Individual Applying Risk Management ConsultingRamell Watts.docx

•Download as DOCX, PDF•

0 likes•2 views

Individual: Applying Risk Management Consulting Ramell Watts CMGT/430 AFSHIN SARDARYZADEH 26 Jul 17 Principles of Risk Management Identification of risk Analysis of risks Controlling of risks Risk Financing Management of claims. These principles are applied in the day to day lives of every individual both at home and at work. 2 How the Organization applies the risk management principles The organization identifies the risks that are presented to it through the principle of risk identification The organization evaluates the extent to which these risks could harm the firm through the second principle of risk analysis. The third principle offers opportunities for avoidance, prevention and reduction of the potential risks in the organization. The organization funds the process of mitigation of the possible risks using the fourth principle. The organization claims management using the fifth principle. . It categorizes the risks for the second process. Risk analysis is achieved by assessing the severity and vulnerability of the potential risks. This principle ensures that the organization minimizes the risks as much as it can. This can be by having the appropriate insurance cover for the cars in the firm. This happens when a loss occurs in the company. 3 How the Protection Efforts will vary The manner in which different organizations will address the risks will vary with time. There will be programs aimed at continuously establishing the risk management and protection efforts. The organization will need to update its risk management plan to accommodate the increasing changes. Social vulnerability will be addressed during the risk management process. It will be necessary to review the risk management plan of the organization to ensure that the plan is up to date. The strategies for the protection of the company’s resources as well as those of risk management will change over time. This is evident from the new ventures, changing work processes, changing rules and the increasing opportunities of risks due to the increasing use of internet technology 4 Threat, Vulnerability, and Risk Threat TypeThreatExploit/VulnerabilityExposed Riskinternal threat (artificial)IntruderAbsence of securityTheft external threat(artificial)HackerMisconfigured firewallLoss of informationinternal threat (Artificial)Current employeeAbsence of audit policyLoss of integrity; NaturalFireInadequate fire controlDamage and loss of lives NaturalHurricaneInadequate preparationDamage or loss of lifeSpiteful external threatVirusexpired antivirus softwareInfection of virusTechnical internal threatHard drive failureAbsence of back upData loss Handling Risk Risk reduction Risk transference Risk acceptance Risk rejection Implementing an alternative cause of action to help reduce the risk. Purchasing insurance to transfer a portion or all of the potential cost of a loss to a third party Dealing with risk by accepting the potential cost and loss if the risk o.

Education

risks using the fourth principle.
The organization claims management using the fifth principle.
. It categorizes the risks for the second process.
Risk analysis is achieved by assessing the severity and
vulnerability of the potential risks.
This principle ensures that the organization minimizes the risks
as much as it can.
This can be by having the appropriate insurance cover for the
cars in the firm.
This happens when a loss occurs in the company.
3
How the Protection Efforts will vary
The manner in which different organizations will address the
risks will vary with time.
There will be programs aimed at continuously establishing the
risk management and protection efforts.
The organization will need to update its risk management plan
to accommodate the increasing changes.
Social vulnerability will be addressed during the risk
management process.
It will be necessary to review the risk management plan of the
organization to ensure that the plan is up to date. The strategies
for the protection of the company’s resources as well as those of
risk management will change over time. This is evident from the
new ventures, changing work processes, changing rules and the
increasing opportunities of risks due to the increasing use of
internet technology

4
Threat, Vulnerability, and Risk
Threat TypeThreatExploit/VulnerabilityExposed Riskinternal
threat (artificial)IntruderAbsence of securityTheft external
threat(artificial)HackerMisconfigured firewallLoss of
informationinternal threat (Artificial)Current employeeAbsence
of audit policyLoss of integrity; NaturalFireInadequate fire
controlDamage and loss of lives NaturalHurricaneInadequate
preparationDamage or loss of lifeSpiteful external
threatVirusexpired antivirus softwareInfection of
virusTechnical internal threatHard drive failureAbsence of back
upData loss
Handling Risk
Risk reduction
Risk transference
Risk acceptance
Risk rejection
Implementing an alternative cause of action to help reduce the
risk.
Purchasing insurance to transfer a portion or all of the potential
cost of a loss to a third party
Dealing with risk by accepting the potential cost and loss if the
risk occurs.
Pretending that the risk doesn’t exist and ignore it. Although
this is not a prudent course of action, it is one that some
organizations choose to take.

