Business Continuity

Step 1: Review of the the Risk Management Framework

Bukola A Wilson-Akinfe

University of Maryland Global Campus

CMP 630 9041 Risk Management and Organizational Resilience(2218)

Dr Michael T. Hanners

10/22/2021

Step 1: Review of the Risk Management Framework

Risk Management Framework is used as a template that guides the companies on identifying, eliminating, and minimization the risk. It includes five components that comprise the identification of the risks that the organization faces. These are either operational, privacy, or legal issues (Jakšič & Marinč, 2019). The second step is the measurement and assessing the risks to create a risk profile for the identified risks. After the second phase, the organizations need to develop the mitigation of the risks.

The mitigation of risks involves the examination of the identified risks and determining whether they can be eliminated. This category does not include the risks that are deemed to be acceptable. The fourth step is reporting and monitoring, which reexamines the adopted risk mitigation strategies and determines whether they leave the desired effects (Yan et al., 2018). This is followed by governance that ensures the risk mitigation is implemented and the employees adhere to the policies.

References

Jakšič, M., &Marinč, M. (2019). Relationship banking and information technology: The role of artificial intelligence and FinTech. Risk Management, 21(1), 1-18. https://link.springer.com/article/10.1057/s41283-018-0039-y

Yan, Q., Huang, W., Luo, X., Gong, Q., & Yu, F. R. (2018). A multi-level DDoS mitigation framework for the industrial Internet of Things. IEEE Communications Magazine, 56(2), 30-36. https://ieeexplore.ieee.org/abstract/document/8291111/