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i need help with this: the objective of this assignment is to develop risk treatment strategies to the identified risks and minimize their potential impact on the organization, 1. identify the the threat, opportunity, financial crises technological failures and natural disasters, 2.describe the risk to be assessed with cause and consequence description, 3.assess the desribed risk rosk with respect to inherent risk of the risk occuring, identifying the probablity of the event occurring, the impact of it occurring. indentify the risk response strategy (avoid, trasnfer, mitigate, accept for threat or share, accept, explout, enhance if it is opportunity. determine the action plan, assign responsibility for the action plan.

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1

Risk Treatment Strategies Assignment

1. Identification of Risks

Threats:

1. Cybersecurity Breach: Unauthorized access to sensitive data.
2. Financial Crises: Economic downturn impacting revenue and operations.

Opportunities:

1. Market Expansion: Entering new geographical markets.
2. Technology Adoption: Leveraging AI and automation for efficiency.

Technological Failures:

1. System Downtime: Failure of key IT systems impacting service delivery.
2. Data Loss: Loss of data due to hardware failure or cyberattack.

Natural Disasters:

1. Flooding: Impacting physical locations and supply chains.
2. Earthquake: Potential damage to infrastructure and operations.

2. Risk Description

Cybersecurity Breach

• Cause: Phishing attacks or inadequate security measures.
• Consequence: Loss of customer trust and potential financial penalties.

Financial Crises

• Cause: Global recession or local economic downturn.
• Consequence: Decreased sales, layoffs, or business closure.

System Downtime

• Cause: Power outages or software bugs.
• Consequence: Loss of revenue and customer dissatisfaction.

Flooding

• Cause: Severe weather conditions.
• Consequence: Damage to physical assets and disruption of operations.

3. Risk Assessment

Cybersecurity Breach

• Inherent Risk: High
• Probability of Occurrence: Medium
• Impact: High

Financial Crises

• Inherent Risk: Medium
• Probability of Occurrence: Medium
• Impact: High

System Downtime

• Inherent Risk: Medium
• Probability of Occurrence: High
• Impact: Medium

Flooding

• Inherent Risk: Medium
• Probability of Occurrence: Low (depends on geographic location)
• Impact: High

4. Risk Response Strategy

Cybersecurity Breach

• Response Strategy: Mitigate
• Action Plan: Implement multi-factor authentication and regular security training.
• Responsibility: IT Security Manager

Financial Crises

• Response Strategy: Accept
• Action Plan: Diversify revenue streams and increase cash reserves.
• Responsibility: CFO

System Downtime

• Response Strategy: Mitigate
• Action Plan: Regular system maintenance and use of backup systems.
• Responsibility: IT Operations Manager

Flooding

• Response Strategy: Transfer
• Action Plan: Purchase insurance and create a disaster recovery plan.
• Responsibility: Risk Manager

Conclusion

In conclusion, this assignment outlines various risks that an organization may face, including threats, opportunities, technological failures, and natural disasters. Each risk has been assessed in terms of origin and consequence, with a detailed evaluation of its probability and potential impact. Specific risk response strategies have been established for each identified risk, along with actionable plans and assigned responsibilities to help minimize their potential impact on the organization. By effectively implementing these strategies, the organization can better prepare for and respond to risks, ensuring its ongoing success and resilience in a changing environment.