Applying Risk Management Essay - 923 Words

Applying Risk Management Steve Panaghi University of Phoenix CMGT/430 March 31th, 2013 David Fedorchak Risk Assessment and control deals with identifying, analyzing, and planning all types or risks. It must also account for any newly rising risks and keep track of them and what they can do to a system. This paper will explain some possible risks and how to avoid them, but only as an example that can be extrapolated to the entire concept of Risk Management. It will also cover ideas that be applied to other businesses, not just Huffman Trucking. Before we can create a plan to assess risk to the company, we must first learn what the risks are. In the case of Huffman Trucking, the risks can be from data loss from inside or†¦show more content†¦This show of physical protection will help to secure the vehicles and the large warehouse. This will also help to act as another layer of defense to keep watch on the vehicles that are used, from trucks to forklifts, that could be stolen or broken into. Transference is when the company (Huffman Trucking) hires an outside firm to control and manage the systems that are at risk. The first step of Transference is the hiring of a security company. The next stage would include computer security and network security. An outside firm would be in charge of creating and implementing both software and hardware security systems to prevent an outside attack from happening. This outside firm would manage all computers and servers. Included with the service would be software updates of installed software, installation of malware and antivirus protection and fine tuning of said software, and increasing the security of the network. Mitigation deals with reducing the impact what happens when the network or computers are attacked. Since Huffman Trucking is moving towards more electronic data use, it is paramount that this data is secured and backed up as much and as often as possible. If there is an issue that causes the data to be lost, Huffman Trucking would be out of business. Creating a proper backup plan and implementing it properly is essential to allow the company to recover the lost data andShow MoreRelatedApplying Risk Management1058 Words   |  5 Pagesï » ¿ Applying Risk Management CMGT/430 Applying Risk Management Risk management is an important element in managing information systems. Applying risk management principals to business procedures is essential because it helps organizations design and maintain a safe systems environment to ensure the confidentiality, integrity, and availability of company data. 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