[Solution]Risk Register 

Module 03 Content For this part of your course project, you will need to update the Risk Register you completed in Module 01 and complete the Risk…

Module 03 Content

For this part of your course project, you will need to update the Risk Register you completed in Module 01 and complete the Risk Evaluation columns 2a-2c for each operational risk that was identified. Column 2d will populate automatically with the RPN (Risk Prioritization Number). You will also fill out column 2e with a remark explaining your reasoning in determining the likelihood and severity of each risk.
Please incorporate any feedback from your submissions in previous modules.
Note: Make sure to refer to your Risk Management Plan and work on the relevant areas. This is a good week to address the Risk Management Approach section in your Risk Management Plan.
Submit your completed assignments by following the directions linked below. Please check the Course Calendar for specific due dates.

 
 
 

Risk Assessment Form

Risk Assessment Form

Company Name:
XYZ Technology Services
Risk Assessor:

Date Conducted:
<TODAY’S DATE>

Risk Identification

Risk Evaluation

Risk Control

1a
1b
1c
2a
2b
2c
2d
2e
3a
3b
3c
3d
3e
3f

Business Unit
Operational Risk
Possible Outcome
Existing Risk Control – If Any
L*
S*
RPN*
Remarks
Additional Risk Control Measures
L*
S*
RPN*
Follow up by (name) & date
Remarks

Accounting
Accounting Software Fails
Inability to process payroll
Virus protection and hardrive backups
1
2
2
The virus protection should prevent the posibility of viral threats as long as systems stay updated. Backups will prevent the loss of data due to failure.
NA
1
2
2
Billy Bob 7/23/20
NA

Accounting
Failure to monitor Spending
Budget becomes innacurate
Budgeting software and staffing to monitor spending and budget.
1
1
1
The payroll and budgeting software is accurate as long as the employees on staff continue to monitor.
NA
1
1
1
John Boy 8/1/20
NA

Accounting
Late receiving tax documents
Employees unable to file taxes
All tax documents are now being delivered electronically through accounting software with failsafe, so the impact of software failing would be the only factor.
1
1
1
Accounting software is responsible for updating and availibility of tax documents. Therfore, this threat should be minimalized by the failsafes in place for the accounting software.
NA
1
1
1
Sue Ellen 8/1/20
NA

Human Resources
Corona Virus
Job cuts and limited staffing
We have incorporated a COVID19 prevention team
3
3
9
The prevention team is in place to support infected employees and help facilitate the temporary shut-down of the facility. Also to trace any contact from those employees.
Mandatory testing of all Employees and isolation for anyone presenting with a temporature.
2
3
6
Bob Dole 6/29/20
Any locations with widespread contact should be temporarily halted.

Human Resources
HR system goes down
Inability to onboard new hire
Virus protection and hardrive backups . We also have off-site DR with virtual instances being saved.
1
1
1
The HR systems are backedup both on-site and off-site at for disaster recovery. This should minimize the impact of this incident.
NA
1
1
1
Jethro Bodean 8/1/20
NA

Human Resources
Limited staffing
overworked/unhappy employees
We have a team of recruiters who constantly monitor staffing levels and put together job fairs when staffing levels get low.
1
1
1
The COVID19 has had more of an affect on staffing .Therefore, we have had to change the way we staff our sites.
NA
1
1
1
Jed Clampett 8/1/20
NA

Information Technology
Software fails due to corrupted PC
Inability to process payroll
Virus Protection Employee training, and firewalls
2
1
2
The biggest threat faced here is from uneducated employees. We are always rolling out compliance to keep employees educated and virus protection is the safety net.
NA
2
1
2
Ellie Mae 8/1/20
NA

Information Technology
Email virus
infected servers
Virus protection Employee training, and firewalls
2
1
2
The biggest threat faced here is from uneducated employees. We are always rolling out compliance to keep employees educated and virus protection is the safety net.
NA
2
1
2
Mike Hall 8/1/20
NA