6
references
Hopkin, P. (2017). Fundamentals of risk management:
understanding, evaluating and implementing effective risk
management. Kogan Page Publishers.
Lam, J. (2014). Enterprise risk management: from incentives to
controls. John Wiley & Sons.
McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative
risk management: Concepts, techniques and tools. Princeton
university press.

4 Brian Dennison John Denson IT454 -1504B-01 Mon, 12/14/15 SECTION 4: ASSESSING RISK Risk assessment and management is one of the highest priorities for any organization to safeguard its properties and assets. In a turbulent state, all information and security vulnerabilities should be in a conversant to many regulations. Selected and tested methodologies have been defined and framed to mitigate the risk-assessment to many organizations. The frameworks have been set to help and guide security and risk. One of the methodologies is: Factor Analysis of Information Risk, abbreviated as (FAIR). FAIR is a methodology for understanding, analyzing and measuring information risk. Information policy and security practices have been inadequate available to aid in effectively managing information risk. For the little available information clues, managers and system owners have found it hard to make effective and well-informed decisions to safeguard their systems against such risks and uncertainties as they may happen. FAIR is elevated to address security practice weaknesses. The major aim of this methodology is to allow organizations contribute effort and mitigate the various risk as they may happen. In one accord risk is assessed and measures be taken to counter the menace. The method ensures the organizational risk is defended and or challenge risk determined by use of advanced analysis techniques and also understand how time and resources such as money will impact the organization's security profile in general. The Methodology works with the following components; these are; standardized nomenclature system for using the risk terms, a well-set framework for data collection, a taxonomy for information risk, Computational engine for evaluating risk model, measurement scales for all risk factors and a model for analyzing the complexity of all risk scenarios. The methodology has one best advantage; it doesn't use the normal, ordinary scale like one-to-10 rating and hence it is not subjected to the limitations the ordinary scale. The methodology uses the high or low scales to categorize its risk menace. Colors also form part of the rating red, yellow and green. FAIR methodology uses dollar estimates to indicate clearly losses and probability parameters for threats and vulnerabilities. Therefore, when merged with a range of values, confidence levels, it gives the best bargaining ground for mathematical modeling and hence loss exposures. A risk whether quantitative or qualitative should be dealt with an organization. There are four methods to curb such: these are: accept(able), avoid, mitigate and transfer. Accept: This is the willingness for an organization to assume the risk. This is a managerial and a business decision to accept the risk. This does not allow an organization assume the risk after its first identification. This comes after determining the level. Then assumptions later. Therefore, the best cause of action should be in plans t.

Mastering Cybersecurity Risk Management: Strategies to Safeguard Your Digital...

cyberprosocial

In today’s time, where businesses heavily depend on technology for their daily operations, the danger of cyberattacks is a big concern. Companies need to have a solid plan in place to manage the risks associated with cybersecurity. This means taking the necessary steps to protect sensitive data and systems from bad guys who want to cause harm. In this article, we’ll explain why cybersecurity risk management is so important and share some practical strategies to help you keep your digital assets safe. So, let’s dive in and explore how you can protect your business from cyber threats!

