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Key Topics
Requirement
Develop a risk management plan for a fictitious organization to replace its outdated plan.
Solution
Introduction
Risk Assessment Plan helps in the identification of the probable hazards and preparing plan after analysing the severity of the impact (Devlin, 2005). The main purpose of the project is to identify the risks that are evident, then prepare a suitable plan that will help in handling the situation without impacting the business continuity. Hazards can be of various forms, it might be natural or it can be man-made. Natural hazards can come in the form of hurricane and the man-made hazards can come in the form of outage due mishandling of the system. Risk Assessment is important in the sense that it guides the organizations in case of sudden occurrence any anticipated or unanticipated risks.
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Outline for the Risk Assessment Plan
Mentioned below is the outline of the assessment plan:
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a) Establishing the criteria for the RA.
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b) Applying the criteria that are imperative for the data collections and concerned resources.
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c) Consultation with the senior management to indulge key stakeholders in the process.
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d) Identification of group that will handle the whole process from planning to implementation.
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e) Selection of the critical assets required for the implementation.
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f) Identifying the technologies that are imperative for the management.
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g) Assessing the risks that are evident and those that can be sudden and unidentifiable
Scope and Boundaries for the Risk Assessment Plan
Mentioned below is the scope of the risk assessment plan:
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a) Preparing the goals and objectives
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b) Preparing the list of responsibilities and identifying the individuals
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c) Identifying the areas that should be included or excluded
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d) Preparing RA based on Time and Location
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e) Preparing the methodologies to assess the risk
Summary of Risk Assessment Plan
The risk assessment plan helps the organization in assessing the risks and prepares the plan to mitigate those identified risks (Hiles, 2002). Moreover, it also helps in allocating the personnel who are imperative for the successful execution of the instant decision that are made at the time of risk management (Shaw, 1999).
Key Roles and Responsibilities
Mentioned below are the key roles and responsibilities that will be delegated to the individuals or the department to plan and handle the risks:
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a) Identification of a Risk Manager to handle all the issues at hand, from planning to implementation.
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b) Risk manager will act as the link between the risk management team and the management.
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c) Constitution of a team that will assess the risks and facilitate the implementation.
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Place Your OrderSchedule for Risk Assessment Process
Mentioned below is the schedule of the Risk Assessment Process:
a) System Documentation Phase
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a. Set boundary for selected system (5 Days)
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b. Record system identification information (4 Days)
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c. Document system purpose and description (3 Days)
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d. Document the system security level (5 Days)
b) System Risk Determination Phase
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a. Identify threats and vulnerabilities (10 Days)
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b. Describe Risks (3 Days)
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c. Identify existing controls (4 Days)
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d. Determine likelihood of occurrence (4 Days)
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e. Determine severity of impact (5 Days)
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f. Determine risk levels (5 Days)
c) Safeguard Determination Phase
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a. Recommend controls and safeguards (4 Days)
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b. Determine residual likelihood of occurrence (5 Days)
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c. Determine residual severity of impact (5 Days)
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d. Determine residual risk level (5 Days)
d) Report presentation, archiving and sign-off (15 Days)
References
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Devlin, E. (2005). Business resumption planning. Boca Raton: Auerbach.
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Hiles, A. (2002). Enterprise risk assessment and business impact analysis. Brookfield, Conn.: Rothstein Associates.
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Shaw, C. (1999). Use of risk assessment panels during revision of the Tongass land and resource management plan. Portland, Or. (333 S.W. 1st Ave., P.O. Box 3890, Portland): U.S. Dept. of Agriculture, Forest Service, Pacific Northwest Research Station.
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