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Please provide the questions followed by the answers.

Question Set #1:
Provide 550-words total for these questions set.

What are the different types of risks?
What are the concepts of risk and mitigation as they apply to threat and risk management of an organization?
How are the various techniques for eliminating, reducing, and mitigating each of the risk types implemented through an organizational security plan? Explain.

Please cite references as per APA guidelines.

Answer;

What are the different types of risks?

Business entities such as Datamonitor face different risks. The following are the risks that the company is exposed to;

Strategic risk: This is a sensitive risk to the business, for instance, if the company is in its initial stages of introduction, there may be hindrances that could affect its full establishment. The government may decide to introduce new health and safety legislation requiring the company to change its plan.

Operational risk-This deals with the theft of an important production equipment of its breakdown. In this case, the business must use qualified staff in operating its procedures and equipment to avoid the operational risk.

Corporate risk-This kind of risk takes into consideration that the project that the company intends to undertake is not a single asset but incorporated with other company’s assets. Therefore, the risk is likely to be diversified away by the company’s other assets.

Market risk– The risk is assessed through the eyes of the stockholder to the company. The stockholder’s portfolio is very important in determining the marketing risk of a company. The risk is measured by the effect the risk may have on the entity’s beta values. Market conditions such as change in interest rates, market volatility, and prices of assets cause this type of risk (Pabrai, 2005).

The liquidity risk-This type of risk occurs when the cash at the bank’s disposal exceeds the customers’ demand of the same. In this case, the company raises insufficient funds thereby not able to cater for its debts and continue with its daily operations. The main form of this risk experienced by a company includes insufficient funding for company’s normal activities and diminished market for goods and services.

What are the concepts of risk and mitigation as they apply to threat and risk management of an organization?

  • The concept of risk mitigation is one that applies to threat and risk management in the organization.
  • The process of risk mitigation or reduction will involve reducing the severity of a loss occurrence or the likelihood of the loss occurring.
  • Use of modern equipment will help in reducing the occurrence of a risk. For instance, by developing and delivering software incrementally (Chaffey, 2007).
  • Outsourcing is another way of mitigating risk in an organization. The outsourcer may have a higher capability in reducing the risk or managing it to a point that it will not take place.
  • Another way of mitigating the risk in a company is by application of sophisticated systems that act to reduce the chances of a risk occurrence. The problem with the strategy is that it is quite expensive.

Techniques for eliminating, reducing, and mitigating each of the risk types implemented through an organizational security plan

  • Each risk type should be handled differently with the aim of eliminating, reducing, or mitigating it.
  • Evaluation of whether the previous controls still work currently to the risk in the face of the company (Gefen, Wyss, & Lichtenstein, 2008).
  • The plan will also involve evaluating the possible risk level changes within the environment the business is located.
  • Estimation of the costs to be used in addressing a certain risk and making necessary precautions
  • The organizational security plan should prioritize the highest risk in their budgets to avoid their failure in the end.
  • Another technique will be construction of an anonymous risk-reporting channel to alert the organization on the different risks available.

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