6 Strategies to Prevent a Ransomware Attack.ppt

cybernewslive

Running head RISK MANAGEMENT AND INSURANCERISK MANAGEMENT AND .docx

toltonkendal

Running head: RISK MANAGEMENT AND INSURANCE RISK MANAGEMENT AND INSURANCE 9 Risk Management and Insurance Name Institution Risk Management and Insurance A risk is a term used to describe the probability or chance of defining something that will not go according to plan either as a result of the occurrence of a certain event or even because a certain sequence that was supposed to be followed in the required series. A risk management plan, on the other hand, refers to the process of evaluating and assessing the risk an organization stands, analyzing this risk to establish the root causes and the possible alternatives the organization can take to reduce the risk involved and finally, the management and handling of the risk using the best possible alternative for the reduction of the risks that are posed. For every organization, there four major categories of risks, including technical, procedural, programmatic and cost risks (Baker & Griffith, 2007). In the insurance industry, risk assessment entailed the identification of different hazards that could occur in the workplace, then defining them as linking them with the hazards they could result to. Its role as a procedural and systematic process is to ensure that the work environment is safe especially occupationally for the staff. It involves monitoring the work environment and careful investigating it to prevent the occurrence of dangerous situations (Baker & Griffith, 2007). This case study conducts a risk assessment of Merrica Insurance company Risk Description and Causes 1. Ergonomic and physical disadvantages that could be as a result of siting in the wrong furniture for long hours. 2. Social severity and psychological stress to employees due to the high pressure nature of insurance jobs 3. The safety of the machines, equipment and other tools used at work like computers and technology based apparatus. 4. Occupational accidents, and diseases as well as work-related stress could induce health hazards to employees of the company 5. Personal qualifications of the employees risk being either misused or underused at the workplace 6. Inability of Company projects to take off as a result of the lack of control and direction 7. Poor contract management 8. Appointment of inexperienced teams that are incapable of carrying out their responsibility 9. Inability to correctly convey information and work instructions (Pennacchi, 2006). People at risk The risks identify pose a great threat to the employees of the company, and the outsourced staff. Risk management methods · Effectively use of safety devices and methods to reduce the risk of unsafety · Repairing the work-related deficiencies to ensure that the deficiencies that cause objectives not to be achieved · Using ergonomically designed furniture and equipment to ensure the furniture and equipment do not cause the employee any long-term effects. · Smooth operation at the insurance company because the consequenc ...

ERM Presentation

H Contrex

The document discusses enterprise risk management (ERM) and its rising importance for information security practices. ERM aims to align security solutions with business priorities by analyzing overall IT risks, prioritizing risk mitigation actions, and taking a managed approach to enterprise investments. Key drivers of ERM adoption include changing regulations, expanding business threats, and interest in simplifying security management.

Using Threat Intelligence to Improve Your Company.pdf

CyFirma1

Vskills Certified Network Security Professional Sample Material

Vskills

The document discusses security planning and policies. It begins by defining a security policy and information security management system (ISMS). It then discusses the importance of security planning, which involves risk assessment to identify assets, threats, and risks. The key aspects of risk assessment covered are identifying assets, risks to assets, and risk sources. It also discusses identifying security threats and contingency planning. Finally, it discusses different types of security policies an organization can implement, including password, email, internet, backup and access policies. The overall document provides guidance on developing a comprehensive security program through planning, policies and procedures.

Convergence innovative integration of security

ciso_insights

The document discusses the trends of technology, security risks, and the importance of having a clear security strategy and framework. It recommends converging security resources across an organization in a collaborative way to improve risk mitigation, operational effectiveness, and reduce costs. Key aspects include having a preventative security approach, leveraging security technologies, and ensuring security spending aligns with the most important business risks.

Generic Sample Company has developed an Information Security Incident Response Plan to effectively handle security incidents. The plan establishes an Information Security Subcommittee to govern incident response. It defines roles and responsibilities, and outlines the incident response process including identification, classification, triage, evidence preservation, forensics, eradication, confirmation of elimination, and resumption of operations. The plan also covers education/awareness, communications, and compliance requirements.

Dr haluk f gursel fraud examination rises to distinction article grcj 2010 1_v3_

Haluk Ferden Gursel

Global firms are recognizing that the anti-fraud profession is an important component of risk measurement and avoidance. The analysis below illustrates how recent risk-based management control systems are hastening the development of specialized anti-fraud agents. It is evident that the increased public appetite for transparency and enhanced accountability has also spurred rapid developments in the anti-fraud discipline.

