Risk mitigation plan
Introduction
Addressing risk management from the onset of a business is one of the most vital aspects that every organization should take into consideration today. Most organizations that fail to address risk management are often prone to find themselves vulnerable to several intangible things that are likely to happen. Whether the risk is financial or legal, it can affect a firm at any given time. However, if organizations input proper operations and compliance along with regulations can help control the factor of risk within a project.
Since most projects tend to operate in an environment that is composed of uncertainty, developing a mitigation plan that addresses predictable problems seems to be the best option. This project aims to develop a risk management plan to identify the probable risks of Health Network Inc. It will also evaluate the identified risks as well as provide mitigation actions for all of the identified risks. Since new risks are always identified, this plan will require the organization to do regular updates.
The methods to reduce risks and vulnerabilities
This risk mitigation plan is for Health Network Inc. which is a health service organization. One method that can be used to reduce risks and vulnerabilities at Health Network Inc. is through identifying old vulnerable points. Since Health Network Inc items are generally utilized by many individuals across the world, identifying vulnerable points like the framework that may need assurance may greatly help in maintaining security in the Health Network items.
Secondly, understanding the limitations of cyber-insurance is another method of reducing risks and vulnerabilities in Health Network Inc. If the conditions of cyber insurance restrict the way a firm responds to a data breach, then, this may greatly impact the Health Network Inc. quality of data breach response.
Upon identifying dangers like web availability issues, disappointments of programming, or assaults of the web that Health Network Inc is likely to face, it can opt to build a culture that emphasizes data security. By doing so, there will be an absence of antivirus to the framework and most of the valid data will be safe or preferably not lost.
Similarly, allotment of responsibilities to specific officers may greatly influence how work is done on time as well as help avoid misunderstandings. The officers may be tasked with various duties such as tracking and executing the arranged report. Distinguishing asset value may also help in identifying certain benefits like information or programming resources as well as help decide on the effects of such advantages.
Moreover, Health Network Inc may also opt to take advantage of sharing information. This basically means acknowledging the impact of the risk and ensuring it does not happen again. If information is shared on the certain cause of risk, the probability of the risk to ever recur is actually reduced to zero. Experts can also be called upon to give some information as well as verify information that might be absent.
Determining if the organization is risk-averse or risk-tolerant
Risk tolerance infers to the gauge of the level of risk that any business is willing to accept and is often expressed in either quantitative or qualitative terms as well as used as the vital criterion in decision making. To risk-averse on the other hand, is when an organization is reluctant or fails to take risks. Based on the findings, Health Network Inc is risk-tolerant in that, it has identified possible risks and it is willing to accept possible control measures that can help avert the risk.
Additionally, Health Network Inc can be said to be risk-tolerant since it has identified certain risks, analyzed the consequences, and evaluated the impact of the risk. Besides, it has opted for appropriate risk control measures that have proven to be beneficial. Thus, information that moves through HNetExchange, which is the primary source of the org is highly secured and moves to the correct goal.
Strategies to mitigate residual risks
These are general guidelines that can be used based on the assessed combination of the probability of a risk occurring as well as the possible consequences of the identified risks. Residual risk is basically the remaining risk and is usually assessed like the initial risk. This means that a similar methodology is used to assess the risk. This may involve identifying and mitigating all of the known risks to the organization and determining the strengths or weaknesses of risk framework whilst trying the best ways to enhance it.
Regardless, the first strategy to mitigate residual risks is through acknowledging the existence of a particular risk as well as making purposeful decisions to accept it without necessarily engaging in any kind of effort to control it. Also, the leaders need to approve the project to avoid misunderstandings.
Secondly, it is completely significant to adjust the program constraints or requirements as this helps in eliminating or rather reducing the risk. Further, the adjustment may involve a change in technical, schedule, or funding requirements. Enacting such adjustments is prone to help in improving decision-making abilities which is crucial in every organization.
Furthermore, Health Network Inc can as well implement actions that minimize the likelihood or the impact of the risk. This is crucial in that, various losses or expenditures that would have been used to deal with the risk would have been avoided. This systematic approach is significant as it ensures the management reaches the most vital decisions, and that nothing is disregarded.
Lastly, it is significantly crucial to continually monitor the environment for any possible changes that may affect or have an impact on the risk. Ideally, Health Network Inc items are generally utilized across the world and, therefore, continually monitoring the environment is vital as it ensures a baseline of the existing conditions is located and corrected.
Ultimately, a risk mitigation plan is an essential aspect of every organization as it captures the risk mitigation approach for all the identified risks. It also helps ensure a reduction or an elimination of the risk. Since every organization is prone to have risk at a certain point, it is logical to have a risk mitigation plan as this significantly reduces various dangers that may occur.