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Risk Management

September 19, 2013 0 Comment

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As a newly hired consultant, you have been tasked with the duties of creating and presenting a risk management/business contingency plan for your first client. The legal department and the IT department have both expressed concerns regarding the ethical use and protection of sensitive data, customer records, and other information systems content. In the interest of creating confidence and job satisfaction in this new position, your new employer has decided to let you select your first client.
Part1: You can choose any sort of company or business for your task for example, your actual place of employment (past or present), a local small business, or a well-known public company.
o However, you must choose a real company with a global presence (ie, company must operate internationally in some aspect).
> Re-name the company and exclude proprietary information.
o Any information regarding your company that would be considered confidential, proprietary, or personal in nature should not be included.
o Include general background information about the company and build your strategy to specifically address the general operations of the company
Task A:
A. Create a risk register with eight risks currently facing the business to include the following.
1. Explain how one of the identified risks emanates from an aspect of the company’s global marketplace activities (e.g., manufacturing uncertainties, problems with suppliers, political instability, currency fluctuations).
2. Discuss the source(s) of each risk.
o Source = the source of each risk refers to how the risk is created. What is the trigger that causes the risk to occur?
o Owner = Who is responsible for fixing risk if it were to occur?
3. Evaluate the risk level for each risk in terms of severity of the impact, likelihood of occurrence, and controllability.
o Likelihood: How likely is the risk to occur in the organization?
o Severity of Impact: Rate the impact the risk would have on the business.
o Controllability: How much control do you have over whether the risk will occur?
4. Develop an appropriate risk response for each risk to reduce the possible damage to the company.
Note: This section should be included as a separate, detailed discussion to accompany the risk register.
Task B
Should be in report format.
We recommend 2 pages of content per prompt.
Keep your BCP generic – this plan should be created so that it could apply to a variety of disruptions and situations.
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:
1. Analyze strategic pre-incident changes the company would follow to ensure the well-being of the enterprise.
o What proactive suggestions or changes can be made in advance of a disaster to mitigate potential damage?
2. Analyze the ethical use and protection of sensitive data. Sensitive data refers to proprietary information such as operating policies, personnel records, vendor information, trademarks, patents, contracts, etc. within your organization that you want to protect.
Three-prong approach for this section:
>How do you protect the data and ensure it is being used ethically/appropriately by the employees?
> How do you proactively back up the data?
> After a major business disruption, how do you recover the data?

3. Analyze the ethical use and protection of customer records.

 Customer records depend upon the business hospital patient records; college/university student information; retail store customers that shop in their store. The customer is the person that would be considered the client.
Three prong approach for this section:
> How do you protect the data and ensure it is being used ethically/appropriately by the employees?
> How do you proactively back up the data?
> After a major business disruption, how do you recover the data?

4. Discuss the communication plan to be used during and following the disruption.
> Ask yourself, with whom do you need to communicate and how will you communicate with them? This plan will be triggered after the disaster to ensure that you have communication with the major stakeholders in your company.
5. Discuss restoring operations after the disruption has occurred (post-incident). This section should focus on how to get the company up and running again after a major business disruption.
What do you need to do in order to get your data back online; ensure that your plants are operational; re-establish contact with your vendors; etc.?
Task C
C. Create an implementation plan in which you recommend ways of implementing, monitoring, and adjusting the BCP.
Suggested Reading:
Hiles, A. (Ed.). (2007). The definitive handbook of business continuity management (2nd ed.). West Sussex, England: Wiley Sons.
Merna, T. & Al-Thani, F.F. (2008). Corporate risk management (2nd ed.). Hoboken, NJ: Wiley.
Spedding, L.S., & Rose, A. (2007). Business risk management handbook: A sustainable approach. Burlington, MA: CIMA Publishing

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