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Risk management, CHAPTER 5 - Coggle Diagram

- - - - by senior management, often link to CSFs
    - - At the operational level upward
    - - Property loss
        
        theft or damage property
      - Liability loss
        
        liability to 3rd party, personal injury
      - Personal loss
        
        sickness
      - Pecunilary loss
        
        default receivables
      - interruption loss
  - - - Gross risk = Prob x Impact
  - - - Physical control
        
        Lock, clothing protect people, asset
      - Financial control
        
        Credit check
      - System control
        
        Procedure control
      - Management control
        
        Org structure, annual budget
- - - - Upside risk (opportunity)
        
        things will go right the term (better than expected)
        
        "speculative risk"
      - Downside risk
        
        Things will go wrong
        
        "pure risk"
  - - - The transport companies are likely to be less exposed than bank
    - - How the factor to which a busniess is likely to be alter. Ex: coffee shop, fast fashion
    - - the amount of the loss
    - - Limit the impact
      - reduce the probability
      - method
        
        Legal requirements
        
        licensing authorities
        
        regulatory embodies
- - - - Information process
    - - Disaster
      - regulation
      - Economics
- - - - webcam manager, keylogging, sreenshot manager, ad clicker
      - DDOS
        
        Distributed denial of service attacks
      - Malicious software
      - Phishing
        
        Bogus email that ask user for security, information and personal details
      - Hacking
        
        Gain unauthorised accessto systems
- - - - How well the org complies with its standards and policies
    - - How wide a range of issue org prepared for
    - - Quantitative and qualititative measures of how well thr org can meet specific outcomes
    - - Evidence through exercises and reviews of the extent of process and procedure in place
- - - - the ultimate bearers of risk
      - VOLATILITY
        OF RETURN
        
        It could be higher or lower than expected
    - - A significant risk create an obstacle to any of the CSFs
  - - - A risk adverse attitude
        
        low risk, low return
      - A risk neutral attitude
      - A risk seeking attitude
        
        high risk, high return
- - - - Some operations can be performed while normal services are disrupted
    - - Policies to ensure that the above are implemented properly