CMGT Week 3
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CMGT245AssignmentWeek3IndividualSecurityRiskReviewContingencyPlan.pptSecurity Risk Review/Contingency Plan
About Ben's Business
Ben's Business is located in an area that is prone to flooding
Floods are associated with the risk of property damage leading to losses
Ben has resolved to create a Flood Contingency Plan to prevent losses in the event of floods
In a few words, Ben's Business is located in an area that is prone to flooding given the fact that Floods are associated with the risk of property damage leading to losses; Ben has resolved to create a Flood Contingency Plan to prevent losses in the event of floods. He hopes that this will prevent negative impacts
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Important elements that Ben should include in the Flood Contingency Plan
1. Response Strategy
Ben should include response steps
Response steps should be easy to execute
A good response strategy should be timely
Timely response will reduce possible impacts
The first important element that Ben should include in the flood contingency plan is Response Strategy. Under this particular element, Ben should include response steps. Response steps should be easy to execute. A good response strategy should be timely. Timely response will reduce possible impacts
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2. Operation support Plan
Ben should include a source of additional workforce
Additional workforce will replace employees that will be involved in response
Supplementary workforce will keep the business running
Extra workforce should be on a temporary basis
The second important element that Ben should include in the flood contingency plan is Operation support Plan. In this particular element, Ben should include a source of additional workforce. Additional workforce will replace employees that will be involved in response. Supplementary workforce will keep the business running. Extra workforce should be on a temporary basis
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3. Implementation plan
Ben should state when the strategy will be executed
Ben should define how plan will be monitored
Strategy should include specific time when plan will be tested
Testing the plan will help Ben identify mistakes
The third important element that Ben should include in the flood contingency plan is Implementation plan. Under this particular element, Ben should state when the strategy will be executed. He should define how plan will be monitored. Strategy should include specific time when plan will be tested. Testing the plan will help Ben identify mistakes
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4. Preparedness Plan
Ben should state whether employees are being trained on what to do during a flood tragedy
Ben should state the frequency of training
Great interval between training periods will lead to poor preparation
Short intervals between training periods will lead to good preparedness
The fourth important element that Ben should include in the flood contingency plan is Preparedness Plan. In this particular element, Ben should state whether employees are being trained on what to do during a flood tragedy. He should state the frequency of training. Great interval between training periods will lead to poor preparation. Short intervals between training periods will lead to good preparedness
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5. Budget
Ben should include the money that the business has set aside for the flood tragedy
The allocated budget should be affordable
Budget will prevent wastage of funds
Budget money should be ready
The fifth important element that Ben should include in the flood contingency plan is Budget. Under this particular element, Ben should include the money that the business has set aside for the flood tragedy. The allocated budget should be affordable. Budget will prevent wastage of funds. Finally, budget money should be ready
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Key items that Ben should consider when creating a Flood Contingency Plan
1. Potential Emergencies
Loss of lives
Damage of property
Contamination of food products
2. Likely Impact
Losses
Business Shutdown
Loss of loyal customers
Loss of experienced employees
Some of the key items that Ben should consider when creating a flood contingency plan include Potential Emergencies and Likely Impact. Potential Emergencies include loss of lives, Damage of property and Contamination of food products. Likely Impact include Business Shutdown, Loss of loyal customers and experienced employees
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Cont’d
3. Goals and Objectives
To prevent property damage
To reduce impact of flooding
To prevent possible interruption of business
To prevent the possibility of business shutdown
4. Essential Preparedness Actions
Constructing trenches
Installation of flood proof doors and windows
Constructing strong premise walls to prevent impact of pressure from water
Other key items that Ben should consider when creating a flood contingency plan include Goals and Objectives and Essential Preparedness Actions. Goals and Objectives include preventing property damage, to reduce impact of flooding, prevent possible interruption of business and also to prevent the possibility of business shutdown. Essential Preparedness Actions include Constructing trenches, Installation of flood proof doors and windows and Constructing strong premise walls to prevent impact of pressure from water
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Significant aspects of implementing the Flood Contingency Plan
1. Budget
Ben should state required amount of funds
Ben should state the sources of funding
Ben should determine the financial requirement for each activity
2. Time that each action needs
Ben should state the time frame for each business activity
A time schedule will prevent loss wastage of time
Good time management will lead to effective management of funds
A few of the significant aspects of implementing the flood contingency plan include Budget and Time that each action needs. Budget include the fact that Ben should state required amount of funds, state the sources of funding and also determine the financial requirement for each activity. Time that each action needs include the fact that Ben should state the time frame for each business activity, a time schedule will prevent loss wastage of time and good time management will lead to effective management of funds
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Cont’d
3. Monitoring Exercise
Ben should state the interval of conducting monitoring
Ben should state the purpose of monitoring the plan
Ben should state the employees that will be involved in monitoring exercise
4. Goals and Objectives
Goals and objectives will provide direction
Goals and objectives will prevent time wastage
Goals and objectives will provide basis for decision making
Some of the significant aspects of implementing the flood contingency plan include Monitoring Exercise and Goals and Objectives. Monitoring Exercise include the fact that Ben should state the interval of conducting monitoring, state the purpose of monitoring the plan and also state the employees that will be involved in monitoring exercise. Goals and Objectives include the fact that they will provide direction prevent time wastage and also provide basis for decision making
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References
Philip, T. R. (2016). Information security risk analysis. Auerbach publications.
Reagan, D. J., & Landoll, D. (2015). The security risk assessment handbook: A complete guide for performing security risk assessments. CRC Press.
Stephen, J. (2014). Security prices, risk, and maximal gains from diversification. The journal of finance, 20(4), 587-615.
