Risk Management and Contingency Plan for East Marine Suppliers

This report, prepared for East Marine Suppliers, focuses on developing and explaining a comprehensive risk management system. It outlines a risk management plan, including methods for its development and implementation, addressing potential threats such as data loss, cyber-attacks, and natural disasters. The report details a contingency plan designed to support the organization in responding to future events, with steps for planning, impact analysis, and preventive controls. Risk factors are analyzed, along with asset prioritization and threat assessment tables, to help identify vulnerabilities and propose control measures. Recommendations are provided to improve security and maintain the company's market status. The report highlights the importance of risk management and contingency planning to minimize negative impacts on the business and offers practical strategies for enhancing overall security and governance.

Running Head: Security Management and Governance 0
Security Management and Governance
August 26
2019

Security Management and Governance 1
Executive Summary
This report summarizes about the risk management process, the report is prepared by conducting
research on the east marine suppliers. With the help of the research the risk management process
is explained including with the purpose of the process in the organization. In the report the
discussion is performed over the methods which can use to develop the risk management plan for
the company. In the report the need for the contingency plan is also outlined in the organization.
Further in report set of table is also includes which are used for the assessment of the risk factors
in the organization so that after analyzing them the recommendation can be provided to the
organization.
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Table of Contents
Executive Summary.........................................................................................................................1
Introduction......................................................................................................................................3
Risk Management Plan....................................................................................................................3
Method to Develop Risk management planning.............................................................................3
Contingency Plan.............................................................................................................................6
Contingency Plan for East Marine Suppliers...............................................................................7
Set of Table......................................................................................................................................9
Recommendation...........................................................................................................................10
Conclusion.....................................................................................................................................11
References......................................................................................................................................12
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Introduction
The assignment is focused upon the risk management for an organization, the main aim of the
report is to develop and explain the risk management system for east marine suppliers. In the
report, the risk management plan is designed for East Marine Suppliers. Basically, the company
requested the security management plan and risk management plan for their operation and it is
the second part of the report as requested by the company. In this part the contingency plan for
the organization is designed. With the help of the different set of table the assessment is
conducted to examine the assets of company are explained. The priorities of the demand
associated with the company and methods to control the management plan are also included in
the report.
Risk Management Plan
It is the process which is used in the organization to monitor or to identify the issues or potential
risks so that the negative impact on the EMS can minimize. The potential risks include loss of
data, breaching in security, cyber-attacks, failure of the system, and natural disasters. By the help
of the risk management plan company will not only able to minimize their risk factors but also
get the guidelines to handle the risk can be determined easily (Saeidi, Saeidi, Sofian, Saeidi,
Nilashi, and Mardani, 2019). The risk is the event which is uncertain if it is rise then there would
be two outcomes either it will impact negative or there would be a positive impact can also
observe.
Method to Develop Risk management planning
The risk management plan can be developed in the following ways or through the methods
which are defined below (Willumsen, Oehmen, Stingl, and Geraldi, 2019):
i. Context
ii. Identification
iii. Assessment
iv. Risk Treatment
 Risk Transfer
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 Risk Avoidance
 Risk Retention
 Risk Control (Brandts, Voorbraak, and Smit, BWISE BV, 2019).
v. Creating the Plan
vi. Implementation
vii. Review of Plan
By using the template Risk management plan for East Marine Suppliers is designed below:
For the proper implementation of the Risk management plan, the management should conduct
proper announcement and with the help, promotional tools organization can explain employees
for the plan.
Date Action which
has to be taken
Accountable
Authority
Resources Cost for the
company
Remarks
10th August Inform all the
member of the
company
including
Managers or
supervisors of
all the
department
Marketing
Manager
Meeting
Hall
N/A The discussion
will be
conducted for
designing and
implementation
of a risk
management
plan.
11th August-
13th August
Provide the
roles and
responsibilities
to all the
individual who
will participate
to design the
plan
Higher
Authority of
the
marketing
department
of East
Marine
Suppliers
- Incentives
which are
decided by
the
management
team will be
added to the
salary of
participants.
