Business DB Risk Management Assessment 2022

Business DB
Business DB
0

Business DB
Question 1. Identify a member of the c-suite (other than CIO, CSO, CISO) and describe
what risk management means in their language. Why should they care about effective
risk management?
The Chief Risk Officer (CRO), more commonly known as the Chief Risk
Management Officer in an organization is dedicated with the job of evaluating and eradicated
the obstacles to a business. As per opined by Lundqvist & Vilhelmsson, (2018), the key
obstacles that arise in the due course of the execution of a business are basically the risks that
are faced by the company whilst the path of progress. Risks from an organizational viewpoint
can be affirmed as the hurdle that hinders the structure of capital and earnings that needs to
be assessed in an appropriate and adequate manner to enable the smooth functioning of the
organizational processes. The said criterion is fulfilled by CRO who reports to the CEO of the
firm. The concerned aims to acknowledge the emerging risks, suggests the possible wayouts
for mitigating the same, supervises the operations regarding risk management and most
importantly is the dedicated highest portfolio holder whose personal competency decides the
firm's efficacy to handle risks.
Question 2. In your opinion, what are the strengths and weaknesses of the Delphi
method as a qualitative risk method?
Delphi method is a certain method first used as a tool of assessing decision making
with the organization of Rand Corporation by Norman Dalkev and Olaf Helmer. It may be
summarized as a forecasting procedure based on consensus responses wherein questionnaire
are answered by a group of respondents and the same is evaluated by a panel of experts. An
advantage of the Delphi method may be referred to as its anonymous nature of responses with
ensures honest opinions that are vividly free from any due coercion (Nguyen et al., 2019).
However, the key highlighted disadvantage of the concerned is its slow nature that consumes
a notable amount of time to explore the possible responses of the questionnaire.
Question 3 Identify a recent security incident. How did the organization communicate
the breach to the public? What information did they include, what information would
you like to have had the organization include? How did the public react to the
disclosure?
In the present era, the era of internet, security breach by an organization is regarded as
a damage of the highest genre by the online users (Facebook.com, 2019). A similar and
popular incident have been encountered in the recent past wherein Facebook was hacked by
1