How Can Pack Your Bags?

Risk monitoring and control is the next step and involves the owners of the risks to monitor various risk triggers. This works by scanning the project environment for both identified and unidentified threats and opportunities much like a radar screen (Marchewka, 2009). This approach directly relates to how to respond to the risk. Risk response allows the owner of the risk to commit resources and take actions once the risk is known or opportunity is available. This action usually follows the planned risk strategy.

Identify the potential risks which affect the company and manage these risks within its risk appetite;

However, companies generally adopt a methodology for overall risk assessment. Sometimes these methodologies involve the assignation of risk oversight to leaders in each area. The approach is based upon the assumption that each area knows itself best. However, this often overlooks potential issues in favor of confronting them after they develop. As the need for

As part of the internal audit, Adius should conduct a thorough risk analysis. Risk analysis will help Adius identify threats based on the value of the assets that need protection in order to determine their vulnerabilities, their likelihood of exploitation, and the potential impact to Adius if compromised in order to estimate the cost of defense measures that are needed (p. 421). The internal risk analysis is likely to be done based on the NIST 800-30 guidelines in order to identify risks, assess the risks, and taking rigorous measures to reduce risks to an acceptable level (NIST Special Publication 800-30, 2012). This way, Adius could better defend itself or at least minimize risks that could potentially compromise the systems, information, processes, and assets in the future.

Good risk assessment requires an elaborate plan. A risk management plan is a project management type that helps ensure that an organization reaches desired goals in a given project (Gibson, 2010). Like every plan, caution should be taken to make sure that goals of the assessment are achievable given the best accommodation of time and cost. This calls for organization to have a risk scope. Risk scope simply identifies the boundaries of a given risk assessment. This is

Note that three of the identified risks are global, three relate to physical assets, one is an intangible asset...According to the NIST SP 800-39, AAE could use five strategies to respond to risks. It could chose to: 1) accept risks, 2) avoid risks, 3) transfer/share the risks, 4) mitigate risks, or 5) avoidance risks. Following are the recommended risk responses along with the recommended strategies generated by AAE for the assessment:

Because of rapid economic growth in XXX over the past years has increased the fear of major business failure, risk has become an overwhelmingly dominant business topic. As a result, top managers are now focusing on risk management in their companies. As each business entity struggles with its own set of needs and circumstances, the need and flexibility to address this continuously changing and volatile economic environment, would be extremely challenging and fulfilling to me.

(cite) explained that risk management is the decision-making process to identify threats, vulnerabilities, and impacts of the threats on business objectives. In the Blue Spider (BS) project, it was clear from the beginning that the organization did not manage risk properly. The problem began when Henry Gable, as the director of engineering, made the unethical decision to lie about the project specifications. The unethical decision by Gable would be the key reason of many risks faced by Gary Anderson throughout the project. Furthermore, (cite) explained that there are five risk response strategies that an organization could take. The strategies are listed as mitigating risk, avoiding risk, sharing risk, retaining risk, and transferring risk. It is clear that Anderson did not maintain risk assessment and response plan since the beginning of the project.

* For example, the topics include develop overall responses to risks, and perform audit procedures responsive to risks of material misstatement; obtain and document evidence to form a basis for conclusions.

RISK RESPONSE: The discussion below should focus on how the company will respond if the risks occur. This discussion could also be included as a column in the

- Ensuring that all relevant risk areas are considered including those emanating from the services of external providers and contractors;

Exploring new ways to reach people and increase brand awareness is one of my favorite things in this evolving business.

Make risk management an integral part of your organization’s management approach. Emphasize the need to communicate and consult with both external and internal stakeholders, Continuously monitor and review your organization’s risk management process (including SOC playbooks and CSIRT response scenarios).

A response to identified risks that involve the nature, timing, and extent of the auditing procedures to be performed.

Our intention is to achieve the already given targets and also prepare BT for an opening to new horizons. In addition, in order to face the fast changing environment we have to introduce within the companies activities like cross selling and e-marketing.