JIT2 Risk Management Essay

a business continuity plan starting with a risk analysis, business impact analysis, and alignment of critical

Your Course Project milestone for Week 2 will be to develop your project sizing and stakeholder analysis.

The plans devised by each team can be tested. It may not be possible to test all sessions at one time. Facilities can have planned drills in which they evacuate buildings. IT can test their back up servers by accessing files at random times. It’s recommended that IT does this frequently as even one lost day of data could do harm to the company. Employees should be able to go through the motions of a disaster day. Everything from calling into a line and making sure they understand instructions for new meeting locations to being able to work from a remote computer should be covered. The warehouse and create a strategy to obtain new transportation and new storage facilities should theirs be destroyed. It’s better to practice and understand the plan before any incidents occur than to try to piece it together in the middle of chaos.

These chapters discuss the recovery strategies that the business would need to restore vital functions to an acceptable level following a disastrous event. Without these plans or strategies, a business could suffer tremendous losses such as market share, competitive advantage, and valuable customers. Having the CEAS program is one way that an organization attempts to remedy this situation. It is very important that CEAS is incorporated in the disaster recovery plan of all business entity. Pre-selected employees that would need access to the facility, and processes that would need to be up and running will go a long way in preserving a company’s data, reputation, and financial resources, and competitive

Explain the actions necessary to create corporate awareness and enhance the skills necessary to develop, maintain and carry out the Business Continuity Plan. Give examples.

Each flowchart step is placed in the “Lane” for the group responsible for completing the task (Marketing, Sales, HR, etc.).

Record retention may take form of electronic health records, paper documents, microfilm, electronic data storage, etc., but shall be maintained so the information is available for clinical reference upon request. Loss/ Damage must be minimized and records must be secured to prevent

This is a disaster recovery plan is prepared for Bain & Company. This plan establishes goals,

Disaster Recovery Planning is the critical factor that can prevent headaches or nightmares experienced by an organization in times of disaster. Having a disaster recovery plan marks the difference between organizations that can successfully manage crises with minimal cost, effort and with maximum speed, and those organizations that cannot. By having back-up plans, not only for equipment and network recovery, but also detailed disaster recovery plans that precisely outline what steps each person involved in recovery efforts should undertake, an organization can improve their recovery time and minimize the disrupted time for their normal business functions. Thus it is essential that disaster recovery plans are carefully laid

Over the last several years, business continuity planning has become an essential tool that is used to help firms prepare for different contingencies and account for uncertainty. During this process, there is a focus on the effects it will have, in the form of a business impact analysis (BIA). To fully understand how this is influencing organizations requires carefully focusing on: the methods for establishing component priorities, determining reliance / dependencies and providing recommendations for the development of the plan. Together, these elements will highlight the most important aspects which should be taken into account.

Valuable assets, including network connectivity, stored data, processes and procedures, and client information can survive centralized disruption or destruction and can be revived quickly through the agency’s

develop a methodology for quantifying risks, or should each situation be addressed individually? Can we have both a quantitative and qualitative risk evaluation system in place at the same time?

In our organization, we follow the “best practice” guidance in creating a BCP. We do start out with a face to face meeting to explain or review the Business Impact Analyst questionnaire. This usually brings up a lot of discussion around recovery time objectives, and how they apply to each critical function. In addition, we usually learned how supportive the manager is of this department, and how each team is trained or cross trained to handle multiple functions. It is here we also learn what resources are needed and who they are dependent on.

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The NZ Society for Risk Management, 2001)

Risk management is an effort to take the risk associated with a company and finding ways to minimize it from causing significant and unexpected harm on the business. In April 2010, a British Petroleum and Transocean Deepwater Horizon oil rig exploded resulting in one of history’s largest spills in the Gulf of Mexico. This spill was so devastating that it took almost four years and billions of dollars to clean up. The environmental damage cannot even be fully determined and the economic damage has not been completely been healed even today. This disaster was not even considered to happen because it was very unlikely to happen which is why risk management is important within an organization. Although it was very unlikely to happen it did and it cost British Petroleum almost 25% of its market value and about $40 billion in expenses to clean up. An investigation conducted by the United States government concluded that this occurred due to a lack of risk management and explains specific factors that caused the disaster in relation to how risk management could have prevented the incident.