigation for this issue can be implemented by add access controls and authentication parameters. In this brief report, I have included all of the possible threats and vulnerabilities and have proposed solutions for each. Upon researching and studying on probable causes of concern for you company’s assets, I have...
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...failure of risk management: a book review with 7 comments Introduction Any future-directed activity has a degree of uncertainty, and uncertainty implies risk. Bad stuff happens – anticipated events don’t unfold as planned and unanticipated events occur. The main function of risk management is to deal with this negative aspect of uncertainty. The events of the last few years suggest that risk management as practiced in many organisations isn’t working. A book by Douglas Hubbard entitled, The Failure of Risk Management – Why it’s Broken and How to Fix It, discusses why many commonly used risk management practices are flawed and what needs to be done to fix them. This post is a summary and review of the book. Interestingly, Hubbard began writing the book well before the financial crisis of 2008 began to unfold. So although he discusses matters pertaining to risk management in finance, the book has a much broader scope. For instance, it will be of interest to project and program/portfolio management professionals because many of the flawed risk management practices that Hubbard mentions are often used in project risk management. The book is divided into three parts: the first part introduces the crisis in risk management; the second deals with why some popular risk management practices are flawed; the third discusses what needs to be done to fix these. My review covers the main points of each section in roughly the same order as they appear in the book. The crisis in risk management There...
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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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...Running Head: RISK MANAGEMENT Risk Management Jennifer Sprague HCS 451- Health Care Quality Management and Outcomes Analysis May 16, 2011 Isamel Caicedo When looking at organizations and the risks that they have to manage on a daily basis, we see where policies, procedures, and outcomes come into play. Though risks are different and challenge organizations in different ways, there are steps that every organization should take to identify and manage their risks. These risks that organizations take affect not only the organization but the stakeholders as well. There are types of education, training, and/or policies that help the hospital to mitigate risks within the organization. Through the risks that organizations take, the purpose of the risk management team shines through to prove that these organizations can compete with others and rise above other organizations. The main purpose of risk management in the health care organizations are described in Chapter 1 of the Risk Management Handbook stating, “… health care risk management has moved from a discipline focused almost exclusively on medical professional liability issues to a profession concerned with all risks associate with accidental losses facing a health care organization,” (Carroll, 2009). This statement shows the health care organizations not only are trying to protect their company as a whole, but everyone and everything involved. In the hospital setting, “providers have come to realize...
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...A Review of Risks Associated With Estimating a Home Building Project Michael T Bell PMAN 637 Originality Score 6% A Review of Risks Associated With Estimating a Home Building Project Introduction In building and construction, there are risks associated with estimating a home building project. These risks in construction are all the same across the board regardless the construction. Therefore, a home building projects is confronted with the same risks as any other project in the construction industry. The risks involved are such as; project management risks. The project management risks are mainly because of improper schedule. The improper schedule may be caused by poor allocation of time in various projects that may be involved in a home building project. Poor resource planning is another management risk. This is because due to poor allocation of resources often lead to misuse and many unaccounted losses. In addition, improper and poor management of disciplines or methodologies result into management risks in a home building project. Disciplines and methodologies are tricky and need a lot of experience to manage. Therefore, a minor mistake in management of discipline and methodology is a risk that can cause a huge negative impact in a home building project. Such risks are better identified with scheduled risks. Organizational risk is a major risk that most building and construction projects have to face, Most organizational...
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...Northern Caribbean University College of Business and Hospitality Management Group Assignment 1 An assignment in Partial Fulfillment of The requirements of the course: FNCE 437: Risk Management and Insurance Presented to: Mr. John McAllister, MBA Prepared by: Mark Jackson – 60100164 Candece Hamilton - 18100252 Television station WMSD is located in a midwestern city of 1,750,000 people. The station is incorporated, with the majority of the stock owned by one family. The grandfather, age 68, who founded the station, has already begun to make gifts of the stock to other family members. His daughter, age 47, is currently the vice president and will manage the station her father retires or dies. The station is affiliated with one of the three national television networks. WMSD has 156 employees. Of these, 20 appear on the air, 7 are managers or officers, and 129 are clerical, production, or marketing employees. The payroll for a recent year amounted to $43,550,000. WMSD’s assets include buildings and a transmission tower valued at $47.5million on the books, but with a replacement value of $62 to $64 million. The station’s equipment, including cameras, videotape machines, six autos, three trucks a leased helicopter, and sophisticated electronic equipment and computers, has a book value of $52.6million and a replacement cost of $73.5 million. In recent years, the station’s earnings after taxes were as: year 1, $58 million; year 2, $65 million; year3 $ 40million...
