Risk Management Part Two

In: Business and Management

Submitted By Mark0816
Words 9611
Pages 39
B. Create a business contingency plan (BCP) that the company would follow if faced with a major business disruption (e.g., hurricane, tornado, terrorist attack, loss of a data center, the sudden loss of a call center in a foreign country, the collapse of a financial market or other catastrophic event) in which you include the following:
Business Contingency Plan (BCP) Definition: “Business continuity planning (BCP) ‘identifies an organization's exposure to internal and external threats and synthesizes hard and soft assets to provide effective prevention and recovery for the organization, while maintaining competitive advantage and value system integrity’. It is also called business continuity and resiliency planning (BCRP). A business continuity plan is a roadmap for continuing operations under adverse conditions such as a storm or a crime,” (Business continuity planning, n.d.).
1. Analyze strategic pre-incident changes the company would follow to ensure the well-being of the enterprise:

Notes: outline proactive suggestions that can be made in advance of potential risks actuating into disaster, e.g., training, drills, company policies and procedures and so forth.

Create strategic pre-incident strategy that incorporates the following elements and considerations:

• Identify potential risks for each IPC business operation in all its domestic and international locations. This identification process may include:

 Potential risks may be inherent to the various IPC business operations. For example, refinery business operation inherent risks may include occupational hazards such as fires due to highly flammable chemicals. Another such example may include toxic chemical spills that may affect IPC stakeholders such as its employees, chain supply entities, residents living near such refineries, the environment and animals living within such affected environs.…...

Similar Documents

Risk Management

...Risk Management: Over the past decade, risk and uncertainty have increasingly become major issues which impact business activities. Many organizations are raising awareness to minimize the adverse consequences by implementing the process of Risk Management Framework which plays a significant role in mitigating almost all categories of risks. According to Ward (2005), the objective of risk management is to enhance a company’s performance. In particular, the importance of the framework is to assist top management in developing a sensible risk management strategy and program. In an effort to effectively use the risk management process frameworks, it is important to differentiate between risk and uncertainty. There is a tendency to claim that the process of the COSO framework and SHAMPU framework are more appropriate to further explain and deal with the issues of uncertainty and risk. This essay will first define risk and uncertainty. In the second section, it will introduce the process of two frameworks namely the COSO framework and the SHAMPU framework. It will evaluate the performance of the two different alternative risk management frameworks to distinguish different between risk and uncertainty. Finally, an opinion will be expressed if the effective use of risk management process frameworks depends upon an ability to differentiate between risk and uncertainty. Ward (2005) points out that different people have different viewpoints about risks and uncertainties.......

Words: 2006 - Pages: 9

Risk Management

...IS3110 Mr. 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......

Words: 2058 - Pages: 9

Risk Management

...decade, risk and uncertainty have increasingly become major issues which impact business activities. Many organizations are raising awareness to minimize the adverse consequences by implementing the process of Risk Management Framework which plays a significant role in mitigating almost all categories of risks. According to Ward (2005), the objective of risk management is to enhance a company’s performance. In particular, the importance of the framework is to assist top management in developing a sensible risk management strategy and program. In an effort to effectively use the risk management process frameworks, it is important to differentiate between risk and uncertainty. There is a tendency to claim that the process of the COSO framework and SHAMPU framework are more appropriate to further explain and deal with the issues of uncertainty and risk. This essay will first define risk and uncertainty. In the second section, it will introduce the process of two frameworks namely the COSO framework and the SHAMPU framework. It will evaluate the performance of the two different alternative risk management frameworks to distinguish different between risk and uncertainty. Finally, an opinion will be expressed if the effective use of risk management process frameworks depends upon an ability to differentiate between risk and uncertainty. Ward (2005) points out that different people have different viewpoints about risks and uncertainties. Some people point out that risk not......

Words: 2004 - Pages: 9

Risk Management

...11 Project risk management Planning for the unknown Gee whiz, Bobby! What if these ropes break? Don’t worry, Sally! I took care of it with risk planning. You can swing away without a care in the world! Even the most carefully planned project can run into trouble. No matter how well you plan, your project can always run into unexpected problems. Team members get sick or quit, resources that you were depending on turn out to be unavailable—even the weather can throw you for a loop. So does that mean that you’re helpless against unknown problems? No! You can use risk planning to identify potential problems that could cause trouble for your project, analyze how likely they’ll be to occur, take action to prevent the risks you can avoid, and minimize the ones that you can’t. this is a new chapter 543 risks might occur What’s a risk? There are no guarantees on any project! Even the simplest activity can run into unexpected problems. Any time there’s anything that might occur on your project and change the outcome of a project activity, we call that a risk. A risk can be an event (like a fire), or it can be a condition (like an important part being unavailable). Either way, it’s something that may or may not happen... but if it does, then it will force you to change the way you and your team will work on the project. If your project requires that you stand on the edge of a cliff, then there’s a risk that you could fall. If it’s very windy out or the ground......

