A Short Note On Risk Assessment And Management - 2073 Words

In present scenario every company has an objective, in this digital era, companies uses automated information technology system to process their information for better support. Risk assessment and management plays an important role in protecting company’s information assets, and therefore its objectives. An effective risk assessment process is a significant factor of a successful IT security program. The major goal of a company’s risk assessment process should be to protect the companies and its abilities to perform their objectives. Learning Objective of this Chapter Upon completion of this chapter you will be able to understand: †¢ Risk Analysis and Risk Management, †¢ Steps to analyze the risk, †¢ Risk categorization and cost/benefit ratio, †¢ Vulnerability and threats. 1. Introduction Risk can be defined as the combination of the probability of an event and its consequences (ISO/IEC Guide 73). The dictionary defines Risk as someone or somewhat that create hazards. Information security professionals realize that nothing ever run smoothly for a long time. Any sorts of internal or external hazard or risk can cause a well running organization to lose critical data to its competitors, miss deadlines or suffer embarrassment. Risk is the probability that an asset will suffer an event of exploitation determined from various factors, the ease of executing an attack, the attacker’s motivation and resources, a system’s existing vulnerabilities, and the cost or impact in aShow MoreRelatedThe Accounting Software Installation Project Case Study1680 Words   |  7 Pages EMERGENCY MANAGEMENT SUBJECT OUTLINE Subject Number: Emergency Management Credit Points: 6 Subject Coordinator: Dr Jaya Kandasamy Subject Lecturer: Peter Garland Semester/Year: Spring 2007 Prerequisites: Completed a degree course Co-requisites: Nil, but a basic knowledge of local government procedures is helpful Anti-requisites: Nil, although some previous experience in local government and emergency management is useful. Read MoreSteps Within A Risk Assessment977 Words   |  4 PagesRisk assessment also known as risk analysis is the process of identifying information risks, estimating the potential loss for each risk to the organization, and prioritizing the information risks. As an example, U.S. NIST SP 800-30 rev.1 provides a general overview of steps within a risk assessment process. The steps are: - Step 1: Prepare for Assessment-An organization accomplishes this within the framing component of the risk management process. - Step 2: Conduct Assessment- - Step 3: CommunicateRead MoreAnalysis Of Niccolo Machiavellis The Prince 1246 Words   |  5 Pagestaking on risk†. The definition of risk is as an â€Å"act or failure to act in a way that brings the possibility of an unpleasant or unwelcome event†. And even though risk has a negative connotation, all risk is not bad. Intelligent businesses understand they must take on calculated risks to be competitive in the marketplace. However, taking on risk without regulating it is not a smart business decision. Deciding when or when not to accept risk is the basis of risk management. Generally speaking â€Å"risk managementRead MoreKey Operational And Implementation Issues Essay1413 Words   |  6 Pagesincluding hiring the right people, building a brand etc. Other common challenges include Client Dependence, Money Management, Balancing Quality Growth and the Bottom Line. Diversifying the client base is vital to growing a business, but it can be difficult, especially when t he present client pays well and on time. Having enough cash to cover the bills is a must for any business. Money management becomes even more important when cash starts flowing into the business. Whether a service or a product, atRead MoreCartwright Lumber Company Case1286 Words   |  6 Pagesof $7,000 a year over the next 10 years. During the last two years, Cartwright Lumber Company was short for funds arising from the purchase of Stark’s interest in the business and the additional investment in working capital associated with the company’s increasing sale volume. The tentative discussions between Northrop Bank and Cartwright Lumber Company had been about a revolving secured 90-day note not to exceed $465,000. Interest would be set on a floating-rate basis, which was about 10.5% underRead MorePeach Blossom1288 Words   |  6 PagesProcedures Audit Risks: After analyzing the financial statements of Peach Blossom Cologne Company, we have concluded through the change analysis the following accounts contain some measure of audit risk.   In analyzing the change analysis we concluded on threshold amounts of any change exceeding 15% and above the amount of $5000.   If both criteria were met, a business reason and possible client error reason were provided.   The following accounts provide the possibility for audit risk: Cash- BusinessRead MoreThe Five Practices Of Financial Management1631 Words   |  7 PagesAbstract Financial Management is an important aspect of how a business operates efficiently. The way that the finances are controlled can determine how successful the company is. The finances of a business allows for the growth of the company. The five practices of financial management: capital structure decision, investment appraisal techniques, dividend policy, working capital management and financial performance assessment are critical when assessing a company. The performance of a company playsRead MoreCartwright1330 Words   |  6 Pages$7,000 a year over the next 10 years. During the last two years, Cartwright Lumber Company was short for funds arising from the purchase of Stark’s interest in the business and the additional investment in working capital associated with the company’s increasing sale volume. The tentative discussions between Northrop Bank and Cartwright Lumber Company had been about a revolving secured 90-day note not to exceed $465,000. Interest would be set on a floating-rate basis, which was about 10.5% underRead MoreEssay about Sitxglc501882 Words   |  4 Pages3. Write a short note on food safety act 1995? List some of the risks, penalties and consequences of not complying with food safety legislation. Answer: The purpose of the Act is to ensure the purity of food sold. Local councils and the Department of Health amp; Human Services administer the Act. Under the Act, food business owners are legally responsible to ensure that food sold to customers is safe and suitable to eat. 5. Which are different areas covered under intellectual property? DescribeRead MoreEvaluation Of An Project Risk Assessment1467 Words   |  6 Pagesquestionnaire as a tool of the project risk assessment. The goal is to provide a clear guideline to Briargrove concerning how to manage risk using these tools in any project. While providing examples of a questionnaire this is also not set in stone, having the ability to modify and create one more detailed to the necessary project as needed by shareholders. The paper has provided a proper description of how to employ questionnaires and surveys in monitoring and assessing risks in projects. A project comprises