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...Risk Identification There are many tools and techniques for Risk identification. Documentation Reviews • Information gathering techniques o Brainstorming o Delphi technique – here a facilitator distributes a questionnaire to experts, responses are summarized (anonymously) & re-circulated among the experts for comments. This technique is used to achieve a consensus of experts and helps to receive unbiased data, ensuring that no one person will have undue influence on the outcome o Interviewing o Root cause analysis – for identifying a problem, discovering the causes that led to it and developing preventive action • Checklist analysis • Assumption analysis -this technique may reveal an inconsistency of assumptions, or uncover problematic assumptions. • Diagramming techniques o Cause and effect diagrams o System or process flow charts o Influence diagrams – graphical representation of situations, showing the casual influences or relationships among variables and outcomes • SWOT analysis • Expert judgment – individuals who have experience with similar project in the not too distant past may use their judgment through interviews or risk facilitation workshops Risk Analysis Tools and Techniques for Qualitative Risk Analysis • Risk probability and impact assessment – investigating the likelihood that each specific risk will occur and the potential effect on a project...
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...Risk Analysis Estimating Methods - Scheduling Risks As Applied to the Panama Canal Case Study 11/8/2010 Kendrick argues that establishing project planning is a necessary key requirement of managing project schedule risk (2009, p.334). Regardless of how thoroughly a project manager works to ensure that a project’s schedule is accurate, he or she cannot fully control the inevitable and random influences that may negatively impact their project schedule. Equipment failures, nature, and sick employees are just a few of the uncontrollable factors that may jointly cause a project manager to miss their project’s target date. In preparation for these risks, a project manager needs discipline to devise an appropriate, risk-controlled project schedule. These Kendrick states that scheduling risks fall into three categories (2009, p.71): * Delays - Usually caused by material delivery and availability issues. * Estimates - Minimize this risk by using better estimation procedures. * Dependencies - When one project depends on other projects or systems, a failure or delay in any area can cause a domino effect. Risk Identification is the process of documenting risks that threaten a project and determining which of those risk have the potential to cause the most impact it. The act approximating the degree of impact a risk may have on a project schedule is referred to as estimating. This paper discuses two tools or techniques of estimating scheduling risks used to predict...
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...Week1 Assignment 1: Application of Risk Management Assume the role of an IT manager assigned by Yield More's senior management to conduct the following risk management tasks. 1. Identify, analyze, and explain several (at least five) likely threat/vulnerability pairs and their likelihood of occurrence in this scenario. In this scenario some of the most likely pairs of threat/vulnerability pairs are location, equipment failure, social engineering, Denial of Service (DOS), and Mal ware. The reason I chose these threats is because they seem to be the most problematic for this company. The first one is location according to the scenario the servers are all housed in the company headquarters where if an a natural or man made disaster happened it would cripple the companies infrastructure. I would have advised the management to distribute there severs to different locations. In doing this if one goes down due to any natural or man made disaster it wouldn't matter because the other two could take up the slack. Another pair is equipment failure according to the scenario each server has its own specific function that it handles and nothing else. It would help mitigate some of the risk that would happen if each server along with handling there own problems would also handle tasks if the other servers went down. Social engineering is a problem because it is dependent on the user or the person. Social engineering is hacking the person for information that might need to be able...