Information Technology
Too much network traffic
Slow network speeds
We have throttled the network connections for employees to limit wasted bandwidth.
1
1
1
All employee computers are monitored and have limited access to outside sites.
NA
1
1
1
Hugh Jedd 8/1/20
NA

Manufacturing
Tariff Wars
Drives up prices for international trade
We have a procurement teams in charge of locating supplies
1
1
1
The procurement team takes our request for services and finds the best options. We also have many U.S. companies which can be used to prevent trade overseas.
NA
1
1
1
Joe King 8/1/20
NA

Manufacturing
Shrinking tallent pool
Limited staffing options
Talent scouts and recruiters
1
1
1
Talent scouts find the best employees from the possible selection
NA
1
1
1
Carrie Oakey 8/1/20
NA

Manufacturing
Robotic proliferation
Job losses due to robotics taking over
Research and development team
1
1
1
R&D works on utilizing robotics and electronic advancements to help the company grow.
NA
1
1
1
Unda Dare 8/1/20
NA

Stakes and Marketing
Corona Virus
Causes stockholders to fear and prices fall
COVID19 Prevention team
3
3
9
The prevention team is in place to support infected employees and help facilitate the temporary shut-down of the facility. Also to trace any contact from those employees.
Mandatory testing of all Employees and isolation for anyone presenting with a temporature.
2
3
6
Onda Veranda 8/1/20
Any locations with widespread contact should be temporarily halted.

Stakes and Marketing
Advertisement misquotes prices
Honoring the advertisement causes loss in revenue
Marketing team
1
1
1
Our marketing team checks and double checks all advertisements before they are released.
NA
1
1
1
Hyman Howaru 8/1/20
NA

Stakes and Marketing
Product recall
Loss in production and revenue from recall
Quality assurance specialist
1
3
3
Product recalls not only affect revenue but also reputation of the business which threatens the business for years.
NA
1
3
3
Amanda Counton 8/1/20
NA

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

NOTE: If more rows are needed, copy and paste the row immediately below this one and insert it at the end of your list.

0

0

* L = Likelyhood

* S = Impact

* RPN (Risk Prioritization Number) = Likelihood x Impact

Sheet1

Instructions

Instructions for using the Risk Assessment form

Header
Fill up all sections in the header of the RA form.

Column 1a
Indicate the business unit

Column 1b
Describe the operational risk.

Column 1c
Identify the possible outcome if the risk occurs.

Column 2a
Indicate risk control measures that are already in place to eliminate or minimize risks.

Column 2b
L=Likelihood Likelihood of occurance of an accident, incident or ill health is defined as the probability that the said accident, incident or ill health will happen. Choose the likelihood from a value between 1 and 5. Consider the records of such events happening in the past when deciding on the likelihood. Refer to the Risk Matrix tab for the likelihood table

Column 2c
I=Impact Impact is the degree or extent of injury or harm caused by the risks. Choose the most likely impact from a value between 1 and 5. Refer to the Risk Matrix tab for the impact table

Column 2d
RPN=Risk Prioritization Number RPN=Impact X Likelihood

Column 2e
Enter any remarks

Column 3a
Additional risk control measures are required when the RPN indicated in column 2d exceeds 6. If the RPN is 6 or less, enter “NA” in the column

Column 3b
S=Impact Impact may reduce upon introduction of additional control measures

Column 3c
L=Likelihood Likelyhood may reduce upon introduction of additional control measures

Column 3d
RPN=Risk Prioritisation Number RPN will reduce upon introduction of additional control measures

Column 3e
Enter the name of the person appointed to oversee the implementation of the additional control measures. Enter the follow-up date.

Column 3f
Enter any remarks

Risk Matrix

Risk Assessment Matrix

Risk Prioritization Number = Impact x Likelihood

Likelihood Table

Pt
Likelihood level
Likelihood of Occurrence / Exposure Criteria

5
Definate
 Risks that are almost certain to manifest.

4
Likely
 Risks that are highly likely to occur.

3
Occasional
 Risks that are more typical, with about a 50/50 chance of taking place.

2
Seldom
Risks that are relatively uncommon, but have a small chance of manifesting.

1
Unlikely
 Extremely rare risks, with almost no probability of occurring.

Impact Table

Pt
Impact level
Impact Definition

5
Catastrophic
 Risks with extreme negative consequences tor severely impact daily operations of the organization.

4
Critical
 Risks with substantial negative consequences that will seriously impact the success of the organization or project.