Unit 1 rmi

Prathima Girish

This document provides an overview of risk management and risk identification. It defines risk as anything that threatens an organization's ability to achieve its mission. Risk management is the process of systematically identifying risks, assessing their likelihood and potential impact, and developing strategies to address them. There are two main types of risk - systematic risk that affects all investments like changes in regulations, and unsystematic risk that is specific to a particular organization like management issues or natural disasters. The document outlines several methods for handling risks, such as risk avoidance, control, transfer, loss reduction, and duplication of resources. It also discusses assessing the degree of risk and managing risk exposure from an economic and business perspective.

Management Control and Risk.pptx

Suku Thomas Samuel

This document discusses risk management and control. It defines risk management as understanding and managing risks to achieve corporate objectives. It then describes the TARA framework for assessing and managing risks through transference, avoidance, reduction, and acceptance. The document also discusses business risks like strategic, product, commodity price, operational, and reputation risks. It covers the public interest accountants have and stakeholders they are accountable to. The document defines information systems and how they can be implemented as part of risk strategy with initial and running costs. It describes characteristics and benefits of big data like faster decision making and competitive advantage, as well as risks involving skills, security, and protection.

Risk Management and Control(Insurance).pptx

muthukrishnaveni anand

This document discusses risk management through the use of derivatives. It defines derivatives as contracts whose value is based on an underlying asset. The main types of derivatives are futures, forwards, and options. Derivatives allow investors to manage risk through hedging strategies that offset losses and gains. Rapid growth in derivatives markets has been driven by factors like the collapse of fixed exchange rates and innovations in financial theory. Derivatives strategies combine different derivative products to realize profits or limit losses based on an investor's views and risk appetite. Overall, derivatives are an important tool for risk management.

Risk management osh

jaycatubig

The document discusses the importance of risk management for occupational health and safety. It outlines the key elements of a risk management system, including identifying hazards, assessing associated risks, taking action to mitigate risks, and monitoring effectiveness. An effective risk management system provides frameworks for identifying and reducing risks, supports compliance with legal requirements, and can improve overall business performance.

CHAPTER 7 Risk Assessment, Security Surveys, and PlanningLEARNIN.docx

christinemaritza

CHAPTER 7 Risk Assessment, Security Surveys, and Planning LEARNING OBJECTIVES After completing this chapter, the reader should be able to · ■ define risk and risk assessment. · ■ list and describe five distinct types of risk that threaten individuals and organizations. · ■ discuss management techniques associated with risk elimination, reduction, and mitigation. · ■ evaluate risks to determine vulnerability, probability, and criticality of loss. · ■ conduct a risk assessment utilizing subjective as well as objective measurements. · ■ conduct a security survey. · ■ analyze needs identified through a risk assessment. · ■ develop appropriate courses of action to eliminate, reduce, or mitigate risks identified in a risk assessment. · ■ discuss the importance of the budget process. · ■ demonstrate knowledge of crime prevention through environmental design. · ■ demonstrate knowledge of emergency planning. INTRODUCTION A major focus for security management is the concept of risk. Subjective information as well as objective measurement instruments (such as a security survey) are used in an essential first step of a planning process designed to identify and assess the threat posed by each risk source. As the planning process proceeds, security personnel make recommendations and determine the financial impact of any potential risk mitigation strategy. Planning activities also involve preparation for emergency situations and consideration of anticrime measures available through environmental manipulation. THE CONCEPT OF RISK Risk Defined Risk may be defined as the possibility of suffering harm or loss, exposure to the probability of loss or damage, an element of uncertainty, or the possibility that results of an action may not be consistent with the planned or expected outcomes. A decision maker evaluates risk conditions to predict or estimate the likelihood of certain outcomes. From a security perspective, risk management is defined as the process involved in the anticipation, recognition, and appraisal of a risk and the initiation of action to eliminate the risk entirely or reduce the threat of harm to an acceptable level. A risk involves a known or foreseeable threat to an organization’s assets: people, property, information, or reputation. Risk cannot be totally eliminated. However, effective loss prevention programs can reduce risk and its impact to the lowest possible level. An effective risk management program can maximize asset protection while minimizing protection costs (Fay, 2000; Fischer & Janoski, 2000; Kovacich & Halibozek, 2003; Robbins & Coulter, 2009; Simonsen, 1998; Sweet, 2006). Types of Risk Generally, risk is associated with natural phenomena or threats created by human agents. Natural risks arise from earthquakes, volcanic eruptions, floods, and storms. Risks created by human beings include acts or failures to act that lead to crime, accidents, or environmental disaster. As many as five distinct types of risk threaten individuals a ...