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...------------------------------------------------- Principles of Risk Assignment One: Risk Map and Risk Plan/Register Assignment November 2010 Outline Brief The basis of this assignment is for you to undertake an initial risk identification analysis of some significant area of a business operation OR environmental setting/issue, with the aim of producing a summary risk map and related risk plan/register. This will require you to consider for your chosen focus of study what might be key (primary) risks, how those risks may be appropriately classified and how their potential impact and likelihood might be assessed and evaluated in an objective way. The final submission will take the form of a graphical risk map (matrix) and a tabulated risk plan/register. The latter should provide for a contextualised review of the key risks, the rationale for their inclusion and for the risk assessment that you have ascribed to each risk listed. The risk map and plan are not required to show risk management responses. This assignment is worth 50% of the overall module assessment, and a guideline of 2,500 words is provided for the written (risk plan) element. Tasks within this brief: 1. Identify a suitably focussed business activity or environmental issue on which to base this assignment; 2. Identify potential risk identification and assessment techniques, and their potential limitations within the context of this assignment; 3. Undertake a process/processes of risk identification and assessment; ...
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...primary components of a risk are: A. The event and the probability B. The probability and the impact C. The impact and the event D. The impact and the amount at stake (M) 2. Risk constitutes a lack of knowledge _____. A. Of future events B. About the environment C. About the estimates D. About the customer’s requirements (E) 3. Which of the following is not included in risk management? A. Risk planning B. Risk Assessment C. Risk handling D. All of above are part of risk management (E) 4. Proper risk management is reactive rather than proactive. A. True B. False (E) 5. If there’s a 40% chance of making $1 million and a 60% chance of losing $600,000, then the expected monetary outcome is. A. B. C. $360,000 D. (M) 6. The process that identifies, evaluates, selects and implements one or more strategies to set risk at an acceptable level is: A. Risk planning B. Risk assessment C. Risk handling D. Risk monitoring and control (E) 7. An objective source for risk identification is: A. Lessons learned files B. Program documentation evaluations C. Current performance data D. All of the above (M) 8. Brainstorming, assumption analysis and WBS decomposition are techniques used for: A. Risk identification B. Risk assessment C. Risk monitoring and control ...
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...be successful, it is essential that the management team take steps to identify, access and manage risk. For many businesses, risk management has been identified as a way to thwart and reduce losses, as well as develop business performance. A collection of new tools have been introduced over the past few years to help measure enterprise risk. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has also played a major role in helping companies manage risk. COSO was formed in 1985 and is a U.S. private sector initiative whose major goal is to identify the different factors that lead to fraudulent activities such as fraudulent financial reporting and make recommendations to reduce the incidences. COSO established a variety of internal controls and criteria that companies and organizations can use to assess their control systems in order to manage risk. “In 2001, COSO initiated a project, and engaged PricewaterhouseCoopers, to develop a framework that would be readily usable by managements to evaluate and improve their organizations’ enterprise risk management” (COSO Executive Summary, 2004). Based on the many COSO recommendations of risk management, many companies and businesses have implemented enterprise risk management techniques within their organization. The goal of this paper is to summarize a plan to apply enterprise risk management for New Mexico Solutions. “The underlying principle of enterprise risk management is that every entity exists to provide...
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...Paula Abadía Risk management Companies in every part of the world are exposed to many different threats and unexpected things; these are called risks. Risks can be any factor affecting the performance of projects, and causing a negative effect on them. In order for companies to be successful, they should always take into consideration the process of risk management. Risk management is a logical process or approach that seeks to eliminate, or at least minimize the level of risk associated with a business operation. It ensures that an organization identifies and understands the risks to which it is exposed. This process also guarantees the creation and implementation of effective plans, to prevent losses or reduce the impact if a loss occurs. Risk management has five main steps. First, identify and analyze exposures. Companies need to asses not only key risk areas, but also every single risk area that can harm their business. Along with this step of identification and analysis, the likelihood and impact of the risks should be measured. Companies should rank risks in order of importance, before moving to the next step. The second step is examining risk management techniques. In this step, companies must develop all the possible options that can help to manage risks successfully. The third step is the selection of the risk management technique. The chosen technique must be based on the previous analysis that the company should have done, so that it is the best alternative for...
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