logo

Risk Management Strategies and Practices

   

Added on  2020-03-04

21 Pages4206 Words86 Views
 | 
 | 
 | 
Running head: IT RISK MANAGEMENTIT Risk ManagementName of the StudentName of the UniversityAuthor’s Note
Risk Management Strategies and Practices_1

1IT RISK MANAGEMENTExecutive SummaryThis report deals with the risks involved in the Victoria Government in Australia. These risks areprevailing in the government and causing serious problems in the state. The different risks arelisted in the report with its ranking and justification. There are various models and theoriesprovided to analyses the risks management in the government. The use of the various approachesand acts has been described in the report. The solutions to the risks in the Victoria governmenthas been provided in the report.
Risk Management Strategies and Practices_2

2IT RISK MANAGEMENTTable of ContentsIntroduction......................................................................................................................................3Risk Management............................................................................................................................3The RACI Table..............................................................................................................................5Deliberate and accidental threat.......................................................................................................8Environmental threats......................................................................................................................8Denial of Service.............................................................................................................................9Theories and Models......................................................................................................................10The Assurance Model....................................................................................................................10Challenges......................................................................................................................................11Risk vs Uncertainty........................................................................................................................12Approaches for Risk Control by VIC government........................................................................13References......................................................................................................................................17
Risk Management Strategies and Practices_3

3IT RISK MANAGEMENTIntroductionThe protection of data and information in any organization including Victoriagovernment in Australia is prioritized in the market. The Victoria government is concerned withits security and privacy issues of the data and information. The standards and policies of thegovernment are maintained for the security of the rights and financial status of the company.This report deals with the risks involved in the huge volumes of data and information ofthe Victorian government agencies in the locality. A proper risk assessment of the risks involvedare mentioned in the report.This report outlines an effective solution to the risks and strategies for risk managementin the Victoria government. Risk Management Decision-making is done by analyzing the risks involved in the organization. In this case,various types of risks are identified in the Victoria government that helps in initializing the riskassessment procedure in the government (McNeil, Frey & Embrechts, 2015). Decisions are madewith the help of outcomes of the risk assessment procedure that helps in making risk freedecisions in the government. There are two types of risk-based decisions including Informal andformal decision. The informal decisions are made with the help of discussion and conversationsof the daily routine. On the other hand, formal decision is based on a defined approach andprocess. Risk management is done to improve performance of the government by achievinggoals and objectives (Glendon, Clarke & McKenna, 2016).
Risk Management Strategies and Practices_4

4IT RISK MANAGEMENTThe Privacy and Data Protection Act 2014 (PDPA) has made changes in the regulatorysystem of the government regarding the data protection in the Victoria government. The VPDSFhas a tiered architecture or the risk management in the government (Lam, 2014). Figure 1: Victorian Protective Data Security Framework(Source: Lam, 2014)This framework helps in providing a common model for implementing the frameworkand with the help of PDPA. There are high-level mandatory statements that helps in supportingthe elements in the assurance model. The Assurance model helps in identifying various riskinvolved in the government that performs the maturity if the organization. This model aims toPDPA2014PrinciplesStandardsSecurity GuidesOrganisational specific polices and procedures
Risk Management Strategies and Practices_5

5IT RISK MANAGEMENTprovide maturity to the organization and provide assurance to the security if the data amdinformation if the data and information of the government. The RACI TableThe RACI table includes the Responsible, Accountable, Consulted and Informed that is asample of activities in CPDP.ActivityResponsibleAccountableConsultedInformedDevelop VPSDFCPDPCPDPOrganizationOrganizationInterpret thecontent of VPDSSCPDPCPDPOrganizationOrganizationEstablish businesscontextOrganizationOrganizationOrganizationCPDPApply VPDSSOrganizationOrganizationCPDPCPDPUpdate securitywork programs toreflect agile businessoperationsOrganizationOrganizationCPDPCPDPTable 1: RACI Table(Source: DeAngelo & Stulz, 2015)The risk management in the Victoria government is depended on various factors thatincludes the governmental agencies in the locality, organization, design and implementation ofthe strategies in the government (DeAngelo & Stulz, 2015). Therefore, the risks that are
Risk Management Strategies and Practices_6

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Risk Management in Information Systems
|18
|3857
|81

Risk Management in Information Systems
|19
|4412
|42

Disaster Risk Management Literature Review
|17
|3721
|49

Information Privacy Principle and Data Security
|14
|3276
|39

Risk Control and Mitigation for VIC
|12
|3162
|125

Information Security and Privacy Challenges
|11
|3156
|439