Words: 16923 - Pages: 68

Risk Management

...CHAPTER ONE 1.0 INTRODUCTION Project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project. Project risk management includes the processes concerned with identifying, analyzing, and responding to project risk. It includes maximizing the results of positive events and minimizing the consequences of adverse events. Managing risk therefore, is an integral part of good project management, and fundamental to achieving good business and project outcomes and the effective procurement of goods and services. Risk management provides a structured way of assessing and dealing with future uncertainty. 1.1 PROJECT MANAGEMENT A project can be defined as a series of related jobs usually directed toward some major output and requiring a significant period of time to perform. According to the Project Management Institute, the discipline of project management can be defined as the art of directing and coordinating human and material resources throughout the life of a project by using modern management techniques to achieve pre-determined objectives of scope, cost, time, quality and participation satisfaction. Furthermore, project management is the discipline of planning, organizing, and managing resources to bring about the successful completion of specific projects. 1.2 RESPONSIBILITY OF A PROJECT MANAGER The Project Manager......

Words: 3843 - Pages: 16

Risk Management

...Risk management Unit 6.4 Module name: - risk management ATHE Level 6 Diploma in Management (QCF) Submission by: - pritpal kaur sangha Student id:- Diploma in management Date:- Table of content Assignment 1 Introduction………………………………………………………………...3 1.1 An explanation of risk management……………………………............................3 1.2 how risk management affects different business functions………………………3 1.3 evaluation of methods of assessing risk in business……………………………...4 2.1 evaluation of approaches to managing risk in business…………………………4 Assignment 2 Risk assessment………………………………………………………5 3.1 All the main drivers of business risk…………………………..6 3.2 Impact of the different types of risk…………………………….7 3.3 of severity and likelihood of risk…………………………...8 3.4Suggested risk management strategies…………………………………9 4.1 Approaches to crisis management…………………………………………10 . 4.2 Impact of breaks in business continuity…………………………………………10 Conclusion…………………………………………………………………………11 References………………………………………………………………………….12 Risk Management Introduction: Risk management is an important concept mainly aims at identification, assessment, and prioritization of events that may have an adverse impact on the organization. It can be considered as a very powerful strategic tool and has become more prevalent in recent decades due to...

Words: 3543 - Pages: 15

Part Two

...Part 1: Programming Solution Proposal Carl Same PRG/211 14 June 2014 Victer Echeverri Part 1: Programming Solution Proposal * Describe how you determined the problem that must be solved. The Tukwila Army recruiting center in Seattle, Washington process hundreds of applicants monthly to keep up with the demand for new recruits to the United States Army and the Army reserve. The demand for new recruits require a tremendous amount of management by the Army recruiters which is one of the reason of this proposal. This proposal will encompass all the needs of an Army recruiting center from tracking new applicants, manage prospect, and track future soldiers that are waiting to attend basic combat training. This program will also help higher echelon keep track of recruits by being able to see what each recruiter is doing in real time. The benefits of this program will increase efficiency and more reliable than using manual tracking method to keep up with future Soldiers. One great feature of this program will be sharing, it’s the concept where other recruiter will be able to see what other recruiters are working on and be able to pick up where other recruiter left off without the need of the authorization of the originator, and the originator will still receive credit for that recruit. * Describe the role of the personnel involved in the project. The complexity of this program require a group that is strong mentally, some people have a hard time working with others...

