Issc481 It Security: Risk Assessment Answers
Discuss about the risk assessment that covers a clear definition of risk and a detailed research on a recognized organization, Apple Inc. Describes about the potential risks of the organization and the ability to control them.
Answer:
Risk Assessment Methodology
It is crucial for a leading company in the Information Technology industry to identify and devise the strategies for categorizing and mitigating the risks in order to maintain its position in the global market (Altuhhov, Matulevi?ius & Ahmed, 2013). Various frameworks are needed to be laid out for the minimization of the risks faced by Apple. The methodology for the assessment of risk faced by Apple includes the assignment of a qualitative or quantitative value to the identified risks. The initial phase of the assessment of risks by Apple would consist of the application of a map of risk heat process for the risks that are collected by a risk register. Apple can conduct a periodic survey regarding the assessment of risks to the participants of the market for the identification of the potential risks (Hutchinson, Armitt & Edwards-Lear, 2014). The survey can be proved to be a very useful and formalized way for enabling the authorities for staying abreast regarding the emergence of risks in the company by potentially reaching out to a wide range of participants both in the company and in the market.
A format of expectation survey in regards to the risk assessment of Apple can be conducted by the management of the company. This survey can be conducted by the management of the company with an objective of regulating the expectations and perceptions of the senior managers regarding the control on the inventory and supplies to the customers. The survey questions would be addressed to the senior managers in order to understand the risks and their associations with the semi-annual, monthly, annual perceptions and expectations on the variables like indices of the market, market volume, and rate of interests, portfolio investments and regulation of the internationally located manufacturers (Odunola, Olawumi & Ajayi, 2014).
Participants would be able to declare the aims and expectations regarding each variable which is included under the categories such as decrease, increase, significant decrease, significant increase and stable. After collecting data, the company can publish a monthly report which would include the strategies and frameworks that would assist in the mitigation of the risks originating in the operation of the business in Apple (Yeo, et al., 2014). The report would also include the future expectations, of the company and a comparison between the previous surveys regarding the outcomes of the risks with the realizations.
The survey method in the data collection and risk assessment methodology would enable the company in reaching a wide range of participants in the market and in the company also, and hence, significantly would be able to supplement the processes of consultation regarding the mitigation of the risks (Odunola, Olawumi & Ajayi, 2014). A body of regulatory authorities should be made by the company which would include the research from different academics or regulators, supra-national and inter-governmental organization and the industry associations and participants.
Regulation of the time series of the relevant data would enable the recognition of the changes in the patterns and trends that may indicate the evolution of a new aspect of risk. Through the data collection method, the monitoring of the regulatory authorities will be automatically conducted as analysis of all aspects of the company will be processed.
References
Altuhhov, O., Matulevi?ius, R., & Ahmed, N. (2013). An extension of business process model and notation for security risk management. International Journal of Information System Modeling and Design (IJISMD), 4(4), 93-113.
Hutchinson, D., Armitt, C., & Edwards-Lear, D. (2014). The application of an agile approach to it security risk management for SMES.
Odunola, A. B., Olawumi, A. A., & Ajayi, O. E. (2014). An Adaptive Decision-Support Model for Data Communication Network Security Risk Management. International Journal of Computer Applications, 106(8).
Yeo, M. L., Rolland, E., Ulmer, J. R., & Patterson, R. A. (2014). Risk mitigation decisions for IT security. ACM Transactions on Management Information Systems (TMIS), 5(1), 5.
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