A Project Risk Management Plan

People enter the corporate world with the goal of becoming wealthy. After determining a market niche, a businessperson develops goals that are compatible with the way the business is run. Risk management is one of the many factors taken into account when developing a business initiative. Businesspeople should create a risk management strategy because things are not always rosy and to assist them deal with difficulties that could arise during operations. A risk management plan identifies problems, worries, or dangers that could complicate operations (Assessment, 2016). Most of these risks are usually foreseen and thus the risk management plan includes a definition of the risks, the impact that the risk has on the business, and the mechanisms to respond to the risks in the event they happen.
Information technology docket is one of the areas where a risk management plan is required particularly is a business uses technology in most of its operations. Research indicates that the increased use of technology in business has resulted in an increase in cyber crime. It is, therefore, important for a business to define risks connected to IT so that they can be addressed once they occur. A risk plan should be flexible to accommodate new concepts in case new ideas are introduced in the business.
A risk management plan begins by identifying potential risks. In my project, the enterprise IT risks includes cyber security, data management risk, and technology operations risks. Cyber security involves the use of computers and the internet. The business seeks to use technology in its operations such as storing data and other information concerning the enterprise. Though employees will have passwords to access the company's machinery particularly the computers cyber security poses a risk when other people gain unauthorized access to the company's database. Cyber security seeks to safeguard confidential information stored in the computers (Atoum, Otoom, & Abu, 2014, p. 252). Every day new technology and ways of hacking into systems are invented and this creates a challenge in trying to protect company information. It is close to impossible to try and have equal protection of all digital assets. It is, therefore, important to ensure that cyber threats are identified as soon as they occur to prevent further damage or loss of important data and information. Data management risk involves accounting mistakes, financial fraud, and regulatory reporting problems. Top management relies on updated information to make critical decisions regarding the business. Also, stakeholders and investors always request to see financial reports and other documents to ascertain the performance of a company. If the information contained in the documents are not up-to-date, then this will affect the decisions which will be made concerning the operations of a business. Technology operations risks are the problems which arise in a technology environment. Software used on computers need to be licensed and computer operational issues need to be fixed. Technology evolves rapidly and a company needs to be up-to-date with the recent and most effective one.
After risk identification, it is important that an assessment is carried out to ascertain the extent of exposure of an enterprise to the risks. For instance, security drills are carried out to assess whether a company or institution is well equipped to respond to security issues and whether the institutions have set mechanisms to ensure the safety of people is maintained. An IT assessment will determine whether risk exposure is high or low and this will influence decision-making. Cyber security can be assessed by carrying out something which is similar to security drills. Give authority to professionals to try and access the systems without the knowledge of the entire staffs. The individuals should sign a non-disclosure form to ensure that whatever information they gather from the drill is not shared with any third party. The undertaking will help determine how secure the systems are against unauthorized access and how fast unauthorized access can be detected (Atoum, Otoom, & Abu, 2014, p. 256). To assess data management risks, impromptu audits should be carried out in the enterprise. Audits which are planned allow for scrupulous employees to change or alter financial documents to cover up their mischievous tracks. This is because the staffs are always aware of the time of the week, month, or year when such undertakings are carried out. Audits which are impromptu will catch the employees off guard and this will expose the loopholes or fraud that exists. Additionally, the undertaking will push the staffs to ensure that documents are up-to-date to prevent being caught on the wrong side. Technology operations risks should be assessed by looking into the operational processes of the technology environment. The staffs should give their opinions concerning the technology being used; whether the technology being used is effective and fast.
Analysis is the next step after assessment. It involves going through all the information gathered during the assessment process. High priority risks are those found to expose the operations of the enterprise or the ones found to delay effective operations of the enterprise. Also, high priority risks are those which may result in the immediate collapse of the business once they occur. The assessment helps determine the extent to which a risk can affect the business and those found to have grave effects are said to be risky. The urgency with which they should be addressed makes them high-priority risks.
Mitigation process requires the input of all the people involved in the operations of the business (Beasley, Clune, & Hermanson, 2005, p. 524). It is important to understand the risks first. This will help develop good mitigation procedures. Mitigation procedures seek to minimize or completely eliminate the risks. Some of the high procedures to mitigate the risk involve the use of security cameras in the enterprises to monitor the people's activities on the premises and using one time passwords to allow access to certain files and documents. Carrying out impromptu audits will help ensure employees are on their toes regarding correct documentation of procedures and process in the enterprise. To address business recovery, it is important that all employees and other stakeholders be notified on what lead to the disaster and how the occurrence was handled. It is during this period that the individuals are informed of the changes which will take place after business resumption. It will also allow the staffs to give their input on the areas which they think need to be changed.
In conclusion, a risk management plan is essential for any important for an organization because it allows it to foresee risks and identifying ways to mitigate the risks. The plan should be such that it accommodates more procedures as the business undergoes changes which pose more risks. IT is one of the dockets that encounter various risks. The increased popularity of technology has also resulted in an increase in criminal activities through computers and with the use of the internet. Therefore, it is necessary that risks be identified and assessed so that mitigation measures are devised to protect the continuity of the enterprise.








References
Atoum, I., Otoom, A., & Abu Ali, A. (2014). A holistic cyber security implementation framework. Information Management & Computer Security, 22(3), 251-264.
Assessment, R. (2016). Risk Management Plan. Hertfordshire STEPS, ISL Hertfordshire County Council.
Beasley, M. S., Clune, R., & Hermanson, D. R. (2005). Enterprise risk management: An empirical analysis of factors associated with the extent of implementation. Journal of accounting and public policy, 24(6), 521-531.

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