This website uses cookies to ensure you have the best experience. Learn more

Unit 7 Assignment 1: Risk Management In A Business Model

4054 words - 17 pages

Unit 7 Assignment 1: Risk Management in a Business Model
Risk Management in a Business Model
This report entitled the overview of understand the risk management functions in business, understand how business risk is assessed and managed, understand the effects of business risks and how they can be managed and understand approaches to crisis management and business continuity planning. The aim of this assignment is to raise business risk awareness and develop skills to assess, monitor and control business risks and to develop an appreciation of the implications of business risks
I certify that the work submitted for this assignment is my own and research sources are fully ...view middle of the document...

1 Examine the role of the risk management function in business
Risk management is particularly vital for small businesses, since some common types of losses such as theft, fire, flood, legal liability, injury, or disability can destroy in a few minutes what may have taken entrepreneur years to build. Such losses and liabilities can affect day to day operations, reduce profits, and cause financial hardship severe enough to cripple or bankrupt a small business.
A financial institution should ensure an adequate risk management structure exists within the organization. Some institutions have a separate risk management department that is responsible for overseeing the areas of information security, business continuity planning, audit, insurance and compliance.
Information Security
The board is responsible for overseeing and approving the development, implementation, and maintenance of a comprehensive, written information security program, as required by the Gramm-Leach-Bliley Act.
Business Continuity
Similar to information security, business continuity planning should be a corporate-wide strategy. Business continuity planners should assess business continuity across all lines of business. The business continuity function often resides in the risk management organizational structure.
IT Audit
Senior management and the board should ensure cooperation between management and IT audit. It should also ensure timely and accurate response to audit concerns and exceptions. The IT audit area should report directly to the board of directors or a designated committee of the board comprised of outside directors.
Senior management should ensure the involvement of regulatory compliance staff whenever a new system or application affects compliance with regulations. New implementations or application changes can cause noncompliance through inaccurate interest rate calculations, inadequate or inaccurate disclosures, weak security controls over the storage or transmission of customer information, and poor customer verification procedures.
P1.2 Assess the role of business function sin the management of risk
The universe of uncertainty that each company faces is comprised of endogenous and exogenous dimensions. Endogenous uncertainty arises from the nature of the internal (i.e. project and organization level) environment. Exogenous sources of uncertainty, in turn, arise at three levels: industry, competition and external environment.
The implementation of strong and effective risk management and controls within securities firms promotes stability throughout the entire financial system. Specifically, internal risk management controls provide four important functions:
* to protect the firm against market, credit, liquidity, operational, and legal risks;
* to protect the financial industry from systemic risk;
* to protect the firm's customers from large non-market related losses (e.g., firm failure, misappropriation, fraud, etc.); and
* to protect...

Other Essays Like Unit 7 Assignment 1: Risk Management in a Business Model

Unit 2 Assignment 1

734 words - 3 pages procedures for safeguarding against disclosure of private information were inadequate with regard to preventing the data loss incident. The policies and procedures for reporting and investigating lost or stolen private data not well-defined in the VA policies (Opfer, 2006). Recommendations 1. Implement a centralized Agency-Wide Information Technology (IT) security program. 2. Implement a patch management program to ensure programs and

Is3110 Assignment 1 Application of Risk Management Techniques

998 words - 4 pages Application of Risk Management Techniques Risks Windows Vista, while relatively current is still a lacking OS when compared to Windows 7. All desktops connect to an industry standard switch via an Ethernet cable. While this can be a risk, it is not a sizable risk. (Minimal Risk) The two large production facilities are connected to the headquarters via an external ISP. Even with the firewalls in place, there is no accountability if the

Is3120 Unit 1 Assignment 1

792 words - 4 pages Unit 1 Assignment 1 Effects of Routing on Current Communication Methods Used by organizations IS3120 Unit 1 assignment 1 Effects of Routing on Current Communication Methods Used by Organizations Communicating to the consumer is the key element in a successful business. Due to a fast paced world there are modernized techniques that all companies need to adapt and implement when it comes to marketing. There is several ways a company

It255 Unit 3 Assignment 1

1270 words - 6 pages H. Underwood IT255 4/8/13 UNIT 3: Assignment: 1 Remote Access Control Policy 1.0 Purpose The purpose of this policy is to define standards for connecting to Richman Investment’s network from any host. These standards are designed to minimize the potential exposure of Richman Investment’s to damages which may result from unauthorized use of Richman Investment’s resources. Damages include the loss of sensitive or company confidential data

it takes courage unit 1 assignment 1

577 words - 3 pages 1. Why do you think Persistence and Enthusiasm can be classified as strengths of courage? Because you would have to be very courageous to be persistent in what you are going after in life. No matter how many times you did not succeed you keep trying and to me that takes courage. to keep going day after day. Enthusiasm also embodies courage because you have to keep a positive outlook in life to achieve you final goal. 2. Why does it take

