Implementation of a Risk Management Project

Risk management includes the “overall decision-making process of identifying threats and vulnerabilities and their potential impacts, determining the costs to mitigate such events, and deciding what actions are cost effective to take to control these risks” (Conklin et al, 2012, pg. 678). For the proper development of risk management techniques, every person at every level of the organization, especially those involved in the Information Security (IS) department “must be actively involved in the following activities:

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.

A risk is an event or condition that, if it occurs, could have a positive or negative effect on a project’s objectives. A project risk is an event which have a positive and negative impact on a project objectives. Risk Management is the process of identifying, assessing, responding to, monitoring, and reporting risks. A Project risk management plan is critical in identifying, monitoring and reporting risks. This Risk Management Plan defines how risks associated with ten story-building project will be identified, analyzed, and managed. It presents the outlines for risk activities how to perform, recorded and controlled throughout the project lifecycle. how risk management activities will be performed, recorded, and monitored throughout

1.Resource Constraints2.Skills and Competency3.Dependency on FAFS for Design Inputs4.Availability Systems and Standards5.Legacy Systems and Standards6.Infrastructure Problems7.Natural or Manmade Disasters8.Technology Obsolescence9.Change in Management Priorities10.Lack of Team Synergy and CommitmentThe result of the risk planning is the Plan how to manage risks and the List of Risks with actions to avoid them. The Risk Management Plan contains definition of roles and responsibilities related to the risk management, potential risks scoring and interpretation, the way of tracking and reporting format. In

It outlines how risk management activities will be performed, recorded, and monitored throughout the lifecycle of the project and provides practices for recording and prioritizing risks. The intended audience of this document is the project team, project stakeholders and management.

Coordinating Information Technologies (IT) as the foundational elements of risk management frameworks must begin at the most strategic, fundamental level if the risks are to be anticipated and mitigated. The reliance on risk management frameworks that have a lifecycle-based approach is critical as this iterative nature of risk mitigation and the continual improvement of each phase or step in the framework's processes (de Bakker, Boonstra, Wortmann, 2010). The generic risk management framework includes the following six phases or steps: categorization; implementation; selection; assessments; authorizations; and monitoring (Coles, Moulton, 2003). These six phases of a risk

Internet surfing might be at risk in this product as web commenced is in used.

In order to maximize the risks of security for the information system, there are five pillars: protection, detection, reaction, documentation, and prevention. Each pillar has its own function in the risk management plan. It takes all five pillars for a successful risk management plan to work.

1. Why should all projects include risk in their project planning? What are some of the drawbacks if risks are not considered?

Risk is becoming more and more looked into from a company standpoint. What it really boils down to is when something catastrophic happens to a company will they have the necessary plans of action ready. This is when the importance of IT department comes into play, especially with the role and direction that technology has taken in the last couple of years. The IT department does not just make sure that the company at the time has an efficient and effective computing environment, they plan for the future and put together plans of action against disaster occurrences. Depending on the type of business the company does depends on the information needed from the customer. When dealing with confidential information it is important to have secure plans of action by the IT department in place to stop intruders. The basic principal that the IT department takes into account when dealing with risks is what necessary actions can they put in place in order to keep a company’s goals, reputation and assets intact.

The high risk in red is venue selection. The moderate risks in yellow are under budget, promotion, venue location, legal issues, natural force delay, and bank doesn’t approve loan. The low risks in green are grand opening troubles, ahead of schedule, and design change.

Today’s society has become a world of disconnected, unpredictable happenings and challenging events. (Yoder, With this plan in hand, a Risk Plan can help foster a firm understanding of and methodology to risk, and how it affects the entire organization which can lead to more successful projects and business models when put into place. A Risk Management Plan will help provide a structure for identifying risks and can stop complications from occurring that can impend the accomplishments of the project.

A risk is event or occurrence upon which its materialising would disrupt the attainment of project objectives, therefore a risk management plan is that which is prepared to identify, assess, report, mitigate and monitor risks. It outlines clearly how risk management activities will be performed, recorded, and monitored and in some case mitigated throughout the lifespan of the project. It is prepared, monitored and updated by the project manager for the primarily the project sponsor and team officials, as it affords the opportunity to prioritize risks. Many experts refer to project managers as risk managers, Wysocki, (2009) and it is often assumed that anything bad that can happen to a project, will happen, hence the need for a project management plan, Olomolaiye, (2013).

There are many tools and techniques that can be used to identify risk. Checklist, brainstorming, flow chart, cause and effect, documentation review, influence diagram. Also the project team and risk management team will identify all possible risk and issues on site. With the role as risk management team members at the first and second steps we used the following tools and techniques to analyse the risk project:

Information security professional’s job is to deploy the right safeguards, evaluating risks against critical assets and to mitigate those threats and vulnerabilities. Management can ensure their company’s assets, such as data, remain intact by finding the latest technology and implementing the right policies. Risk management focuses on analyzing risk and mitigating actions to reduce that risk. Successful implementation of security safeguards depends on the knowledge and experience of information security staff. This paper addresses the methods and fundamentals on how to systematically conduct risk assessments on the security risks of information systems.