Enterprise risk management

Anu Damodaran

This document provides an introduction to enterprise risk management (ERM). It discusses how ERM aims to protect and increase value for an organization by taking an integrated approach to managing risks across the entire enterprise. ERM calls for high-level oversight of all risks on a portfolio basis. The document provides background on the evolution of risk management and outlines some of the key risks organizations face today from globalization and other factors. It also notes that chief risk officers and risk committees are important for overseeing ERM.

Risk Management

ijtsrd

This document discusses risk management in cyber security. It begins by explaining the concept of risk management and how it has been applied to physical security measures. It then discusses how risk management principles are applied to cyber security, including identifying vulnerabilities, educating employees, and forming incident response teams. The document outlines the process of implementing a cyber security risk management system, including prioritizing assets, applying layered security, and documenting procedures. It also discusses risk mitigation strategies, incident response plans, and the role of cyber forensics in risk management.

Management of risks and implication on the nigerian manufacturing sector

Alexander Decker

This document discusses risk management in the Nigerian manufacturing sector. It identifies key risks like employees, suppliers, customers, and competitors. It examines how risks should be assessed and prioritized, with larger risks and those that can't be avoided or transferred retained. Improperly assessing and prioritizing risks can waste time on unlikely events. The study was conducted through surveys and interviews of five manufacturing companies in Nigeria to understand their risk management practices.

Risk Management in Business

paperpublications3

Abstract: Risk management is an activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Some traditional risk managements are focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death). Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments. Objective of risk management is to reduce different risks related to a pre-selected domain to an acceptable. It may refer to numerous types of threats caused by environment, technology, humans, organizations and politics. The paper describes the different steps in the risk management process which methods are used in the different steps, and provides some examples for risk and safety management.

It risk assessment

Happiest Minds Technologies

Risk Management Following are the main risks that Itrustu In.pdf

adaacollections

Risk Management Following are the main risks that Itrustu Insurance plans for mitigating against: - Cyber threats (hacking, spam or fraud, malware, ransomware, phishing, confidentiality, data or Identity theft and others) - Loss of IT, telephony and/or network communications for longer than one day -Flood that causes denial of access to a building - Loss of power - Snow storm The risk UT has not been anticipating in their Risk Management plan is pandemic Risk Management plan In Pandemic COVID-19 has changed the world and organizations need to upscale with the changing face of the world. Organizations not only needed to provide quick response and increase the availability of resources but should be able to incorporate the new NORMAL into their operations resiliently. The Pandemic has shifted all eyes to RM professionals and all the executives are looking for answers. This the real test of your Risk Management plan and response, do you have your processes automated, integrated work plans, communications and reporting that scale globally? On top of the current COVID-19 pandemic, the threat of a cyber-attack, natural disasters and breaches caused by third-party vendors are still growing. Its not enough to demonstrate you have a plan but to proof that it will work. The role of the Risk Management plan has evolved, and you must evolve with it. As you know , COVID-19 has been reported almost every single country across the globe. Itrustu is trying its best to come up with a comprehensive Risk Management plan and are working hard to develop a crisis leadership team responsible for pandemic plan implementation. The team should have representatives from the executive leadership and from each functional area in the organization including account management, business operations, communications, sales, human resources, marketing and last but not least the IT department. Top Ten Risks to Insurers Below is the list of the most critical risks identified by insurance companies in a recent survey: 1. Cybersecurity and cybercrime 2. Disruptive technology 3. Pricing and product line profit 4. Legislative and regulatory 5. IT/systems and tech gap 6. Interest rate change 7. Competition 8. Natural catastrophe 9. Climate change 10. Emerging risks (such as pandemic) The Main ITRUSTU Insurance Products 1. Car insurance 2. Travel insurance 3. Life insurance 4. Pension plans 5. Motorcycles RVs insurance 6 . Home Condo Renter insurance To complete a Risk Management plan for an insurance company five elements must be investigated. 1. People 2. Buildings/ infrastructures 3. Information 4. Technology 5. Suppliers The risk of unavailability of each of these elements must be analyzed and probabilities must be assigned to each of the threats. Template 5: Risk Response Undertaking the evaluation of the risk consequences for each of the significant risks and recording the results in Template 4 will enable the organization to decide what, if any, further actions are required. Tem.