The roles and
responsibilities
which are
provided they
must be
completed
within the
given time
period.
14th August- The assessment Marketing - 150$ Identification
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21st August of all the risk
factors of east
marine
suppliers
including
external and
internal factors
Managers,
Supervisor
of the
departments,
and CRM
of the risk
factors in
which asses
and issues
which can
affect the
company and
its productivity
are included.
These issues
can be related
to internal,
external, and
environmental
or maybe
social factors.
22nd August-
30th August
After the
assessment of
the risk factor,
the
methodology
will planned to
overcome them.
Managers or
supervisors
of all the
department
Conference
Room
100$ To overcome
with the risk
factors
treatment is
necessary, here
term treatment
reflects with
the methods
used to reduce
or minimize
the effect of
risk factors or
ways to avoid
them.
31st August Arrange a C.E.O/ Conference - In the meeting
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meeting
including all the
supervisors of
the company
Director of
the company
Room the
implementation
process will be
finalized so
that risk of the
company can
be avoided or
reduced.
1stSeptemeber-
30st
September
The review of
the plan will
conduct through
different
methods.
Marketing
Department
or Highest
available
authority of
a company
- 100$ The data or the
information
will be collect
by analyzing
the statistics
and position of
the company
including the
factors like
customer
satisfaction,
productivity
cost, profit or
loss gained by
east marine
suppliers.
Contingency Plan
The plan which is designed to provide support the organization to respond over any future event
effectively which may or may not happen is known as a contingency plan. This plan is also
considered as a secondary plan for the company (EMS) that can be used as an alternative option
if the results are not similar to the expected or decided before beginning of any process. For the
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East marine suppliers this plan can help in very effective way. There are 7 steps which are
outlined for the contingency plan these are defined below:
 The statement of planning contingency policy should be developed.
 The impact on the business can be analyzed with the help of this plan
 Preventive controls can be identified with it.
 The strategies for the contingency can be designed
 An information system can be developed
 The planned testing, training, and another exercise can be performed easily.
 The plan maintenance is also conduct which is necessary (Pavlov, Ivanov, Pavlov, and
Slinko, 2019).
Contingency Plan for East Marine Suppliers
In the contingency plan for the East Marine Suppliers, different risk factors are analyzed. In the
plan, the preparation or preventive measures are discussed. The risk factors and the impact of the
factors are also discussed if the preparation to avoid the risk would not perform is briefly
explained in the plan.
Risk Preparation Response Probability
Natural Disaster or
change in the climate
The company should
have the appropriate
information about the
weather forecast
before delivering the
products and the
sources of the
company should equip
with the advanced
tools.
With the risk the
products of the
company may get
damaged, the
resources of the
company may get
damaged it will affect
the cost of company
also the relations with
clients may also
affect.
High
Stakeholders The stakeholders for
an organization are
crucial parts if they
It will impact on the
productivity of the
company also it will
High
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are not satisfied with
the policy or job role.
Company shall
develop good and
attractive incentive
plans so that workers
or employees work
with their proper
dedication
reduce the rapport of
the company in the
market If proper
action would not be
taken at right time.
Network Failure The company shall
implement the
updated technology
with their business
process.
If the network of the
company gets failed
then the information
transformation will be
affected due to which
the important data
will not accessible
and it will impact on
whole trade.
Medium
Cargo Leaks or
Rupturing
While loading the
cargos on the ships
the company shall the
recheck the condition
also the crane
operator should be
careful while loading
them on the ship
Leaking of Cargo or
rupturing the supplies
put the question on
the service of the
company and it will
create a negative
impression on the
clients of the
company.
