A Lab Report File, Describe, Respond, And Monitor

990 Words Jan 27th, 2016 4 Pages
RISK MANAGEMENT PLAN

STEP 10: In your lab report file, describe in what ways…..

A typical Risk Management plan (RMP) has five steps – Plan, Identify, Assess, Respond, and Monitor. As we discuss the five steps in details, it would be evident that they hold good in every set up in a business – be it IT or non-IT environment.

1. Plan:
It is the first and the most important aspect of RMP. In this step Project Managers (PM) need to plan the objectives or the context of the whole plan. PM needs to understand what they want to achieve and why, when and how.

2. Identify:
The next step is to identify the risks, threats and vulnerabilities. Hackers attack from the Internet, failure of hardware or software systems, or network outages are the most common threats. And common vulnerabilities are absence of firewall and antivirus software, absence of update patches, not adequately trained associates etc. In this step, PMs need to identify both positive and negative events. Positive events are the one’s which help achieve our objectives and negative events are the one’s which can act as setbacks in achieving or objectives. These events can not only impact the operations of the enterprise, but it can have significant impact on the regulatory, legal, trading partners, and human resources (www.isaca.org). While identifying the events, it’s important that experts from all he departments are pulled in to the brain storming sessions to bring out the best for that situation. It’s important…

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