Words: 717 - Pages: 3

Risk Management

...Financial Institutions Center Commercial Bank Risk Management: An Analysis of the Process by Anthony M. Santomero 95-11-B THE WHARTON FINANCIAL INSTITUTIONS CENTER The Wharton Financial Institutions Center provides a multi-disciplinary research approach to the problems and opportunities facing the financial services industry in its search for competitive excellence. The Center's research focuses on the issues related to managing risk at the firm level as well as ways to improve productivity and performance. The Center fosters the development of a community of faculty, visiting scholars and Ph.D. candidates whose research interests complement and support the mission of the Center. The Center works closely with industry executives and practitioners to ensure that its research is informed by the operating realities and competitive demands facing industry participants as they pursue competitive excellence. Copies of the working papers summarized here are available from the Center. If you would like to learn more about the Center or become a member of our research community, please let us know of your interest. Anthony M. Santomero Director The Working Paper Series is made possible by a generous grant from the Alfred P. Sloan Foundation Commercial Bank Risk Management: An Analysis of the Process Anthony M. Santomero Richard K. Mellon Professor of Finance The Wharton School October 8, 1996 I. Introduction The past decade has seen dramatic losses in......

Words: 12869 - Pages: 52

Management of Risk

...RISK MANAGEMENT – AN AREA OF KNOWLEDGE FOR ALL ENGINEERS A Discussion Paper By: Paul R. Amyotte, P.Eng.1 & Douglas J. McCutcheon, P.Eng.2 Chemical Engineering Program Department of Process Engineering & Applied Science Dalhousie University Halifax, Nova Scotia, Canada B3J 2X4 2 1 Industrial Safety & Loss Management Program Faculty of Engineering University of Alberta Edmonton, Alberta, Canada T6G 2G6 Prepared For: The Research Committee of the Canadian Council of Professional Engineers October 2006 SUMMARY The purpose of this paper is to “seed” the discussion by the Research Committee of the Canadian Council of Professional Engineers (CCPE) on the topic of risk management. The paper is in part a research paper and in its entirety a position paper. As can be inferred from the title, the authors hold the firm opinion that risk management is an area of knowledge with which all engineers should have familiarity and a level of competence according to their scope of practice. The paper first makes the distinction between hazard and risk. The two terms are often used interchangeably when in fact they are quite different. A hazard is a chemical or physical condition that has the potential to cause harm or damage to people, environment, assets or production. Risk, on the other hand, is the possibility or chance of harm arising from a hazard; risk is a function of probability and severity of consequences. A description of the process of risk management is then given....

Words: 14427 - Pages: 58

Management Risk

...provided case study, you will assume the role of the risk manager/assessor. 1. Review the provided MacVille Risk Management Policy and Risk Management Strategy and complete a written report for your manager (your assessor) that addresses the following steps. a. Scope – Identify the scope of risk management required in your identified role. b. Goals – Identify and describe the critical success factors, goals or objectives for areas included in scope. c. Stakeholders – Identify internal and external stakeholders, their role in the process, and any issues or concerns they have. Present this using the table format provided. d. Analysis – Complete a PEST analysis and a SWOT analysis for risks associated with the scenario. Include reference to relevant legislation. e. Research – Review and summarise the research information provided in the case study, as well as any literature available that is relevant to this scenario. f. Describe – Complete the analysis of risk for the scenario by summarising the scenario and associated risks, accompanied by checklists, diagrams or flowcharts that support the summary. 2. After you have completed the above steps, you need to meet with your manager and discuss the draft report you have developed, especially your understanding of the critical success factors and goals (you should check that your manager agrees with your findings). 3. As part of your discussions you also need to discuss and......

Words: 4338 - Pages: 18

Risk Management

...preliminary risk assessment of the organization’s critical information. Answer each of the questions covered in the chapter. What would it cost if the organization lost all of their data? [Insert Answers Here] The cost would honestly be potential loss of human life, therefore Billions. 1. What is risk management? A process that identifies vulnerabilities in an organization’s information system and takes carefully reasoned steps to assure the confidentiality, integrity, and availability of all components in the organization’s information system. 2. List and describe the key areas of concern for risk management. Risk identification, risk assessment, and risk control 3. Why is identification of risks, through a listing of assets and their vulnerabilities, so important to the risk management process? 4. According to Sun Tzu, what two things must be achieved to secure information assets successfully? Know Yourself and know the enemy. 5. Who is responsible for risk management in an organization? 6. Which community of interest usually takes the lead in information asset risk management? 7. Which community of interest usually provides the resources used when undertaking information asset risk management? The resources used when undertaking information asset risk management is usually provided by all three communities: Information Security, Information Technology and General Management. 8. In risk management strategies, why must periodic reviews be a part of the......

