Risk Management

Topics: Business continuity planning, Risk management, Risk Pages: 7 (2368 words) Published: June 22, 2011
Risk Management
Henry Rivera, JR.
CMGT/442 - Information Systems Risk Management

McBride Financial Services is currently opening an office in Sioux Falls, SD and requires a comprehensive risk assessment for McBride’s management team. The risk assessment should identify potential risks that could impact the operation of the business including; * The use of toxic chemicals in the vicinity of the business by manufacturing processes industrial solvents, blue print machines, etc. * Public transportation facilities that might handle the carriage of dangerous or hazardous substances, which could be involved in major accidents. * Potential targets of criminal activity.

* Potential targets of terrorist activity such as government offices, law enforcement agencies, or politically sensitive businesses or services.

Risk Management

The reason of using Risk Assessment is to analyze hidden risks that could force a clash with the operation of the business of McBride Financial Services. This will analyze the plan of attack that will help to implemented for to avoid the risks and to minimize the risks that are inescapable. Criminal Activity

Criminal activity statistics for the Sioux Fall area will be factored into Risk Management plan. Unemployment rates are decreasing in the area and business opportunities are growing. Where there is an increase in unemployment rates, crime seems to decrease. In 2010 CNNMoney rated Sioux Falls, SD 45 out of 100 as one of the best places to live with a population of 161,000 people. With Affordable houses and with a high ranking healthcare facility that will attract working class families to the Sioux fall area. CNNMoney also reported that the personal crime occurrences are at number 3 per 1000 and property crime occurrences are 24 per 1000. The characteristics of life are in great existing and with a calm continuation of new companies are making their mark here. After assessing criminal risk at the Sioux Falls location, it is determined that precautions should be put in place to combat against crime. The security system will be sophisticated enough to fit the needs of the company. To protect the physical assets of the company, alarms, cameras, and access devices will be installed. “Statistics reveal that potential burglars are discouraged from trying to illegally enter a home or office when they know an alarm system is on the premises. (Wiseman, 2010) These measures will decrease the rate of internal and external theft. 24 hour digital video surveillance in addition to a guard who will be on the premises after business hours will also reduce the risk of crime. Visitors will be photographed and given a temporary identification card to enter the building. Employee access is controlled through swiping photographic identification cards. Fire protection devices will also be installed. Guarding the physical aspects and the employees of McBride from harm is important to management. Engaging with the law-enforcement agents, this will commit to the protection of the McBride Financial Services. Employees will feel safe and this will allow the company to benefit with high production rates. Terrorist Activity

This past decade terrorist threats have becoming a top priority for the United States of America. The war on terror and tactical measures the government are putting in places to strengthen National Security is a costly matter. It’s a concern for almost all organizations, from heath care to financial industry such as McBride Financial services, a simple attack can have a very serious impact on revenue, much of what we’ve seen on September 11, 2001 where airline industries were the major target but nearly everyone had suffer where thousands of jobs were lost. Financial industries are very dependent of the health of the economy; a healthy economy can have a tremendous impact in the financial industry where...
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