ipl-logo

Risk Assessment Framework Essay

1037 Words5 Pages

Introduction
A risk assessment framework (RAF) is an approach for prioritizing and sharing information about the security risks posed to an information technology. The information should be presented in a way that both non-technical and technical personnel in the group can understand. The view on the RAF provides assistance to organizations in identifying and locating both low and high-risk areas in the system that may be susceptible to abuse or attack.
History
COSO was organized in 1985 to sponsor the National Commission on Fraudulent Financial Reporting, an independent private-sector initiative that studied the causal factors that can lead to fraudulent financial reporting. It also developed recommendations for public companies and their …show more content…

It was subsequently supplemented in 2004 with the COSO ERM framework (above). The framework is one of the most comprehensive frameworks and is designed to offer organizations a widely accepted model for evaluating their risk management efforts. It is principles based which expands on internal control concepts by providing a more robust focus to ERM by recognizing that an effective ERM process must be applied within the context of strategy setting. It provides guidance to help organizations build effective programs for identifying, measuring, prioritizing and responding to …show more content…

Setting the objectives must be done before management can identify potential events affecting their achievement.
• Event Identification – management identifies potential events that could affect the entity either adversely or presents an opportunity and emanates from internal and external sources.
• Risk Assessment – consideration of the extent to which potential events have an impact on the achievement of the organizations objectives. Evaluate the risks that have been identified in order to form a basis for determining their management.
• Risk Response – after the determination of relevant risk, management determines how it will respond. This may include avoidance, reduction, sharing and acceptance.
• Control Activities – the policies and procedures that help ensure that management’s risk responses are carried out.
• Information & Communication – refers to the proper information being identified, captured and communicated in an adequate format and timeframe to the appropriate individuals.
• Monitoring – assessing the functions and components of risk management over time and making adjustments as

Show More
Related
709 Words | 3 Pages

In the fall of 1993, the audit committee completed their eight-month investigation of the accounting fraud that took place. There was a 600-page report issued and was submitted to the SEC for federal

Read More
71 Words | 1 Pages

The financial scandals in early 2000s caused the Sarbanes-Oxley Act of 2002 to be created. Enron, WorldCom and the accounting firm, Arthur Andersen, to intentionally mislead their shareholders by exaggerating their profits and understating their expenses. The scandals had raised the importance of internal control for enhancing corporate governance. Therefore, the government established the SOX to protect the interest of the investors and employees and to monitor the companies and auditors.

Read More
897 Words | 4 Pages

In the essay "At Risk" by Jourdan Imani Keith, I can see many things in it. It is really interesting when you can see about “At Risk” in her essay. It appears in every part of the essay. In a first paragraph, the writer wrote about a really dangerous time “the heaviest storms”, we still have some people are working like in the essay. “For seventeen days, the teenagers I recruited to build trails for the North Cascades National Parkare camping during one of the heaviest storms in a hundred years.”

Read More
695 Words | 3 Pages

Then, questions, mostly opened-ended and a few closed- ended, will be utilize to assess Peter: Are you or your family experiencing homelessness or food insecurity ended, will become more specific: 1. On a scale of 5-10, 10 being the highest, are your physical capabilities 2. 2. What medication (s) was prescribed by the clinic’s PCP? Why do you think it was prescribed?

Read More
360 Words | 2 Pages

Unit 7 Homeland Question 1 Explain how the Homeland Security Assessment process follows the Council on Competitiveness Business Model. To define the Council on Competitiveness Business Model, the text (Fisher) defines it as, a nonpartisan, nonprofit organization whose members are corporate chief executives, university presidents, and labor leaders dedicated to setting an action agenda to drive U.S. economic competitiveness and leadership in global markets (Fisher, 2013, p. 197). Within most any organization, risk management is a key strategic area that is a critical area in today’s business world. It’s the ability of recognizing, studying and discussing those risk factors and determining strategies to avoid, move or control the risk to an

Read More
783 Words | 4 Pages

As a member of the Homeland Security Assessment Team for our organization, we will attempt to build a program that will allow us to meet the goals of our business plan as well as the needs of our Homeland Security Assessment that we will create from the results of our evaluation of our organization (Fisher, 2004). We will utilize the Baldridge Criteria to combine our two-goal seeking areas of our business plan as well as our Homeland Security Assessment goals that we are identified at the conclusion of our Homeland Security Assessment. When we do our Baldridge Criteria measurements of our organization we will be able to determine the areas of our organization that we are already protected from weaknesses and vulnerabilities; and will be able

Read More
296 Words | 2 Pages

During the late 90’s and early 2000’s, several key companies in the United States were exposed for fraudulent reporting profits

Read More
739 Words | 3 Pages

The second step is to test that workflow and conduct a risk assessment. Once asssessed corrective actions must be taken to close any privacy or security gaps in release of information workflow. As workflow is tightened, a throughout risk assessment can be conducted. Risk assessments are best if they employ a combination of internal and external assessments. With mobile devices giving anytime, anywhere access to virtual HIM departments, the traditional physical access controls are no longer adequate.

