Case Study Of Synergetic Risk Assurance Corporation

Because technology is consistently growing and changing, preventative measures must include flexibility to allow for change and growth. Without these considerations, a business could jeopardize themselves by restricting the ability to expand or even update the systems with necessary security patches. Preventative measures should include future growth. As technology grows, risks increase. Protection mechanisms will change as new threats are introduced to business as well as new legislations. Many security standards are based on data protection regulations and as laws change or new laws are introduced, information technology is the most costly element in ensuring compliance. There could be costly ramifications with poor planning.

Risk management can be defined as the process of discovering, identifying, and assessing the risks facing an organization’s operations, as well as determining how said risks can be either controlled or mitigated (Whitman & Mattord, 2013).  Moreover, a significant component of risk management is risk analysis, which is the identification and assessment of the various levels of risk in the organization.  Due to this fact, risk management must remain an ongoing process, and the safeguards and controls that are devised and implemented cannot be viewed as “install and forget” devices.  Additionally, this comprehensive process requires an organization to frame risk, assess risk, respond to risk once determined, and most importantly, monitor risk on an ongoing basis through the use of active organizational communications and continuous improvement feedback loops. Furthermore, the fact that most businesses identify and implement new information technology systems in response to changes in the market on a regular basis justifies the need for an ongoing risk management process.

Synaptic is a bio technology company that uses a combination of both Information Management (IM) and biological research to develop drugs based on proteins and peptides. Synaptic is comprised of a large Information Management department which consists of multiple divisions within the department. Each division within the IM is in charge of communications and computer systems services, in particular research, manufacturing and infrastructure. The company also employs computational scientists that aid with the research aspect of the product development. The development of the product makes it necessary for both set of parties – the Information Management and the scientists to interact with each

A holistic view of risks is crucial for business profitability and this can be achieved through a process of frequent evaluation, training, monitoring and feedback sessions with key stakeholders (Chugh, 2016). This approach provides a framework for understanding the patterns and trends of potential risks and how they relate to the industry. A successful business should have efficient procedures, which include management and financial reporting systems. There many examples of organizations which have successfully managed their risks and turned the opportunities into concrete returns for the shareholders.

Risk refers to a likelihood, probability, a chance that a loss may occur in a given organization. Most of the times, there is a high risk when there is vulnerability. In this case, vulnerability refers to a weakness that the organization has. Risk assessment refers to the process of identification of potential hazards and proper analysis of the expected losses if those hazards occur (Homeland Security, n.d.). Risk assessment as a way of profiling risk according to impact to the organization. Some organizations have business impact analysis exercises geared towards determination of potential hazards based risk assessment approaches. Organizations’ risk differ depending on the size and the type of business they are doing. The disparity in organizations’ risk call for different adaptation of risk assessment approaches. Even with the disparities of the businesses, proper risk management not only ranks the risks according to the seriousness but also identifies the best methods to control risks in an organization.

Risk analysis is an integral part of data safety within an organization and the analysis is vital to the mission and success of an organization. Risk analysis is used “to identify threats and then provide recommendations to address these threats” (Taylor et al, 2006). Risk analysis encompasses not only the equipment and programs used in an organization but also covers the culture, managerial, and administrative processes to assure data security. A key factor in risk analysis is to have a good Information Resource Management Plan.

IT risk is any threat to organization’s information technology, data, critical systems and business processes. When the businesses depend on information technology for main operations and activities, they need to be aware of the extent and nature of those threats hence they can be external, internal, intentional or accidental. IT risk includes business-critical areas, such as:

Risk management and quality improvement initiatives have been instituted into the health care system and numerous other industries for the past several decades. This paper will discuss the improvement, implantation and usage of risk management and quality improvement initiatives of computer technologies and information security which have been utilized in non-health care industries within the last ten years. The paper will also look at rationale for the application, outcome of the application and two recommendations for follow-up with the application.

Chris and I met with the City of Decatur Risk Manager. We asked about insurance coverage for fraud or theft perpetrated by a board member or staff member (namely in the form of writing checks). The Risk Manager said there is currently insurance coverage for Decatur Civic Center employees. The coverage includes employee theft in the amount of $500,000.00 per loss (with $5,000 deductable). However, the Board members are not covered under this same policy. The coverage for the Board is only while acting in legal capacity of Board member. The board members are not covered for fraudulent acts. In the case of a fraudulent act by a Board member, they would be personally liable and it would not be reimbursable by the insurance company.

For any company, risk management is an important strategy to have in place. There are a number of factors that need to be reviewed in order to decrease the risk of failure. A presence of a Risk management program would not only set the framework into place to save time, money, and rework but also increases the chance of success for that particular company.

Are you 100% confident that your Service Group Life Insurance (SGLI) and Designation of Beneficiaries forms are filled out correctly? The lack of a standard annual verification process creates confusion and potential for delayed or incorrect payment of life insurance and death gratuity. There are currently several different delivery/review methods used by Yeoman (YN) across the Coast Guard, the YN Staff are not adequately trained on these important legal forms, and the possible results of delayed updates or small errors can be detrimental to surviving loved ones. The first step in creating a new annual verification process is identifying the differences that exist across the Coast Guard.

The wolftech organization risk assessment system was essential to supporting their business exercises and gave a few advantages. To start with, risk assessment programs guaranteed that the most serious risks to business operations were identify and tended to on a proceeding with premise.

The insured has over twenty (20) years experience in this field and have been operational on the premises for approximately seventeen (17) years with no known losses or claims. The building measures approximately 12,000 square feet. Business hours are 8:00 AM-8:00 PM Monday- Saturday and from 10:00AM-4:00PM on Sunday. The risk is an automobile dealership. They are an authorized VW- new car dealership. They will sell new and certified used vehicles. They do operate a service and parts department. The risk does not have a body shop. The risk does not engage in any towing operations. However risk does have an official roadside assistance service provide by the dealer ship.

The paper is intended to inform the reader of the steps that a risk management program should take in order to ensure that safety and security are upheld. The security and protection of information is more difficult than ever before due to the expanse of technology that is used in the world. Information can be hacked in to and utilized for fraudulent purposes. Personal information of random populations is sought by convicted felons and illegal organizations for the purpose of identity theft and financial gain. The recent inception of identity theft pays tribute to the realization that

To overcome this weakness, they need to focus their attention on what will drive the market share up as well as their sales. To make this come to life, the new Risk Management system will need to address the budget weakness and any other weaknesses or opportunities in order to improve the marketing and other areas in the company. This may result in budgeting more money to use new technology to overhaul the system instead of building as many new products as they normally do.