Applying Risk Management Essay

Risk worry is an primal element in managing information systems. Applying essay management principals to seam maps is essential because it helps organizations design and manage a safe systems milieu to ensure the confidentiality, integrity, and availability of participation data. Kudler o.k. Foods has expressed an interest in developing an Enterprise Re character reference supply (ERP) system. The primary objective is to improve business administration by compound stores and business systems. Kudler Fine Foods has three stores in California and integrating business functions across all told stores would be extremely beneficial. This paper leave alone portray the major(ip) factors and benefits by applying jeopardize management principles to ensure a skilful and effective system.Risk Management PrinciplesAccording to Whitman and Mattord (2010), risk management is a collaborative effort involving Information aegis, information technology, management, and users. It is i mportant to involve all of these aras to devise a comprehensive and effective risk management strategy. The major principles accommodate identifying risks, quantifying risks, plan for risks, and monitor and manage risks. The first salute is risk identification. This is when the organizations managers identifies all of its assets and classifies them into meaningful categories in addition to prioritizing them by importance. Assets include various components such as people, processes, data, and all elements of information technology. group information on assets such as the people aspect processes, and data could be challenging because they are not always documented and pronto available.The information gathered for people may include position form of addresss, the title of his or her supervisor, tribute levels, and skills. Information collectedfor processes may include procedure description, purpose, IT connections, document storage location for reference and updates. After listing break the assets, the next step is to classify them into categories such as people, data, software, and hardware and thus classify each asset into sub-categories such as confidential, internal, and public. Applying value or impact to each asset is next by determining its cruciality to the business. Questions that may help to assigning a value may include Which assets generates the highest profitability?, or Which asset would impede business functions if it were compromised? Quantifying risks provides the framework for executives to muddle informed decisions in relation to cost and resources surrounding security. All of the travel outlined above is essential in the risk identification stage (Whitman and Mattord, 2010).After completing the risk identification process where all assets are identified and classified, the next phase is to delimitate the potential curse source and potential vulnerability. Some common threat sources include natural threats, homosexual threats, and e nvironmental threats. According to the study Institute of Standards and Technology (2002), a threat is an exploitation of a vulnerability caused by a threat source. The NIST way out suggests the following identifying a threat source, indicating the motivation of source, and outlining the threat actions. This practice will help determine the likelihood of a threat taking benefit of a system vulnerability. Next in the process is identifying vulnerabilities. Vulnerability is a weakness or flaw in procedures or controls applied to a system. Identifying potential vulnerabilities will help an organization put controls in bewilder to mitigate risks associated with vulnerabilities.Risk mitigation involves a systematic approach in reducing the exposure to a risk and the likelihood of it occurring. Mitigating defined risks is the gate for the development of processes and controls to reduce the likelihood of a threat. Having prevention mechanisms that include policies and controls is bet ter(p) practice in regard to securing assets therefore it is critical that Kudler Fine Foods determines the best risk management process that fits their business requirements and needs. Because technology is consistently festering and changing, preventative measures must include flexibility to allow for change and growth. Without these considerations, a business could jeopardize themselves by restricting the ability to expand or even update the systemswith necessary security patches. Preventative measures should include afterlife growth. As technology grows, risks increase. Protection mechanisms will change as naked as a jaybird threats are introduced to business as well as new legislations. numerous security standards are based on data protection regulations and as laws change or new laws are introduced, information technology is the virtually costly element in ensuring compliance. There could be costly ramifications with abject planning. Risk avoidance can be costly and inco nvenient plainly it would be more costly and inconvenient when a security come forward occurs. A risk assessment would be the first step to issuing when determining whether to chance a accepted risk or not. determine what the assets are and understanding the impact on the business if a security incident occurs is important.It is also important for businesses to understand regulations and what is necessary to comply with certain laws and requirements. Kudler Fine Foods must conduct risk analysis and ask themselves What is the risk of not applying preventative measures? and What would it cost to recover from a certain antiaircraft gun? Legal ramifications could result if a security breach occurs. This could include pore financial penalties as well as jeopardizing company reputation.The table downstairs outlines examples of risk, vulnerability, and mitigation strategy.RiskVulnerabilityMitigation StrategyHardware hardshipHardware could fail and impede business. Systems could be unavailable for an undetermined inwardness of time. bring about security policy to ensure all hardware is unploughed up to date with current patches and upgrades.User dressingInsufficient study of end-users leads to improper use of application which could compromise data or systems. Create detailed training documentation and implement a user training program. Ensure all users participate in training. Deliberate network attacks likely Malware and Denial of Service attacks. Could lead to exposure of sensitive information. Implement policy to ensure adequate firewallprotection, anti-malware software, and install Intrusion Detection System.ConclusionIt is important for businesses such as Kudler Fine Foods to employ a risk management strategy to protect its assets and reputation. Without an effective risk management process the company will be vulnerable to various threats. It is Kudler Fine Foods responsibility to determine what mechanisms should be applied and how it will maintai n a secure environment for its own business objectives as well as meeting needful regulations. The risk management process is the primary method in facilitating security objectives.ReferencesWhitman,M.E., & Mattord, H. J. (2010). Management of information security(3rded.). Boston, MA Course Technology/Cengage Learning National Institute of Standards and Technology. (2002). Retrieved from http//csrc.nist.gov/publications/nistpubs/800-30/sp800-30.pd