...Structure for an IT Risk Management Plan Course Name and Number: _____________________________________________________ Student Name: ________________________________________________________________ Instructor Name: ______________________________________________________________ Lab Due Date: ________________________________________________________________ Overview In this lab, you defined the purpose of an IT risk management plan, you defined the scope for an IT risk management plan that encompasses the seven domains of a typical IT infrastructure, you related the risks, threats, and vulnerabilities to the plan, and you created an IT risk management plan outline that incorporates the five major parts of an IT risk management process. Lab Assessment Questions & Answers 1. What is the goal or objective of an IT risk management plan? 2. What are the five fundamental components of an IT risk management plan? 3. Define what risk planning is. 4. What is the first step in performing risk management? 5. What is the exercise called when you are trying to gauge how significant a risk is? 25 6. What practice helps address a risk? 7. What ongoing practice helps track risk in real time? 8. True or False: Once a company completes all risk management steps (identification, assessment, response, and monitoring), the task is done. 9. Given that an IT risk management plan can be large in scope, why is it a good idea to develop a risk management plan team? 10...
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...Volume–VI, Number–01, January-June, 2011 Risk Management Practices: A Critical Diagnosis of Some Selected Commercial Banks in Bangladesh MD. ZAHANGIR ALAM* MD. MASUKUJJAMAN** ABSTRACT The paper is about risk management practices of commercial banks in Bangladesh based on five commercial banks operating in Bangladesh. The number of respondents was 25, five from each bank. While collecting the requisite data, five points Likert Scale has been used. The objective of the study was to critically examine risk management practices of Bangladeshi banks i.e., types of risk facing a bank, procedure and techniques used to minimize the risk etc. The study also examines how far the banks follow the guidelines of Bangladesh Bank regarding risk management. The study reveals that credit risk, market risk and operational risk are the major risks to the bankers which are managed through three layers of management system. The Board of Directors performs the responsibility of the main risk oversight, the Executive Committee monitors risk and the Audit Committee oversees all the activities of banking operations. In the context of opinions regarding use of risk management techniques, it is found that internal rating system and risk adjusted rate of return on capital are relatively more important techniques used by banks. Key Words: Risk, Risk Management, Risk Management Techniques, Banking. 1. INTRODUCTION In the past two decades, the banking industry has evolved from...
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...RISK MANAGEMENT FOR COLLABORATIVE SOFTWARE DEVELOPMENT MOJGAN MOHTASHAMI is a Ph.D. candidate at the School of Management of Rutgers University and a lecturer at New Jersey Institute of Technology (NJIT). She can be reached at mojgan@oak.njit.edu. THOMAS MARLOWE is a professor of mathematics and computer science at Seton Hall University. He received Ph.D.s from Rutgers in 1975 and 1989. VASSILKA KIROVA received a Ph.D. in computer science from NJIT. Her areas of interest include specification and software productivity and quality. She can be reached at kirova@bell-labs.com. FADI P. DEEK is professor and dean of the College of Science and Liberal Arts at NJIT. His research interests include software engineering and learning systems. Mojgan Mohtashami, Thomas Marlowe, Vassilka Kirova, and Fadi P. Deek Collaborative software development involving multiple organizational units, often spanning national, language, and cultural boundaries, raises new challenges and risks that can derail software development projects even when traditional risk factors are being controlled. This article presents a framework that can be used to manage collaborative software development projects, based on an extended set of risk management principles. Three risk factors — trust, culture, and collaborative communication — are discussed in depth. OLLABORATIVE SOFTWARE DEVELOPment (CSD) entails multiple teams, working for multiple organizational units within the same or different companies, and no clear...
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...Introduction Risk management is the process of identifying vulnerabilities and threats to information resources used by a company in reaching business objectives and deciding what measures to take in reducing risk to an acceptable level. An effectual risk management process is an essential component of a successful IT security program. The paramount goal of an organization's risk management process should be to protect the organization and its ability to perform their mission, not just its IT assets. With that in mind, the risk management process should not be treated primarily as a technical function by IT experts, but rather as an essential management function of the organization. The objective of performing risk management is to enable the organization to accomplish its mission(s) (1) by better securing the IT systems that store, process, or transmit organizational information; (2) by enabling management to make well-informed risk management decisions to justify the expenditures that are part of an IT budget; and (3) by assisting management in authorizing (or accrediting) the IT systems on the basis of the supporting documentation resulting from the performance of risk management . “Effective risk management begins with a clear understanding of the organization's appetite for risk2. This drives all risk management efforts and impacts future investments in technology. Risk management encompasses four key elements: Risk identification, risk mitigation, risk acceptance...
