IT Risk Management: Contingency Planning Timeline and Categorization

This report provides an overview of IT risk management, focusing on the importance of contingency planning timelines and the strategic categorization of contingency plans. It explores the significance of these plans in mitigating risks within IT services, particularly in the context of potential disasters. The report delves into the rationale behind classifying contingency plans into subordinate plans, such as those related to patch management, system hardening, network security, and staff training, to achieve specific objectives. It emphasizes the use of these plans in responding to incidents and the development of recovery strategies. The analysis includes a discussion of legal requirements, communication protocols, and the benefits of structured approaches to risk management. The report also highlights the importance of considering budget allocations for security measures and the positive impact of staff participation in developing and implementing new procedures. It references several academic sources to support its arguments, offering a comprehensive view of IT risk management strategies.

IT RISK MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION......................................................................................................................1
EXERCISE 1..............................................................................................................................1
Significance of Contingency planning timeline.....................................................................1
EXERCISE 2..............................................................................................................................2
Rationales of categorizing the Contingency Plan..................................................................2
CONCLUSION..........................................................................................................................3
REFERENCES...........................................................................................................................4

LIST OF FIGURES
Figure 1: Contingency plan........................................................................................................1

INTRODUCTION
The report will provide information about the importance of Contingency Plan
timeline and its deployment of appropriate subordinates plans to overcome the risk in the IT
services by analysing the indication and disaster conditions. Moreover, it will also explore the
needs behind classifying Contingency Plan into multiple subordinates plan to achieve the
objectives.
EXERCISE 1
Significance of Contingency planning timeline
The Contingency planning is helpful in analysis of issues and process that going to be
used for managing the operations with the required standards. This plan is used while the
employees of the organization need to fly to different destinations. For example, a group of
employees is traveling together on an aircraft and which crashes, killing all aboard. In this
situation, the organization needs to include the standing policies to mitigate the disaster and
its potential impact (Ruiz-Torres.et al. 2013). In order to overcome the risk of losing
employees, the organization offer separate flights for staff or limit the numbers of employees
on any one aircraft. The proposed plan for risk management is important as it provides the
systematic approach and response to such incidents. The management of organization
develops the recovery plan and reaction to the issues that could influence the risk. By prior
detection of issues of disaster, the planning of the protection approach become more
effective.
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Figure 1: Contingency plan
(Source: Contingency planning diagram, 2017)
The learning of the past incidents helps to handle the situations and provide the
understanding for developing the stronger protection system. The proper compliance with
legal requirements for planning the activities for flying involves IRP, DRP, and BCP. IRP
focuses on immediate response and DRP helps the restoration of original sites, as well as the
BCP, allows the organization to select or plan the alternate sites (Perrier.et al. 2013). The
major importance of this planning involves the development of policies and procedure by
proper classification of incidences and emergency response activities. The communication
between internal and external departments is enforced by the law to meet the objectives. The
subordinates planning get fit into the rapid intervention of team analysis of standby events
and use of terminologies to for better communication. The subordinates planning include the
patch management, system hardening, network security and training to the staff (Hardy and
Campbell, 2013).
EXERCISE 2
Rationales of categorizing the Contingency Plan
The categorization of Contingency plan for risk management is based on preparation,
detection, commitment and recovery as well the past incident activities. This kind of security
categorization provides the structured way of determining the critical and sensitive issues of
subordinates plan. These categories are based on the potential impact of events and mission
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of the organization to achieve the desired output (Pritchard and PMP, 2014). According to the
Contingency plan, the high water mark concept is used for determining the level of impact for
the information system. The selection of Contingency plan and process is beneficial for the
organization for making the decisions. The categorization of information and security process
will involve the senior members of the organization to conduct the research and analysis for
developed risk management framework (Mikes and Kaplan, 2013).
The benefits of Contingency plan for subordinates will involve continues awareness
for the users about the existing policies and procedure of organization for offering the
support. In addition to this, to create the new procedure and incident management process the
participation of staff members will also have a positive impact on the planning and
implementation of the process according to the timeline (Grötsch.et al. 2013). The validated
assumptions and ownership of risk management process have a positive impact on the
management of internal and external issues. In spite of that, management needs to consider
the budget for security measurement to establish quality approach.
CONCLUSION
The report has provided brief information about the use of Contingency planning for
risk management and effective arrangement and implementation of a plan to overcome the
risk. The report has also discussed the classification of Contingency planning into
subordinate planning to meet the objectives and proper management of risk.
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REFERENCES
Grötsch, V.M., Blome, C. and Schleper, M.C., 2013. Antecedents of proactive supply chain
risk management–a contingency theory perspective. International Journal of
Production Research, 51(10), pp.2842-2867.
Hardy, J. and Campbell, M., 2013. Contingency planning over probabilistic obstacle
predictions for autonomous road vehicles. IEEE Transactions on Robotics, 29(4),
pp.913-929.
Mikes, A. and Kaplan, R.S., 2013. Towards a contingency theory of enterprise risk
management.
Perrier, N., Agard, B., Baptiste, P., Frayret, J.M., Langevin, A., Pellerin, R., Riopel, D. and
Trépanier, M., 2013. A survey of models and algorithms for emergency response
logistics in electric distribution systems. Part II: Contingency planning
level. Computers & Operations Research, 40(7), pp.1907-1922.
Pritchard, C.L. and PMP, P.R., 2014. Risk management: concepts and guidance. CRC Press.
Ruiz-Torres, A.J., Mahmoodi, F. and Zeng, A.Z., 2013. Supplier selection model with
contingency planning for supplier failures. Computers & Industrial Engineering, 66(2),
pp.374-382.
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