Business Impact Analysis | Assignment
Added on 2020-03-16
13 Pages2496 Words60 Views
Running Head: Risk Mitigation of an OrganisationRisk Management of the AE Kalina Cycle
Business Impact AnalysisTable of ContentsOverview....................................................................................................................................2Risk Description of an organisation...........................................................................................2Big Data Collection....................................................................................................................2Determine Process and Risk Critically......................................................................................3Step one of the BIA Process...................................................................................................3Identify Outage Impacts and Estimated:.............................................................................3Outage Impacts...........................................................................................................................4Estimated Downtime..............................................................................................................5Identify Resource Requirements............................................................................................6Identify Recovery Priorities for System Resources................................................................6Analysis on the Business Impact Analysis for the critical risks................................................6One risk’s that put more focus...................................................................................................8Increased security threat and exposure as a result of using an out-dated ERP system..........8Conclusion..................................................................................................................................9References................................................................................................................................101
Business Impact AnalysisOverviewBusiness Impact Analysis is the systematic approach for determining and evaluating thepossible effects for breaking the critical business operations as a result of a disaster, calamityor emergency. It is an essential component of the organisations business continuous plan. Itgenerally includes a descriptive component to expose the susceptibilities and for this planningcomponent is essential developing the strategies so as to overcomer from the risks or thedisasters (Scholten et al., 2014). Business continuity process analyses the critical functionwhich mainly identifies and computes to the greater impact of the loss of the functions. Itbasically identifies the effects on the financial, life, regulatory, legal etc. of the natural andthe man-made events on business operations.Risk Description of an organisationThe risk assessment is an easy way of identifying the potential hazards such as any disastercalamity like earthquake, supplier failure, fire or cyber-attack, which generally tends toevaluate the areas which are more prone and our vulnerable for occurring of the hazards. Riskassessment generally includes the people, property, supply chain, information technology,business reputation etc. A mitigation strategy has been developed for reducing the maximumprobability of occurrence of any hazardous activity which have the significant impact on it(Pritchard and PMP, 2014). In the risk assessment stage the BIA is been examined against thehazardous scenarios which have the adverse effects on impacting on the business operations.It is generally used for making the justification in the cost from prevention and mitigation ofthe risks for implementing and designing the strategies Big Data Collection It is the heart of all good calamities or the disaster recovery planning projects. It is essentialfor collecting the data and information from the organisations. Those organisations that can2
Business Impact Analysisactually access to the functions and can perform to all the business operations can access tothe critically business functions. The big data collection can actually collected from theinterviews, workshops, questionnaires etc. It is important to have a clear picture of all thedocuments and the main mission on the critical analysis on the collection of the information. Determine Process and Risk Critically Step one of the BIA Process- Identification of the key systems, functions, processes, etc.which are critical for the success of the organisation. As these processes are the significantareas where any failure would cost the company to suffer heavy losses. Information securityin these areas is indispensable so to maintain the smooth functioning of business. Followingare some of the areas where data is required to be safeguarded using proper risk managementtechniques. Mission/Business ProcessDescriptionSystem FailuresAny unwanted threats or malicious activitieshappened in the system from the intruders.Natural DisastersAny natural calamity occurred in an organizationHuman Caused CatastrophesRisks arise due to the frauds made in the organizationby the personnel’s or using the essential informationand sharing to the public domain.Legal Costs RisksCost and loss of income in the legal uncertainty, costof litigation.Identify Outage Impacts and Estimated: I.System Failures3
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