Words: 657 - Pages: 3

Risk Management Project Part 1 Task 1

...Tony Stark Risk Management Project Part 1 Task 1 Introduction A risk management plan is important for any business or organization regardless of the business’s or organization’s size. In the case of the Defense Logistics Information Service (DLIS), a risk management plan is critical in making sure the data that DLIS handles is protected. Loss or stolen information from DLIS can affect military assets. A plan needs to be made to be able to follow procedures in the event of an incident and to help mitigate data loss. Risk Management Outline 1.0 Introduction 2.1 Purpose and Objectives 2.0 Identify Threats 3.2 Attacks from the Internet 3.3 Hardware or software failures 3.4 Loss of Internet connectivity 3.5 Nature 3.0 Identify Vulnerabilities 4.6 Lack of firewall 4.7 Lack of intrusion detection 4.8 Lack of antivirus software 4.9 Lack of server updates 4.10 Lack of antivirus updates 4.0 Assign Responsibilities 5.0 Identify the cost of an outage 6.0 Provide recommendations 7.0 Identify the cost of recommendations 8.0 Provide a cost-benefit analysis (CBA) 9.0 Document accepted recommendations 10.0 Track implementation 11.0 Create POAM Scope The Scope of this risk management plan is the existing hardware and software currently in place. This is to include the current personnel, contractors, and vendors. The scope will have to be redefined if...

Words: 612 - Pages: 3

Risk Management

...can be avoided if there exist a sound risk management cycle to identify the risks within this project and put a risk management plan in place. What’s more, the influence of the Fukushima Daiichi nuclear disaster would be reduced through proper crisis management procedures. There are three major key risk issues findings about the Fukushima Daiichi nuclear disaster. The first one is risk identification problems in risk management cycle. The second risk issue is failure in avoiding crisis. The last point discusses communication problems in containing crisis. The damages can be reduced and the Fukushima Daiichi nuclear disaster can be avoided if TEPCO management make further research in risk identification process, spend more effort in avoiding crisis rather than only focus on profit generating activities. When the crisis happened properly communicate with government and ensure information transparency help protect the public images of the firm, After in depth research about the case of Fukushima Daiichi nuclear disaster and compare with Three Mile Island nuclear power plant accidents. This report draws lessons from the cases and provides several recommendations for the Fukushima Daiichi and the Japanese government. , 2. Introduction and Aims There are numerous business risks and the kinds of risk vary from business to business, but construction of a risk management plan will use a common process. After understanding potential risks to business and finding ways to......

Words: 3223 - Pages: 13

Risk Management

...section explains why risks exist and highlights the purpose and importance of the risk management plan. It provides a general description of why risk management is essential to effectively managing a project and describes what is needed before risk management can begin. As organizations begin new projects they begin operating in an area of uncertainty that comes along with developing new and unique products or services. By doing so, these organizations take chances which results in risk playing a significant part in any project. The purpose of the risk management plan is to establish the framework in which the project team will identify risks and develop strategies to mitigate or avoid those risks. However, before risks can be identified and managed, there are preliminary project elements which must be completed. These elements are outlined in the risk management approach. This project is considered a medium risk project as it has an overall risk score of 24 on a scale from 0 to 100. The project risk score is the average of the risk scores of the most significant risks to this project. A risk score below 16 is low risk project, a score between 16 and 45 is a medium risk project and a score above 45 is a high risk project. Before risk management begins it is imperative that a foundation is established for providing structured project information, thus, the following project elements were completed and defined prior to developing this Risk Management......

Words: 1968 - Pages: 8

Risk Management

...Process and Change Management and Risk Management [Name of the Writer] [Name of the Institution] Process and Change Management Introduction The underlying task has discussed the detailed information about the process and change management. The underlying topic has discussed the change management of the airport services. How the management of the airplane terminal administrations has changed and what are the effects of changing the administration of the air terminal administrations. A high extent of expensive air terminal operation administration disturbances can be followed back frequently ineffectively organized or deficiently controlled changes to the airplane terminal operation administration scene. These unsettling influences can come about today reliance of business procedures move from the IT huge expenses. This legitimizes interest in airplane terminal operation forms in which any adjustment as far as the requirements and advantages and will be tried for the conceivable negative impacts back and the obstruction can be lessened by taking proper measures to an adequate least. It is consequently the assignment of change managment to guarantee that institutionalized strategies and methods for the execution of changes exist and these are utilized effectively and reliably. The change administration procedure of each organization comprises of a few stages. These strides are important to take keeping in mind the end goal to change the administration. The change......

Words: 6314 - Pages: 26

Cool Photoshop Action 2012 pack 378 | Marvel Rising: Initation | Lançamentos em 1940