Introduction The risk management plan is for Flayton Electronics following their breach in security of their customer’s information. The document provides an explanation and description of the risk management process undertaken throughout the life cycle of this project. The project manger will be responsible for reviewing and maintaining the Project Risk Management Plan. The manager will ensure that all the risk process factors are appropriate to deal with the risks highlighted in the project. The background of the project is that Flayton Electronics faced an eminent problem when it is discovered that there might be a possible breach in their security and the privileged customer information has been compromised. A bank informed the firm that credit card information of the several customers had been leaked and there have been possible fraudulent transactions taken place. The CEO of the firm, Bret Flayton is faced with the challenge of making a tough decision and deciding what to do next. The firm is exposed to various risks and needs to develop a risk management plan in order to manage and mitigate the potential risks that threaten the firm. Scope and Objective The project management plan will help the organization to manage all the foreseeable risks in a timely, proactive, effective, and appropriate manner. The aim of the project management process is to maximize the chances of the project achieving its objectives, while minimizing the risks and keeping them at an acceptable level. The scope and objective of the risk management plan are as follows: • To ensure that an integrated approach is used to mange risk. • Minimize the risk across all the areas of the company. • Define criteria for identifying risks. • Pr... ... middle of paper ... ...t, III(1), 17-26. Heldman, K. (2005). Project manager’s spotlight on risk management. San Francisco: Jossey-Bass. Hillson, D, & Simon, P. (2012). Practical project risk management: The ATOM methodology (2nd ed.). Vienna, VA.: Management Concepts. Jugdev, K. (2012). Learning from Lessons Learned: Project Management Research Program. American Journal of Economics and Business Administration , 4(1), 13-22. Saluja, U., & Idris, N. B. (2012). Information Risk Management: Qualitative or Quantitative? Cross Industry Lessons from Medical and Financial Fields. Systemics, Cybernetics and Informatics, 10(3), 54-59. Yaraghi, N., & Langhe, R. G. (2011). Critical Success Factors for Risk Management Systems. Journal of Risk Research, 14(5), 551-58 Flayton Electronics Case Study, Web. 14 Oct. 2015 https://hbr.org/2007/09/boss-i-think-someone-stole-our-customer-data
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