3
Moderate
 Risks that could potentially bring negative consequences, posing a moderate threat to the project or organization.

2
Minor
 Risks that have a small potential for negative consequences, but will not significantly impact overall success.

1
Insignificant
 Risks that bring no real negative consequences, or pose no significant threat to the organization or project.

Risk Level Determination – 5 x 5 Matrix

Impact

Catastrophic (5)
Critical (4)
Moderate (3)
Minor (2)
Insignificant (1)

LIKELIHOOD
Definate (5)
25 Operation not permissible
20 Operation not permissible
15 High priority
10 Review at appropriate time
5 Risk acceptable

Likely (4)
20 Operation not permissible
16 Operation not permissible
12 High priority
8 Review at appropriate time
4 Risk acceptable

Occasional (3)
15 High priority
12 High priority
9 Review at appropriate time
6 Risk acceptable
3 Risk acceptable

Seldome (2)
10 Review at appropriate time
8 Review at appropriate time
6 Risk acceptable
4 Risk acceptable
2 Risk acceptable

Unlikely (1)
5 Risk acceptable
4 Risk acceptable
3 Risk acceptable
2 Risk acceptable
1 Risk acceptable

Review the risk assessment records every year or whenever there are changes in processes, work activities or upon any incident occurrence, whichever is earlier.

Action Table

Colour
Score
Risks
Action

16 – 25
High
Operation not Permissible Stop operation & review controls. If necessary abort operations.

12 – 15
Warning
High priority remedial action Proceed with extreme caution. Implement additional (secondary) controls immediately. Review within 7 days. Emergency control measures shall be in place.

8 -10
Medium
Take remedial action at appropriate time Proceed with care. Additional control is advised. Review shall be implemented within 30 days.

1 – 6
Warning
Risk acceptable: Residual risk If possible, risk reduction should be further considered, particularly Impact. There are no imminent dangers. Frequent review shall be in place especially changes in procedures, materials or environment.

Risk Monitoring Plan
 
 
 
XYZ Technology Services
 
XYZ Technology Services
555 West Main Street
Orlando, FL 32830
 
<<DATE>>
 
 
 
 
 
 
The information in this Risk Monitoring Plan is confidential and proprietary and shall not be duplicated, used or disclosed in whole or in part for any purpose other than to prepare an appropriate response. This Risk Monitoring Plan may not be forwarded to any third party for evaluation or for any other purpose without the expressed written consent of XYZ Technology Services.
 
Table of Contents Introduction 2 Top Ten Risks 2 Risk Management Approach 3 Risk Identification 3 Risk Qualification and Prioritization 3 Risk Monitoring 4 Risk Mitigation and Avoidance 4 Risk Register 5

Introduction
This section explains and highlights the purpose and importance of the risk monitoring plan. It provides a general description of why risk monitoring is essential to effectively managing operational risk and describes what is needed before risk monitoring can begin.

<<ENTER TEXT HERE – BE SURE TO DELETE THE GREEN INSTUCTIONS>>
Top Ten Risks
It is important to explicitly state the top ten risks to the project in the Risk Monitoring Plan. This will make management aware of the top risks for the project and the nature of the risks.
 
Fill out the risks and descriptions in the section below. Be sure to delete the green instructions.
 
The top ten high probability and high impact risks to this project are:
 
<<Risk #1>>
Briefly explain the risk here.
 
<<Risk #2>>
Briefly explain the risk here.
 
<<Risk #3>>
Briefly explain the risk here.
 
<<Risk #4>>
Briefly explain the risk here.
 
<<Risk #5>>
Briefly explain the risk here.
 
<<Risk #6>>
Briefly explain the risk here.
 
<<Risk #7>>
Briefly explain the risk here.
 
