1. What is the most effective way to identify risks like those you noted in the tables?
Through the use of Scenario-based risk analysis utilizing different risk factors that could arise
2. What are some important factors when weighing the depth of a formal risk analysis? How would you balance the interruption needed for depth and the need to continue ongoing organizational activity?
An in-depth formal risk evaluation should be conducted which lines up with the goals and objectives of the company. There should be a clear outline of the protocols and procedures that will be utilized to attain these goals.
3. What should an organization’s risk management specialist do with the information once a potential risk has been identified? What information would be needed for senior management to know the danger of each risk and the proper way to handle the risk?
Risk management specialist’s research and recommend tactics to minimize asset liability, including investigating potential asset loss incidents and enacting policies that comply with safety regulations and industry guidelines. They plan and implement programs for risk management and loss prevention. Risk management specialists generally manage other risk analysts and report to upper management in their organization.
4. How would this specialist properly prioritize these risks to make sure the most important ones were mitigated first?
The mitigation of risk should be prioritize based upon their potential effects it could cause the organization. As such, all the avenues for risk should be looked into; this includes the company’s financial impact, operational consequences and legal ramifications.
5. Who is responsible for ensuring that an identified risk is addressed by the organization? What role does the analyst play? What role does senior management play? What roles do the analyst and senior management each play in addressing organizational risks?
The system analyst or manager is responsible for identifying risks and making sure that they are minimized. The senior administration provides fiscal and administrative resources and helps to formalize policies to reduce risk. The senior administration and specialists collectively develop minimization methods and plans.