Comprehensive Risk Management Plan for AE Kalina Cycle

This report presents a detailed risk management plan for AE Kalina Cycle, an organization facing various challenges. The plan begins with an outline identifying risks such as improper corporate culture, operational issues, rise in viruses, weather-related concerns, employee retention problems, corporate espionage, and data backup deficiencies. Each risk is assessed based on likelihood, consequence, and priority, with proposed mitigation strategies. The report includes an updated project schedule, shortening the risk management planning process to 15 days. It defines the roles and responsibilities of different departments and individuals within the organization concerning risk management. Furthermore, the report addresses business impact analysis (BIA), business continuity plan (BCP), and disaster recovery plan (DRP) to ensure organizational resilience. The plan emphasizes proactive measures to safeguard against potential threats and ensure business continuity.

Running head: RISK MANAGEMENT PLAN
Risk management Plan
Name of the Student
Name of the University
Author’s Note

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RISK MANAGEMENT PLAN
Table of Contents
1. Outline of the Risk management plan.........................................................................................2
2. Updating proposed schedule for the risk management planning process.................................11
3. Identification of roles and responsibilities of individuals and departments within the
organization as they pertain to risk management..........................................................................14
4. Development of proposed schedule for the risk management planning process.......................16
5. Prioritize most significant risks for AEKC................................................................................19
6. Risk treatment strategy..............................................................................................................21
7. BIA, BCP and DRP plans..........................................................................................................22
7.1 Business impact analysis.....................................................................................................22
7.2 Business Continuity Plan.....................................................................................................22
7.3 Disaster Recovery Plan........................................................................................................23
References......................................................................................................................................24

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RISK MANAGEMENT PLAN
1. Outline of the Risk management plan
The risk management plan for AE Kalina Cycle is outlined below:
Risk Description Likelihood Consequenc
e
Priority Mitigation
plan
Presence of
improper
corporate
culture
In spite of the
healthy
business
prospects for
AEKC, it is
identified that
corporate
culture of the
company is
not
appropriate
and not what
is imagined
by the
founders of
the company.
The problem
behind the
Low High 8 It is
identified that
in order to
have proper
corporate
culture within
the company,
it is quite
important for
the company
to follow
some proper
strategies that
would be
helpful I
resolving the
issues that
the south

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RISK MANAGEMENT PLAN
corporate
culture of the
company is
improper
management
and as well as
absence of
proper rules
and
regulations.
In addition to
this the
company
faces lot of
operational
issues that
spoiled the
corporate
culture of the
company
(Larson and
Gray 2013).
coast
company
faces.
Additionally
the company
also needs to
take proper
steps in
mitigating the
operational
issues.
Operational The Medium Medium 5 In order to

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RISK MANAGEMENT PLAN
issues company
faces lot of
operational
issues and
this is mainly
due to the
overburdened
aging of the
enterprise
system of the
company.
Additionally,
the
operational
issues creates
lot of other
problem in
the company
therefore it is
quite
important for
the company
to take proper
resolve the
issues that
the company
faces due to
overburdened
aging of the
enterprise
system it is
quite
important for
the company
to update its
system
regularly. In
addition to
this, the
pressure of
the work
must be
managed
properly so
that the
system does

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RISK MANAGEMENT PLAN
step in order
to resolve the
issue.
not get
overburdened
(Schwalbe
2015).
Rise in
number of
viruses
It is
identified that
there are
substantial
rise in the
number of
viruses in the
different
email
attachments
that are
generally
scanned by
the IT
department of
the company
and it was
also
identified by
High High 1 In order to
resolve or
mitigate the
issues related
with Phishing
as well as
email viruses,
it is quite
important to
utilize proper
security
measures.
The company
must guard
against spam,
communicate
personal
information
by using

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RISK MANAGEMENT PLAN
the IT
department
that the
finance
department of
the company
faces
phishing
attack
(Snyder
2014)
phone,
avoiding
emailing
process about
financial or
personal
information.
Moreover the
company
must utilize
firewall,
spam filters
as well as
anti-viruses
in order to
avoid this
type of risks
(Fleming and
Koppelman
2016).
Concern
about
concerns
It is
identified that
the weather is
Medium High 6 In order to
avoid this
situation, the

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RISK MANAGEMENT PLAN
that the
Shoalhaven
River
affecting the
operations of
the company.
It is
identified that
Shoalhaven
river can
reach at
levels higher
than the level
that is
recorded as
100 year
flood
company
needs to take
some
preventive
measures so
that proper
steps about
the problem
can be taken.
The steps
will not
mitigate the
issue but will
be helpful in
avoiding the
problem at
major extent
(Turner
2016).
Improper
strategy for
employee
retention.
It is
identified that
due to high
work
High High 7 In order to
mitigate these
issues, the
employee

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RISK MANAGEMENT PLAN
pressure, the
employees
who were
working for
the company
are leaving
and as a
result the
company
faces lot of
issues in
managing its
works as well
as corporate
culture
(Heldman
2015).
needs to take
proper steps
in managing
the work. In
addition to
this, the work
pressure of
the company
must be
divided
equally
among the
employees of
the
organization.
Corporate
espionage
Number of
problems
related with
corporate
espionage or
company
High High 3 In order to
resolve the
issues related
with
corporate
espionage as

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RISK MANAGEMENT PLAN
fraud is
occurring and
the main
reason of
occurrence of
this type of
problem is
that scam that
is designed
for accessing
the corporate
account
details of the
company.
well as
company
fraud it is
quite
important to
take some
action for
securing the
data and
information
of the
company.
Proper
security
assurance
needs to be
provided by
the company
so that the
data as well
as
information
cannot get

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RISK MANAGEMENT PLAN
hacked
(Verzuh
2015).
Improper
facility of
data backup
The facility
of data
backup that is
provided by
the
management
of the
organization
is not
appropriate
and as a
result the
chances of
data leakage
as well as
misuse will
be higher
(Hwang and
Ng 2013).
4 It is quite
important to
test the data
backup
facility that is
provided so
that the
chances of
nay type of
risk related
with data
leakage can
be avoided
from the very
first step.
Improper If the human 2 It is quite

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RISK MANAGEMENT PLAN
security
system in
cloud
resource data
that is present
in the cloud
are not
properly
authenticated
the number
of risks as
well as
challenges
associated
with the
personal
information
of the
employees
will occur.
important to
authenticate
the HR cloud
so that only
authorized
member can
access the
data. This
will be
helpful in
securing
important
information
as well as
data (Portny
2017).
2. Updating proposed schedule for the risk management planning process
The updated schedule that is proposed for the risk management plan of AE Kalina Cycle
is provided below.