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...Risk management In this section a summarized position of various risks facing DBBL while conducting its business and operations and steps taken by the Bank to effectively manage and mitigate such risks are discussed. RISK MANAGEMENT FRAMEWORK Risk is defined by DBBL as risk of potential losses or foregone profits that can be triggered by internal and external factors. Therefore, the objectives of risk management are identification of potential risks in our operations and transactions, in our assets, liabilities, income, cost and off-balance sheet exposures and independent measurement and assessment of such risks and taking timely and adequate measures to manage and mitigate such risks within a risk-return framework. In DBBL, only calculated risks are taken while conducting banking business to strike a balance between risk and return. Risk is clearly identified, mitigated or minimized and if possible eliminated to protect capital and to maximize value for shareholders. It is also ensured that on-balance sheet and off-balance sheet risks taken by the Bank are consistent with risk appetite and short term as well as long term strategic objectives of the Bank. A wide range of tools and techniques are used to address & mitigate all kinds of inherent and potential risks in banking operations. The Bank attaches highest priority to establish, maintain and upgrade risk management infrastructure, systems and procedures. In this regard, sufficient resources are allocated to improve...
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...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....
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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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...Information Technology Risk Management Risk management is the continuing method to recognize, examine, appraise, and treat loss exposures and monitor risk control and financial resources to diminish the adverse effects of loss (Marquette). Every company has a goal. In this internet age, as companies use computerized information technology systems to manage their data for better support of their goals, risk management plays a crucial role in defending a company’s information technology‘s resources and its goals from information technology’s risk. A successful risk management method is an important component of an effective information technology security program. The primary goal of a companies risk management method should be to protect the company and its ability to accomplish their task, not just its information technology’s assets. Therefore, the risk management method should not be treated primarily as a technical function carried out by the information technology professionals who control and administer the information technology system, but as a necessary management function of the company (Stonebrner). Risk management is the method that allows information technology supervisors to assess the operational and economic expenses of protective measures and achieve gains in operational capability by keeping the information technology systems and records that support their company’s goals. This method is not unique to the information technology environment; indeed it...
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...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. Some...
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...construction is the a major and any productivity enhancement activity in this sector will have a positive impact in overall improvement of the national economy. The Nepalese construction industry is still regarded as in infant stage, can play a vital role to uplift the economic and socio status of local people by developing such infrastructures. In addition there are many risks faced by the construction industry in order to achieve its aim. 1.2. Objective of the study The major objective of this report writing is to understand various risk faced by an industry or an organizations and their ways and techniques to handle all these risk. But apart from that the other objectives of this study are: 1. To understand different types of risk facing organization. 2. To understand the trend of risk analysis in Nepalese construction market. 3. To know the techniques used to manage loss exposure unit 4. To find out the problem faced while managing risk 5. To know what methods are usually followed to reduce risks in construction companies? 6. To know benefits and significance of risk management 1.3. Research methodology There are many methods of collecting data. For the purpose of preparation of this report, direct interviews with respondents were taken and questionnaires were prepared. However secondary sources of data like annual general report and other journals...
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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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...Risk management in the health care in the past risk management and quality improvement job was separate in the health care organization. Even though, the job function may have been different the goal was the same. As up today they have close the gap to provide a better, and safety quality patient care. Rationale What is risk management any way not everyone has the same meaning. It can be define as such Risk management is a process for identifying, assessing, and prioritizing risks of different kinds. Once the risks are identified, the risk manager will create a plan to minimize or eliminate the impact of negative events. A variety of strategies is available, depending on the type of risk and the type of business. Outline Risk Management and Patient Safety: The Synergy and the Tension Integrating Risk Management, Quality Management, and Patient Safety into the Organization Benchmarking in Risk Management Risk Management Strategic Planning for a Changing Health Care Delivery System Using Never Events to Reduce Risk and Advance Patient Safety Governance and Board Responsibility to Assure Safety in Health Care Organizations 1. Introduction What is the goal or the idea behind risk management one of their focus is to reduce the financial risk other areas that may seem not important is the regulation. One of the principal issues facing health care risk management is governmental regulation. Over the last few decades, there has been a growing public...
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...Q 1: Advantage: 1. Risk identification: If all the risks have been identified at the beginning of a business project, the outcome and the solution of the risks can be considered before start and reduce potential lost. 2. Reduce compliance costs: The unprofitable part of the business can be eliminated or outsourced after risk analysis so that the risk is transferred. Reducing the areas of responsible business will allow the company to devote resources to the most profitable parts and eliminate the risks that were associated with those abandoned segments. 3. Enhance quality of product or service: The chance of emergency cases have been reduced so that the quality of product or service can be ensured at a certain level. 4. Increase efficiency and productivity: All risks have been figured out so that staff can be easily to distributed at suitable position and thus increase the efficiency. The productivity will be strengthened by practical division of labour and specification. 5. Improve relationships communication with stakeholders: Each identified risk can be discussed among various stakeholders to eliminate or minimize the risks assessed. This brings the various views onto the table and in the process of finalizing potential solutions as all stakeholders (including clients, employees, suppliers and contractors, etc.)are involved. 6. Enhance business planning and achievement of objectives and goals: Each risk is described along with its attributes such as...
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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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...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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