Benefits of risk management to homeland security enterprise Application of risk management to Homeland Security Enterprise allowed for a systematic approach to decision making. It promoted the development of analysis which in turn promoted sound decision making especially for the key strategic plans for Homeland Security related initiatives. The various security related initiatives for Homeland Security included strategic planning, resources planning, capabilities-based planning, operational planning, exercise planning, R&D, and real world events (Stewart & Ellingwood, 2011). Risk management is a part of strategic planning. Strategic planning analyzed the risk which DHS would face in the long run and build risk management programs and capabilities by coming up with activities to prevent, protect, respond, and recover.
This would include planning, project management, portfolio investment management, risk management, service management and performance management, vendor management, control and audits etc. • Process should be well defined, documented and measured • Should clearly define interfaces between the organization to ensure that workflow spans across boundaries • Process should be flexible, scalable and consistently applied with common sense. Enabling Technology – leverage tools and technologies that support the major IT governance components. • Process are supported by software tools ... ... middle of paper ... ...e necessary for effective governance IT governance must be thoughtfully and actively designed. Executive management must be involved for it to be effective.
Employing this concept is vital in identifying the particular risks associated with a particular project. Risk can be categorized in terms of micro or macro depending on the population that the risk affects. Kmec (2011) article provides an assessment on the risk identification methods. The author outlines that the methods are a synthesis of techniques and existing tools in the society. The risk is viewed as a temporal hierarchy in which major decisions can be made based on the hierarchical level.
Risk reduction is obtained by facilitating effective internal control with a broad scope that reflects changes in the framework to risk management with ERM. The framework requires adaptability which enables flexibility due to a overlap of functions of identify, assessing, and responding to risks within operations, reporting, and compliance. Activities, information, communication should be monitored, evaluated, and identified for response are part of the ERM for effective and efficient risk management. The concept of risk appetite and risk tolerance is introduced because the identification of potential events affecting achievement can be managed. Also, the process requires communication, consultation before and monitoring and review after every decision or action (McNally, 2015).
1.1 Purpose This report aim to explain how is achieved risk control through strategies and through security management of information. 1.2 Objectives Describe how information assets are identified as exposed to risk, and how risk is identified and evaluated. Objectives are to place control measure to reduce specific vulnerabilities. Defining control objectives is the first step in deriving the corresponding control requirements to mitigate the risk associated with the vulnerability. 1.3 Definitions, Acronyms, and Abbreviations "Risk management is the part of analysis phase that identifies vulnerabilities in an organization's information system and take carefully reasoned steps to assure the confidentiality, integrity, and availability of all components in the organization's information system" (Management of Information Security - second Ed, Michael E. Whitman and Herbert J. Mattord) Risk is the potential loss resulting from the balance of threat, vulnerabilities, countermeasures, and value.
Executive Summary: Risk is a potential problem which means there is an uncertainty in the occurrence of a problem. Because of this uncertainty it is hard to find whether a particular event is going to be negative impact on the project. Risk can also be defined as the probability of suffering loss. Risks can be categorized into the following subparts: i. Project Risks: These risks affects the project plan thereby negatively affect the project schedule thereby increasing the project costs.
By successfully employing Information Security Management through the adoption of standards, best practices, and frameworks, ISM will allow organizations to better prepare for security issues that may arise. Successfully implementing ITIL’s ISM process with the support of ISO standards can achieve
In the probabilistic approach, a probability of failure is obtained by treating all of the design parameters as variables and their analysis. The probabilistic structural analysis methodology makes use of the conventional structural analysis methodology in conjunction with statistical characterization of geometry, material behavior, applied loading , and expected environment, and is capable of producing: • Safety/Risk quantification • Design variable sensitivity analysis • Scenarios for Cost/weight reduction. • Optimum interval for inspection. ` GENERAL CONCEPT. Basing the design criteria on reliability targets instead of conventionally basing it on deterministic criteria is the basic principle involved in a Probabilistic Design.
Understanding the role of risk management within the Department of Homeland security will ultimately allow for individuals to understand how the Department manages risk and prevents incidents such as the 9/11 attacks from occurring. Formula The importance of establishing risk management is determining how exactly you can measure the risk vs the reward over a certain topic. Almost every government organization has their own version of risk management and how risk is determined. The Department of Homeland security has multiple assets which makes the process of determining risk even more difficult. In this case the Department of Homeland security has established a formula to help the process of determining risk easier.
Information systems are subject to serious threats that can have adverse effects on organizational operations such as missions, functions, image, or reputation, organizational assets, individuals, other organizations, and the Nation by exploiting both known and unknown vulnerabilities to compromise the confidentiality, integrity, or availability of the information being processed, stored, or transmitted by those systems. Threats to information and information systems can include purposeful attacks, environmental disruptions, and human/machine errors and result in great harm to the national. A risk is defined as the effect of uncertainty (either positive or negative) on business objectives. Risk management is the coordination of activities that direct and control the department with regard to risks. It is commonly accepted that risk management involves both the management of potentially adverse effects as well as the realisation of potential opportunities.