Unit 8 Assignment 1 Video Summary 6

836 words - 4 pages as well as not supporting plug and play. I also learned that Linux was developed by a Finnish student named Linus Torvalds. This information is not really useful for me its old information that for me has no value unless I want to be a technology historian. Unit 8 Assignment 1 Video Summary 6 VIDEO #3.02 Topics: * Partitioning * Creating Partitions * Create/Delete Partitions Terms: * Partition - In personal computers, a

Unit 3 Assignment 1 Networking Models Review

613 words - 3 pages Networking Models Review (Unit 3) 1. Which of the following is true about a TCP/IP network? B 2. Which of the following terms is not a common synonym for TCP/IP model? (Choose two answers.) C & D 3. Think generically about the idea of a networking standard, ignoring any particular standard or standards group. Which of the following is typically true of a standard? (Choose two answers.) A & C 4. Contrast an international

Unit 4 Assignment 1 P1 M1 D

1370 words - 6 pages Leah Dade Unit 4- Business Communications assignment (P1 M1 D1) Business information is used to pass on important information to people inside or outside the company. Marks and Spencer’s have used business information a lot in their company within the 130 years of existents. In M&S verbal information is used, which is where two or more people communicate face to face in either a formal or in-formal manure. Verbal Communication Verbal

Unit 3 Assignment 1: Fourth Amendment

929 words - 4 pages Unit 3 Assignment 1: Fourth Amendment IS3350 The United States Constitution affords all people certain rights. The Fifth Amendment states that we have the right against self-incrimination. The Fourth Amendment protects us from unreasonable search or seizure. People have the right to confront witnesses and accusers. Nothing can change these rights unless the U.S. constitutions was rewritten and that is not likely to happen. This paper will be

Unit 6. Assignment 1. Ad User/Group Design Scenario

519 words - 3 pages Unit 6. Assignment 1. AD User/Group Design Scenario Course Objectives and Learning Outcomes In this assignment, you will recommend a strategy for creating groups. Assignment Requirments Review the following scenario: A junior IT administrator has been tasked with creation groups for a new formed division/s. From: Junior Admin To: IT Admin Subject: Print and Security Issues. I need to provide access to resources thoughout our AD

Communication Unit 2 Assignment 1 Comparison of Historical Communication Pices

555 words - 3 pages Unit 2 Assignment 1 Comparison of Historical Communication Pices During the 1700s elocution was considered an art form, and a formal discipline. Elocution encompasses a number of important principles, articulation, inflection, accent, voice, and gesture. The study of this topic seems to me, to be very important. Humans in general need to convey the meaning behind their message. Without this course of study and its effects on our modern world

Related Papers

Unit 1 Assignment 1

739 words - 3 pages Unit 1 Assignment 1 Exploring Programming Languages PT1420 Introduction to Programming Pong Sintaisong ITT-Tech Tempe Campus Instructor: Ms. Kate Eskesen 9/23/2015 5 Programming Languages 1970s-2000 1970s Pascal: Niklaus Wirth was is the invertor and was invented in 1971 Motivation: To provide features that were lacking in other languages at the time. Forth: Forth was created in 1970 by Charles H. Moore Motivation: He wanted to

Unit 3 Assignment 1

606 words - 3 pages Unit 3 Assignment 1: Networking Models Review 1. Which of the following is true about a TCP/IP network? 2. Which of the following terms is not a common synonym for TCP/IP model? (Choose two answers.) A.D. 3. Think generically about the idea of a networking standard, ignoring any particular standard or standards group. Which of the following is typically true of a standard? (Choose two answers.) B.C. 4. Contrast an

Unit 4 Assignment 1

1197 words - 5 pages  IS4670 Cybercrime Forensics Unit 4 Assignment 1 Identify Chain of Custody Roles and Requirements Chain Of Custody What is chain of custody? Chain of custody is the documentation that identifies the changes in the control, handling, possession, ownership, or custody of a piece of evidence. It’s very important to maintain a chain of custody for evidence especially computer evidence. You must be able to keep track of

Unit 14 Assignment 1

2804 words - 12 pages Natasha Brown Unit 14 Physiological Disorders Sharon Meadows Contents Physiological disorders, diagnosis and the investigation required to diagnose them. In this assignment I will have an opportunity to provide evidence against the following criteria. P1 – explain the nature of two named physiological disorders. P2 – explain the signs and symptoms related to two names physiological disorders. P3 – Describe the