Risk Response and Mitigation (section 2)

8 important questions on Risk Response and Mitigation (section 2)

Why should you evaluate regularly transferred risks?

1. The current amount of insurance is adequate to cover losses.
2. That the organization is compliant with the terms and conditions of the coverage.

Give an example of a risk associated with a new access control system.

The system may inadvertently deny access to legitimate users who forget passwords or lose an access card, resulting in call for technical assistance, delays in processing and user frustration.

On what factors is the decision plan to implement a control based?

- Current level of risk
- Applicable laws and regulations
- Ongoing projects
-  Strategic plans and management priorities
- Current and projected budget
- Availability of staff
- Public pressure
- Actions of competitors
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What is the purpose of the review of the business process?

1. To identify problems and issues with the current process
2. Gather information towards improving the processes
Prepare a road  map to implement required changes
3. Assign responsibility and accountability
4.Schu;e individual projects according to priority
5. Monitor projects progress for attainment of milestones and production of deliverables
review and obtain feedback on projects results

What are the steps of a business process review?

1. Document and evaluate current business processes ( list critical processes, classify and identify responsibility and accountability)
2. Identify potential changes
3. Schedule and implement changes
4. Feedback and evaluation

Explain: Managerial (administrative) control

These are related to the oversight, reporting, procedures and operations of a process. These include controls such as policy, procedures, balancing, employee developmnet and comp;iance reporting.

What may be effective supplements for legacy systems?

Additional back-ups
spare parts
strong network segmentation
cross-training
documentation
increased monitoring of systems performance

What should an asset inventory consist of?

All equipment
supplier
acquisition date
original cost
actual cost
the location
owner of equipment
other data for maintenance insurance and warranty purposes

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