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SMA3707 ASSIGNMENT 1 ANSWERS (SEMESTER 2) 2023 85%+
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SMA3707 ASSIGNMENT 1 ANSWERS (SEMESTER 2) 2023 85%+
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1.1. Explain the fundamentals of managing risk. (10)Managing risk involves identifying, assessing, and responding to potential risks that may
affect an organization's objectives. The fundamentals of managing risk include:
Risk Identification: This involves recognizing and understanding the various risks
that an organization may face. It includes identifying internal and external risks,
such as operational, financial, strategic, compliance, and reputational risks.
Risk Assessment: Once risks are identified, they need to be evaluated in terms of
their likelihood of occurrence and potential impact. This assessment helps
prioritize risks and determine the appropriate level of attention and resources
needed to manage them.
Risk Mitigation: Mitigation refers to taking actions to reduce the likelihood or
impact of identified risks. This can involve implementing controls, developing
contingency plans, or transferring risks through insurance or contracts.
Risk Monitoring and Review: Risk management is an ongoing process, and risks
should be continuously monitored to ensure that mitigation efforts are effective.
Regular review and evaluation of risk management strategies allow for
adjustments and improvements to be made as needed.
Risk Communication: Effective communication is crucial in risk management.
Stakeholders need to be informed about the identified risks, the organization's
risk management strategies, and any changes or updates related to risk
exposures.
Risk Culture: Building a risk-aware culture within the organization is essential.
This involves promoting risk awareness, accountability, and the integration of risk
management into decision-making processes at all levels.
1.2 Conduct a threat assessment. (8)
Threat assessment involves identifying and evaluating potential threats to an
organization's assets, operations, and personnel. It is a systematic process that helps
organizations understand the nature of threats and their potential impact. Here are the
key steps in conducting a threat assessment:
, Identify Threats: Identify and categorize potential threats based on their source
and nature. These threats can include natural disasters, cyberattacks, terrorism,
internal fraud, or supply chain disruptions.
Assess Probability: Evaluate the likelihood of each identified threat occurring.
This assessment can be based on historical data, expert opinions, or statistical
models.
Evaluate Impact: Determine the potential impact of each threat on the
organization. This includes considering the financial, operational, reputational,
and regulatory consequences.
Prioritize Threats: Rank the identified threats based on their probability and
potential impact. This helps allocate resources and focus on the most significant
risks.
Develop Mitigation Strategies: Create plans and strategies to mitigate the
identified threats. This may involve implementing preventive controls, developing
emergency response plans, or establishing backup systems.
Continuously Monitor and Update: Regularly review and update the threat assessment
to account for changes in the business environment, emerging threats, or new
vulnerabilities.
1.3 Explore the 3Rs as linked to the disaster process. (2)
The 3Rs in the context of the disaster process refer to the following:
Response: The response phase involves immediate actions taken during or
immediately after a disaster to address the situation and protect lives and
property. It includes activities such as emergency evacuation, medical
assistance, search and rescue, and activating emergency response plans.
Recovery: The recovery phase focuses on restoring normal operations and
returning to pre-disaster conditions. It includes activities such as rebuilding
infrastructure, repairing damaged assets, resuming business operations, and
providing support to affected individuals and communities.
Resilience: Resilience refers to the ability of an organization or community to
withstand, adapt to, and recover from a disaster. It involves implementing
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