Project Risk Management Plan for IT Risks in Royal Media Corporation, High school final essays of Computer science

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Project Risk Management Plan Student’s Name Course ID Date

Introduction Enterprise risks refer to unlikely occurrences which might affect the operations of a company. Information Technology (IT) resources in a company are faced with a large number of risks which if not properly managed can bring huge losses (Wang, 2016). The Royal media corporation is one of the leading companies with regard to IT adoption. It is therefore endowed with a large number of sophisticated IT resources which makes it the best target for attacks. The Project Risk Management Plan offers a better way of managing risks in RMC thus enabling it to easily handle various issues that might arise in various sections of the department. Enterprise IT Risks The RMC needs to come up with a properly constituted team that should be in charge of entire risk management procedures. This team has to work hand in hand with the IT management team in identifying any risk and providing a well-defined risk response plan (Wang, 2016). The identified risk management team must have creditability in risk management as well as the ability to carefully manage any risk that can be identified or detected. The main risk that faces the RMC Company stems from five areas that have the potentiality to affect various operations of the company. Some of the main risks that affect the company include improper access controls, network insecurity, lack of data point integrity, unclear asset management as well as un-procedural software development and acquisition. The first and greatest impact is the lack of properly developed access controls. Some of the employees in the company may try to get access to the company's IT resources without proper authorization. This risk can cause problems such as access to confidential and valuable information. The other major impact is network insecurity. Social engineers and other intruders

and reducing them, and lastly making a proper assessment to risk potential, revisiting them, and getting to know their impacts. Highest Priority Risks Risks can be categorized as being of the medium, high or low impact. The level of threats that the risks may pose makes a perfect way of classifying them (Wang, 2016). The RMC also recognizes the existence of the highest priority risks which include improper access controls and un-procedural software acquisition. The risk management team has always placed the highest attention on this type of risk with the use of the most sophisticated risk management tools. The preventive steps fortis risks also have the highest attention. The method of finding out the highest priority risk takes two forms which include quantitative as well as qualitative risk analysis. Quantitative methods place the numerical likelihood of impact of risk while qualitative one uses subjective forms to place priority for risks. High-Level Procedures to Mitigate and Manage High priority procedures are undertaken to help efficiently manage risks associated with the plan. These techniques are undertaken to help transfer, avoid, limit, and accept specific types of risk. The risk assessment approach is specifically followed to aid in the security approach of the plan. Royal Media Corporation must undertake this procedure to ensure that there is no loss at any point of the project that could lead to the collapse of the entire project (Nehari Talet, 2018). The risk management team will be brought in to bring the expertise on risk detection, prevention, and management of any risk that could arise as the project is being undertaken. High-Level Procedures to Address Business Resumption and Disaster Recovery

RMC procedures and policies are put in place to ensure that business resumption is achieved. These procedures are in line and explained from mitigation, assessment together with risk planning to address the problems that come along with the resumption of the business plan (Nehari Talet, 2018). This calls for the creation of the Business Resumption Plan (BRP) which will aid in this procedure. A Disaster Recovery Plan (DRP) will also be set in place to aid in recoveries of the plan. This plan is also in line with the IT procedure of the corporation. DRP will offer a restrictive security shield when a disaster occurs. The plan will also secure and restore any lost data of the corporation. Conclusion The risks that come along with any project in hand can be so critical to any organization or corporation. Coming up with a Risk assessment plan ensures that risks are identified analyzed and possibly mitigated to avoid losses in the corporation. Successful follow-up of this plan will curb all the risks associated with losses in the corporation.