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Risk Assessment and Response Plan Essay

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Computer Science
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Essay
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Short Paper: Risk Assessment and Response Plans
Risk assessment is very important to any company. Having a set plan to discover
vulnerabilities and possible liabilities can greatly aid in preventing problems for the company.
The first step is to establish a specific context for the risk assessment to be a foundation for the
risk identification which is the second step. Risk identification is a basic identification of the
risks for the company that could prevent it from achieving its goals. The risks should be marked
by priority to show the level of how much each risk can impact the company which will aid in
the next step of the process.
The risk analysis is the next step. Each identified risk is put into a list and labeled by its
priority (low, medium, high risk) so the major risks are handled immediately. At times even
though risks are resolved they can end up creating new risks that were not prevalent before. The
risk analysis should be updated accordingly to prevent these kinds of issues from impacting the
process extensively.
As there can be multiple risks that are labeled as low, medium or high the next step is to
do a risk evaluation. This process is to score each risk to determine which risks should have a
priority over the others in the same group. Lastly it is imperative to create a response plan for
each risk. This can allow you to create a possible resolution for each risk specifically. In some
cases, one resolution may end up impacting another risk for the better or the worse and thus
should be adjusted for that eventuality. These possible resolutions are opportunities for the
company to better themselves and provide a better system for their employees and clients to
utilize.

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Sources:
University of Vermont Guide to Risk Assessment & Response (Aug. 16, 2012).
http://www.uvm.edu/~erm/RiskAssessmentGuide.pdf
PHE.gov website. https://www.phe.gov/about/amcg/contracts/Documents/risk-management.pdf

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Short Paper: Risk Assessment and Response Plans Risk assessment is very important to any company. Having a set plan to discover vulnerabilities and possible liabilities can greatly aid in preventing problems for the company. The first step is to establish a specific context for the risk assessment to be a foundation for the risk identification which is the second step. Risk identification is a basic identification of the risks for the company that could prevent it from achieving its goals. The risks should be marked by priority to show the level of how much each risk can impact the company which will aid in the next step of the process. The risk analysis is the next step. Each identified risk is put into a list and labeled by its priority (low, medium, high risk) so the major risks are handled immediately. At times even though risks are resolved they can end up creating new risks that we ...
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