10 Most Important Strategies for Cybersecurity Risk Mitigation.pdf

Afour tech

To Be Great Enterprise Risk Managers, CISOs Need to Be Great Collaborators

Elizabeth Dimit

Chapter 1Managing RiskTHE FOLLOWING COMPTIA SECURITY+ EXAM OBJ.docx

walterl4

Chapter 1 Managing Risk THE FOLLOWING COMPTIA SECURITY+ EXAM OBJECTIVES ARE COVERED IN THIS CHAPTER: · 3.8 Explain how resiliency and automation strategies reduce risk. · Automation/Scripting: Automated courses of action; Continuous monitoring; Configuration validation · Templates · Master image · Non-persistence: Snapshots; Revert to known state; Rollback to known configuration; Live boot media · Elasticity · Scalability · Distributive allocation · Redundancy · Fault tolerance · High availability · RAID · 5.1 Explain the importance of policies, plans, and procedures related to organizational security. · Standard operating procedure · Agreement types: BPA; SLA; ISA; MOU/MOA · Personnel management: Mandatory vacations; Job rotation; Separation of duties; Clean desk; Background checks; Exit interviews; Role-based awareness training (Data owner; System administrator; System owner; User; Privileged user; Executive user); NDA, Onboarding; Continuing education; Acceptable use policy/rules of behavior; Adverse actions · General security policies: Social media networks/applications; Personal email · 5.2 Summarize business impact analysis concepts. · RTO/RPO · MTBF · MTTR · Mission-essential functions · Identification of critical systems · Single point of failure · Impact: Life; Property; Safety; Finance; Reputation · Privacy impact assessment · Privacy threshold assessment · 5.3 Explain risk management processes and concepts. · Threat assessment: Environmental; Manmade; Internal vs. External · Risk assessment: SLE; ALE; ARO; Asset value; Risk register; Likelihood of occurrence; Supply chain assessment; Impact; Quantitative; Qualitative; Testing (Penetration testing authorization; Vulnerability testing authorization); Risk response techniques (Accept, Transfer, Avoid, Mitigate) · Change management As an administrator, you are responsible. You are responsible for data that gets created, stored, transmitted, viewed, modified, deleted, and just about everything else that can be done with it. Because of this, not only must you enable it to exist, but you must protect it, authenticate it, secure it, and keep it in the form that complies with every applicable law, policy, and regulation. Counter to this are all of the dangers that can befall the data: it can be accidentally deleted, overwritten, stolen, and lost. These potential harms represent risks, and you must know the risks involved in working with data. You have to know and accept that data can be corrupted, it can be accessed by those who shouldn’t see it, values can be changed, and so on. If you think that being armed with this knowledge is enough to drive you into taking the steps necessary to keep any harm from happening, however, you are sadly mistaken. One of the actions that administrators can be instructed to take by upper management regarding potential threats is to accept that they exist. If the cost of preventing a particular risk from becoming a reality exceeds the value of the harm t.

