AminataFunchess BUS 519 assign3.docx

Document the top three 3 opportunities in a risk

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Document the top three (3) opportunities in a risk register following Figure B-11, Sample Simplified Risk Register Format (Appendix B of the Hillson and Simon text). Include information from the case for each opportunity. Description Cause Risk Effect Informing the public of data breach Data breach Informing the public before the information is leaked from another source will help maintain trust with the customers that were More loyal customers could emerge providing that the company was honest and upfront with the negative information. Customers appreciate
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RISK WORKSHOP AND RISK REGISTER 9 affected by the breach that the company accepts accountability for the breach and are taking measures to rectify the issue Addition of new staff After the data breach weakness in staff’s ability to perform required duties were exposed. Also, some staff do not have the expertise to perform pertinent tasks. The addition of the new staff would allow for overlooked tasks to be delegated properly and bring in additional expertise on the subject matter The new staff will relieve current staff from being overworked and will allow for the right amount of coverage to run required security scans Audits and assessments Exposes any issues the company is struggling with The exposure of weakness allows the company to become aware of areas that need improvement Being proactive in finding insufficiencies in staff and procedures in time to prevent additional events from occurring and remain in compliance with mandated regulations Justify the assignment of probability and impacts for each opportunity identified in criterion number 5 of this assignment. Informing the public of the data breach would be measured as high on the probability scale because this is a risk that needs to occur. If the management of Flayton’s chooses not to inform their customers and he public about the data breach, a third party will release the information. The opportunity that management at Flayton’s has is that they can get in front of any negative publicity and take accountability for what occurred. This is also the justification for bringing on the Public Relations consultant to ensure that the message relayed to the public will
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RISK WORKSHOP AND RISK REGISTER 10 be the least damaging to the company. The impact of showing accountability and immediate action to rectify the situation could maintain the customer base and increase customer loyalty if presented correctly. “Being breached currently, by and large, doesn’t affect your reputation. There are few exceptions of course. But how to manage a breach can affect your reputation and that’s a very different thing” (Drinkwater, 2016). The addition of new staff is considered very high on the probability impact scale. It is extremely necessary that the opportunity to hire new staff is not overlooked or dismissed for budget constraints. Based on the data breach it was discovered that there were several gaps with security scanning and software issues. Additional staff can ensure the company remains compliant. The new staff will also provide the needed expertise to monitor and maintain the current software systems to avoid any issues in the future.
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