Business DB: Risk Management, Security, and Family Planning

This assignment delves into various aspects of business risk management and disaster preparedness. It begins by examining the role of a Chief Risk Officer (CRO) and their perspective on risk management, emphasizing the importance of effective risk mitigation strategies. The assignment then analyzes the strengths and weaknesses of the Delphi method as a qualitative risk assessment tool. Furthermore, it investigates a recent high-profile security incident, specifically the Facebook data breach, evaluating the organization's communication strategies and public reaction. Finally, the assignment concludes with the development of a Disaster Recovery Plan (DRP) for a family, focusing on practical steps to take in the event of a natural disaster like a tornado, ensuring safety and recovery.

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

Business DB
attackers and near about 30 million accounts were exploited by the same. Facebook
communicated the breach with the users quite well and included a section in the 'help'
category in which Facebook apologized for the incident and allowed the users to extract
every possible information and further ask questions too. Moreover, the incident was
conveyed to the user end through press, social media involvement and similar other
platforms. Initially Facebook encountered a few deactivation of accounts but after 4 months
from the incident, the concerned corporation regained its count of lost users.
Figure 1: Communication Approaches Regarding Facebook Incidence
(Source: Facebook.com, 2019)
Question 4. Develop a Disaster Recovery or Business Continuity plan for your family
based on a natural disaster (e.g., tornado, flood, hurricane, etc.). What is a logical/
feasible strategy for you and your family? Explain.
Disaster Recovery Plan (DRP) allows to handle a situation of damage and organized
recover from the same (Horney et al., 2018). The DRP plan that will allow my family to
efficiently recover from the loss incurred due to a tornado is as follows:
● Moving to a safe location- The first step would be to adhere to a sturdy building and
as the same is nowhere available in my neighborhood, we would take shelter in our
basement. The aged members would be assisted by the young male members.
● Recognizing the needs for my household- This refers to the necessary amenities that
will be needed by us. Food and milk will be fetched by the female members for my
sister (4 years) and for us food will be stored in the refrigerator that is already present
in the basement.
● Delicating team and roles- a few role has already been discussed. However, if any
new situation arises, my father will be responsible for decision making and I,
including my elder brother will be responsible for execution of the task.
2

Business DB
3

Business DB
Reference
Q1
Lundqvist, S. A., & Vilhelmsson, A. (2018). Enterprise risk management and default risk:
evidence from the banking industry. Journal of Risk and Insurance, 85(1), 127-157.
https://onlinelibrary.wiley.com/doi/pdf/10.1111/jori.12151
Q2
Nguyen, S., Chen, P. S. L., Du, Y., & Shi, W. (2019). A quantitative risk analysis model with
integrated deliberative Delphi platform for container shipping operational risks.
Transportation Research Part E: Logistics and Transportation Review, 129, 203-227.
https://sci-hub.tw/https://www.sciencedirect.com/science/article/pii/S1366554519302777
Q3
M.facebook.com. 2019. Help Centre. online Available at:
https://m.facebook.com/help/2687943754764396 [Accessed 26 Sep. 2019].
https://m.facebook.com/help/2687943754764396
Q4
Horney, J., Dwyer, C., Chirra, B., McCarthy, K., Shafer, J., & Smith, G. (2018). Measuring
Successful Disaster Recovery. International Journal of Mass Emergencies & Disasters, 36(1).
https://www.researchgate.net/profile/Gavin_Smith8/publication/
325155344_Measuring_Successful_Disaster_Recovery/links/5afb0e33aca272e7302aaa93/
Measuring-Successful-Disaster-Recovery.pdf
4