The Legal Case for Cyber Risk Management - InfoSec World Privacy & Risk Summit

Shawn Tuma

Cybersecurity

BernardinoMelgar1

Cybersecurity risk management is the process of determining risks an organization may face and selecting controls to mitigate those risks. It helps address the most impactful threats and vulnerabilities based on information about likely threats and existing infrastructure weaknesses. Establishing a pro-security culture with employee training and participation supports effective risk management. Key aspects of risk management include using frameworks to address business risks, defining ongoing risk assessment processes, and leveraging threat intelligence to prioritize risks. Developing an incident response plan allows organizations to respond rapidly to cyber incidents like malware or data theft. Crowdsourced security testing can further decrease risk by engaging diverse security researchers to supplement internal testing.

Grupo 4 - TEMA II.pptx

BernardinoMelgar1

Cybersecurity risk management is the process of determining risks an organization faces and selecting controls to mitigate them. It helps address risks with the most potential impact. Understanding threats and vulnerabilities allows for better risk reduction and incident response. Establishing a pro-security culture through training and participation supports effective risk management. Frameworks, risk assessment processes, and threat intelligence help prioritize risks. Response plans orchestrate recovery from incidents like malware or data theft. Crowdsourced security testing decreases risk cost-effectively by engaging diverse security researchers.

Table of ContentsIntroduction3P.docx

mattinsonjanel

Table of Contents Introduction 3 Project Outline 3 Project risk identification 4 Project risk assessment 6 Project Risks, Responses Strategy 7 Project Risks Monitoring & Control Plan 10 Project Risks WBS & Budget Updates 11 Project Risks, Communications Plan 11 References 12 Introduction The project that is planned by the company is to divest and move into a global perspective. Let’s ay for instance a possible expansion in the expansion of an oil refinery plant, such as a sulphur plant, my project will be to research Savage Gulf Sulphur Services. The project is supposed to ensure that the company will generate more revenue, and then it shall move into a global perspective. With the project, the company shall also increase its production due to large demand generated by the new market in the globe. Every project is faced with a certain degree of risk in the activities that it takes in an organization. It is important for organizations should carry out risk assessment procedures that are inclined in ensuring that an effective strategy shall be formulated to eliminate risk. This paper will discuss the risk management strategy and the processes that are taken in the management of risk in an organizational structure. Project Outline The project is it intended to increase the organized capacity and move into the global market structure. This will involve the purchase of new factors of production such as land, investors and business owners invest large amounts of capital to such investments. The project will also Risk management justification Risk management is identified and can be described as an assesment that has all these prioritization of risks, the management of risk could involve precise coordination and ecomonical application strategies with ereasons to minimize, control and monitor the probability and impact of unfortunate events. Risk management also helps in maximization and the act of realization of opportunities. In an organizational structure, risk management has a variety of functions which makes it an important department in an organization, based on the many roles that the risk management. This is the implementation of a strong and effective risk management and controls within securities firm, a helps in promoting stability throughout the entire firm. Risk management controls are divided into two categories. The internal and external control categories help in providing useful and effective control systems. The internal controls help in protecting the firms against market, credit, operational and legal risks. Secondly, it helps in protecting the financial industry from all the systemic risks in the organization structure (Merna, 2008) Risk management is useful in protecting the firm's customers from enormous and large non-market related losses such as misappropriation of resources, fraud and firm failure. Such failures can result in enormous risk in the organization. Risk management also helps in the act or protecting the fi ...

Attached is a joint letter to Capitol Hill to advocate for increased.docx

Individual Applying Risk Management ConsultingRamell Watts.docx

Recommended

Recommended

More Related Content

Similar to Individual Applying Risk Management ConsultingRamell Watts.docx

Similar to Individual Applying Risk Management ConsultingRamell Watts.docx (20)

More from jaggernaoma

More from jaggernaoma (20)

Recently uploaded

Recently uploaded (20)

Individual Applying Risk Management ConsultingRamell Watts.docx