Applying Risk Management

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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 outside sources, hackers, corporate espionage, and natural disasters. This is all part of the planning stage of Risk Management.

The avoidance concept is one whereas the company creates a plan or policy to prevent security issues from arising. The first step that can be taken is to increase physical security. This will be done by securing the building that Huffman Trucking uses for their offices. All doors will need to have security keycard access, which will have to be installed. This way, it is easy to actively manage who is allowed in what section, and keep unauthorized people away.

These keycards will also allow for tracking of which employee was trying to access, or did access what room on what date and at what time. In case the physical security is breached, this data will help investigators to track all employees in an attempt to find out if it was an internal issue. A side benefit to the keycard access control is that if someone inside the company wanted to steal company or employee data, or was working as a spy, they could be deterred from attempting to steal. Sometimes the simple sight of security will deter people from even thinking about stealing data.

Building upon the idea of increased physical security,...
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