Medium
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Set of Table
Table 1: Asset priority Table
Revenue Impact Profitability
Impact
Public Image Priority Score
(Asset Impact)
Criteria weight
Assets v
30 50 20
People Medium Medium High Medium
Process High Medium High High
Hardware High Medium Medium Medium
Software High Low Low Low
Table 2: TVA Table
Assets
Threats
People Process Hardware Software
Internal Acceptable Risk Acceptable Risk Acceptable Risk Acceptable Risk
External Unacceptable
risk
Unacceptable
risk
Acceptable risk
for Short term
Unacceptable
risk
Deliberate Acceptable risk
for Short term
Unacceptable
risk
Unacceptable
risk
Unacceptable
risk
Accidental Unacceptable
risk
Risk with
Hazards
Risk with
Hazards
Risk with
Hazards
Risk Management control
Asset Threat Vulnerability Likely
hood
Priority Control Impact
Servers System
Failure
High High High To purchase
a new
cooling
system
It will
increase the
additional
costs of the
company
and failure
of servers
may lead to
loss of data
and
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Information
Website Malicious
Attack
High High High To install
the firewall
or to
monitor the
pre-
installed
firewall
If the
website is
under
malicious
attack it can
shut down
the website
and other
confidential
data can be
stolen.
Storage
System
Human
Interferenc
e or
accidental
file deletion
Low Low Medium Permission
or the
access
authority
should be
classified
and
categorized
according to
the
designation
If the
interference
of the
human will
be
performed
then there
are chances
of leaks in
data and
information
Process
knowledge
Insufficient
Training
Medium Medium High Proper
training
should be
conduct
about the
functions of
the
organizatio
n
If the
employees
will not get
proper
training
then they
would not
be able to
help the
organization
to achieve
the goals.
Recommendation
For the chosen company East Marine suppliers above mentioned analysis about the risk are
mandatory, the company should consider all the information and facts which are described in the
report. This will help the company to found their area of opportunity. Apart from this the
company should have to set some parameters with their process so that every individual working
at their premises understands their own responsibility. The company should implement the risk
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management policy so that the functions of the operation remain unaffected and company can
maintain their status in the market.
Conclusion
The report concludes the risk management plan in the organization and its importance. The
report began with a brief description of the risk management policy or plan. There are various
risk factors may arise for the organization which creates negative impact on their process and on
their status in market. It is necessary that the organization to identify the risk or threats; the
methods which are required to develop the risk management policy is mentioned in the report.
The risk factors are categorized according to the threat and asset of the company which is
explained by the help of table.
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References
Abdel-Basset, M., Gunasekaran, M., Mohamed, M. and Chilamkurti, N., 2019. A framework for
risk assessment, management and evaluation: Economic tool for quantifying risks in supply
chain. Future Generation Computer Systems, 90, pp.489-502.
Bodoque, J.M., Díez-Herrero, A., Amérigo, M., García, J.A. and Olcina, J., 2019. Enhancing
flash flood risk perception and awareness of mitigation actions through risk communication: A
pre-post survey design. Journal of hydrology, 568, pp.769-779.
Brandts, L., Voorbraak, E.M. and Smit, G.H., BWISE BV, 2019. Dynamic risk structure
creation systems and/or methods of making the same. U.S. Patent Application 10/192,356.
Pavlov, A., Ivanov, D., Pavlov, D. and Slinko, A., 2019. Optimization of network redundancy
and contingency planning in sustainable and resilient supply chain resource management under
conditions of structural dynamics. Annals of Operations Research, pp.1-30.
Rana, T., Hoque, Z. and Jacobs, K., 2019. Public sector reform implications for performance
measurement and risk management practice: insights from Australia. Public Money &
Management, 39(1), pp.37-45.
Saeidi, P., Saeidi, S.P., Sofian, S., Saeidi, S.P., Nilashi, M. and Mardani, A., 2019. The impact of
enterprise risk management on competitive advantage by moderating role of information
technology. Computer Standards & Interfaces, 63, pp.67-82.
Samani, M.A., Ismail, N., Leman, Z. and Zulkifli, N., 2019. Development of a conceptual model
for risk-based quality management system. Total Quality Management & Business
Excellence, 30(5-6), pp.483-498.
Willumsen, P., Oehmen, J., Stingl, V. and Geraldi, J., 2019. Value creation through project risk
management. International Journal of Project Management, 37(5), pp.731-749.
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