Applying Risk Management Essay

928 Words May 24th, 2013 4 Pages
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
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Acceptance understands what will happen when something is breached, and considering it either more cost effective or resource effective to not deal with it until it is breached. It is not recommended to use this course of action for Huffman Trucking.

Once the plan is created and implemented; only half the work is done. A Risk Management plan is one that needs to be living and breathing. It must be able to change and be adaptable to new risks of any kind. Using a power loss as an issue, it might make sense to only have battery backups on site. However, as the company grows, or power outages happen more frequently, it would be wise to install a generator to create and supply the needed power when the local power utility can’t.

In terms of network security, when new style networks are created, especially on the wireless side, the security policy needs to adapt to meet the new needs of network security. The Risk Management plan will always need to be reviewed, mainly on a yearly basis. If part of the plan is put into action, for example a network breach, the plan must be reviewed to make sure that it accounts for what happened, and create a plan to prevent it from happing again.

When understanding what the risks are, we can work to plan to overcome them. This paper talked about three different forms of Risk that Huffman Trucking can and will face. It also gave some ideas on how to overcome these risks, albeit at a high level view. These concepts can

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