<<Risk #8>>
Briefly explain the risk here.
 
<<Risk #9>>
Briefly explain the risk here.
 
<<Risk #10>>
Briefly explain the risk here.
 
Risk Management Approach
This section provides a general description for the approach taken to identify and manage the operational risks associated with XYZ Technology Services. It should be a short paragraph or two summarizing the approach to risk monitoring. Make sure to include the following:
 
· How will you conduct your risk assessment?
· How you will keep track of controls and their effectiveness?
· How often will risks be reassessed?
 
Hint: This is just meant to be a high-level overview. You will get into detail in subsequent sections.

<<ENTER TEXT HERE – BE SURE TO DELETE THE GREEN INSTUCTIONS>>
Risk Identification
This section explains the process by which the operational risks were identified. It should describe the method(s) for how you identified risks, the format in which risks are recorded, and the forum in which this process was conducted. Typical methods of identifying risks are expert interview, review historical information from similar projects and conducting a risk assessment meeting with the project team and key stakeholders.
 
For the purposes of this assignment you may use the following for this section:
Be sure to delete the green instructions.
 
Risk identification was conducted using the following method:
 
Risk Assessment Meeting
A risk assessment meeting was held with key team members and stakeholders. The risks identified during this meeting were added to the Risk Register.
Risk Qualification and Prioritization
 
This section is where you will describe the risk assessment matrix and how you used it to determine the risk prioritization number. It should be a minimum of 3 paragraphs and be sure to include the following:
 
· Describe the likelihood table and what each level means
· Describe the impact table and what each level means
· Describe how RPN (Risk Prioritization Number) is determined
· What actions are taken for the various risk levels?
· How did you determine what the top 10 risks were?
 
Hint: You may use the risk assessment matrix worksheet located in the Risk Register as reference.
 
<<ENTER TEXT HERE – BE SURE TO DELETE THE GREEN INSTUCTIONS>>
Risk Monitoring
This section should discuss how the top ten risks will be actively monitored. Be sure to include the following:
 
· How can you find out if controls you put in place are working?
· How often will you reassess the risks?
· Who will you include?
· How will report status changes?
· What documentation will you require?
 
<<ENTER TEXT HERE – BE SURE TO DELETE THE GREEN INSTUCTIONS>>
Risk Mitigation and Avoidance
Once risks have been qualified, the team must determine how to address those risks which have the greatest potential probability of occurring. This section explains the considerations which must be made and the options available to managing the top ten risks.
 
You may fill in the risks and mitigation strategies below. Be sure to delete the green instructions.
 
<<Risk #1>>
Briefly explain mitigation strategy here.
 
<<Risk #2>>
Briefly explain mitigation strategy here.
 
<<Risk #3>>
Briefly explain mitigation strategy here.
 
<<Risk #4>>
Briefly explain mitigation strategy here.
 
<<Risk #5>>
Briefly explain mitigation strategy here.
 
<<Risk #6>>
Briefly explain mitigation strategy here.
 
<<Risk #7>>
Briefly explain mitigation strategy here.
 
<<Risk #8>>
Briefly explain mitigation strategy here.
 
<<Risk #9>>
Briefly explain mitigation strategy here.
 
<<Risk #10>>
Briefly explain mitigation strategy here.
Risk Register
Every project must maintain a risk register in order to track risks and associated mitigation strategies. This section describes the risk register criteria as well as where the risk register is maintained and how these risks are tracked in the project schedule.
 
For the purposes of this assignment, you may use the following text for this section:
Be sure to delete the green instructions.
 
The Risk Register is a log of all identified risks, their likelihood and impact to the organization, the business unit they belong to, control strategy, and possible outcome if the risk occurs. The register was created through the initial Risk Assessment Meeting held by our IT Security Analyst. During this meeting, the team identified and categorized each risk. Additionally, the team assigned each risk a score based on the likelihood of it occurring and the impact it could potentially have.
 
The Risk Register will be maintained as an appendix to this Risk Monitoring Plan.
XYY Technology Services Page 1 of 1 Confidential

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