Essay on Risk Assessment: Mcbride Financial Services

impact of the identified risks to the organization based on key business drivers (loss of life, loss of

Having these plans in place give the Disaster Recovery team the instructions they need when disaster strikes

McBride Financial is a fast growing organization with plans to open a total eight offices located in Idaho, Montana, Wyoming, South and North Dakota. Services will specialize in providing financial mortgage assistance to first time buyers, retirees, professionals, families and individuals with credit problems. McBride Financial provides customers with informative information without any hidden cost. Breakdown of services and rates are thoroughly explained with every home purchase. Applications are processed within one business day.

In this assignment, I will go over the different items related to the disaster recovery plan. I will go over the purpose of the plan, explain the key elements that go into a plan, the methods of testing the plan, and why we test the plan. All while explaining why the disaster recovery plan is so critical to businesses in the event of an emergency.

Safety checks should be carried out to eliminate the risk of putting the safety of people attending a sporting event at risk.

A one stop mortgage provider is the marketing strategy McBride Financial Services use to sell its product in the five states where the company operates, Idaho, Montana, Wyoming, North Dakota, and South Dakota. McBride’s business philosophy is to provide each customer with efficient and effective processing of mortgage application from inception to closing. The company prides its self in offering preeminent low cost mortgages to professionals, retirees, families, and individuals using state-of-the-art technology.

McBride Financial Services is a virtual organization at University of Phoenix that provides mortgage services for its members. McBride has as its stated goal to be a "preeminent provider of low cost mortgage services using state-of-the-art technology in the five state areas of Idaho, Montana, Wyoming, North Dakota, South Dakota." McBride provides serves for three primary groups of mortgage seekers: professionals purchasing a primary or secondary residence, retirees purchasing a primary or secondary residence, and families and/or individuals purchasing recreational properties.

McBride Financial Services is a start-up regional mortgage lender. They are headquartered in Boise, Idaho and plan to expand into a five state operation. The firm specializes in FHA, VA, and conventional home loans and refinancing. Upon approved credit, McBride Financial Services will provide a credit report, a home inspection, an appraisal, and mortgages at the lowest rate available at the time, for a very low price.

Of the three Systems/Application Domain risks, threats, and vulnerabilities identified, which one requires a disaster recovery plan and a business continuity plan to maintain continued operations during a catastrophic outage?

Every business and organization can experience a serious incident which can prevent it from continuing normal operations. This can happen any day at any time. The potential causes are many and varied: flood, explosion, computer malfunction, accident, grievous act... the list is endless.

Disasters have become an inevitable part of businesses and organizations as well. They not only have a major effect on business and organizational continuity; they also result to an overhaul in organizational operational mechanisms (Awasthy, 2009). It is for this reason that many organizations and business resort to preparing business continuity plans and disaster recovery plans that will facilitate better disaster management in future. Effective disaster recovery plans are important to every business and organization (Thejendra, 2008).

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

Owning a business can have many stressors day to day. When starting a business there is a lot of planning and preparation involved. Many small businesses are owners who have put their own money into the business and look at it as an investment. Unfortunately with all the planning that goes into starting a business, one thing is often over looked. Most of the time the “what ifs”, are not part of the planning stage. One reason for this is that people do not like to think of the bad things that could or may happen. So with all the time and planning put into starting a business why not put some extra thought into a plan B if a disaster strikes? This plan B could be a business continuity plan or a disaster recovery plan. Business continuity plans are an essential part of the modern day business. There are so many potential disasters for small businesses that could seize the production or even close the business down for good. A recent study from Gartner Inc., found that “90% of companies that experience data loss go out of business within two years. It also found that 80% of company owners have not thought about how they would keep their businesses up and running if a data disaster occurs.” According to the Association of Records Managers and Administrators, “about 60 percent of businesses that experience a major disaster such as a fire close

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)

The team prioritized investments for disaster recovery initiatives, and in conjunction with business unit leaders, designed a tiered model highlighting recovery priorities. These priorities were validated with IT infrastructure leaders to help ensure alignment. As failover