Read More
518 Words | 3 Pages

The Health Information Trust Alliance (HITRUST) Common Security Framework (CSF) was established as a security program to regulate and safeguard health information in the United States due to security and privacy issues that healthcare organizations encountered. Furthermore, in order for it to be more cohesive and collective, the CSF combines federal and state regulations, standards, and incorporates frameworks such as the Health Insurance Portability and Accountability Act (HIPAA), National Institute of Standards and Technology (NIST), International Organization for Standardization (ISO), Control Objectives for Information and related Technology (COBIT), Payment Card Industry (PCI), Digital Security Standard (DSS) and the Cloud Security Alliance (CSA) Cloud Controls Matrix (Murphy, 2015; HITRUST Alliance, 2015a; HITRUST Alliance, 2015b; HITRUST, 2013). This was conceived into its security requirements and policies so that security risks could be evaluated and assessed within health organizations; and to institute and serve as a core baseline for these health organizations to be measured against. In addition, third-party vendors and business associates can employ the CSF to evaluate its products and its organization. As a result,

Read More
1814 Words | 8 Pages

The assessment of risk is a critical part of child welfare advocacy. The review of instruments of different instruments for assessing risk and safety in child welfare focuses on instrument reliability, validity, outcomes, and use with children and families of color. The evaluation of risk assessment instruments generally includes broad categories of areas related to abuse and neglect, behavioral descriptions, procedures to determine levels of risk, and standardized forms to record this information (Rycus & Hughes, 2003). In the process of screening for a case study, instruments are used to determine if the child or family needs further assessment, treatment, or intervention services. In evaluating the Van Sise family I have found that the following

Read More
908 Words | 4 Pages

The risk management process establishes the methodology for risk enterprises framework for the of many businesses (Fraser & Simkins, 2010). A retail business such as Target needs to do a risk assessment to establish the types of risks being faced by the organization. The risk assessment process starts with the identification and categorization of risk factors. High customer interaction of the retail businesses like Target, need to identify risk as a continuous basis effort over the lifetime of the business (Mandru, 2016). It important that the business leaders, set goals and priorities for the risk management system.

Read More
481 Words | 2 Pages

Ryan Hogan OT-525 9-21-15 While taking the health risk assessment I knew right from the start that some of the information would be off. The assessment asked about things such as blood pressure and cholesterol, and I do not know these measures right of the top of my head. While looking at the results, it stated that I am at risk of dying within the next 10 years. When comparing my risk percentages to the average 27 year old male, I did very well and was average compared to the others. However one factor that I scored above average on was the chance of a heart attack.

Read More
993 Words | 4 Pages

Week 2: Aligning Risks, Threats, and Vulnerabilities to COBIT P09 Risk Management Controls Lab #2 Lab Report File: Risk Management – IS355 Sherry Best Nicole Goodyear January 23, 2018 Describe the primary goal of the COBIT v4.1 framework. Define COBIT. The purpose of COBIT is to provide management and business process owners with an information technology (IT) governance model that helps in delivering value from IT with understanding and managing the risks associated with IT. COBIT also bridges the gaps between control requirements, business risk, and technical issues.

Read More
1372 Words | 6 Pages

There are a few links between an individual’s identity, self-esteem and self-image. An individual’s identity is them, their age, their name, ethnicity and background, their family, also their language and education. Their self-esteem means how much they actually value themselves and lastly their self-image is how they view themselves or see themselves. If they have no identity, for example if they are afraid of how others might see them this links to a low self-esteem which can lead to social isolation and/or they might suffer from depression, then their self-image may then suffer such as they forget to look after their personal appearance, hygiene and how they used to dress. On the other hand if they are happy and confidence with their identity then the individual is most likely to look after themselves and their personal image more such as the way they look, dress, eat healthily and exercise etc.

Read More
1412 Words | 6 Pages

To effectively manage risk there are four critical steps to the process; the first step is assessing the IT security and determining the risk and then performing risk management. The next is threat analysis which evaluates the actual threats to the IT environment. The next is vulnerability analysis; this step focuses on identifying the vulnerabilities that exist in the environment. The last major step is risk assessment analysis; this is the process in which the entire process is used to determine the overall risk of the environment.

Read More

More about Risk Assessment Framework Essay

Related Topics

Open Document