SRP stages
-emergency stage
-alternative marketing stage
-contingency production stage
-communication stage
strategic redeployment plan
determines how to resume operations in a way that repairs an org's reputation and ensures its recovery and survival; when BCPs fail
BCP elements
-time goal...
SRP stages
-emergency stage
-alternative marketing stage
-contingency production stage
-communication stage
strategic redeployment plan
determines how to resume operations in a way that repairs
an org's reputation and ensures its recovery and survival;
when BCPs fail
BCP elements
-time goal
-operational goal
-resources needed
-details tasks and procedures
-documentation
risk-transfer model
purchasing BI insurance
prioritization model
prioritizing which products to produce or which customers
to serve
contingency model
developing an alternative way to maintain production
traditional risk assessment
-focus on root cause analysis
-can only look backward
,-might not identify all root causes and the related events
that contribute to a loss
big data
sets of data that are too large to be gathered and analyzed
by traditional methods
the big data revolution is fueled by:
the capture, storage, and analysis of big data
data capture
enabled primarily by smart products interactions through
the internet of things
smart prodcuts
an innovative item that uses sensors, wireless sensor
networks, and data collection, transmission, and analysis
to further enable the item to be faster, more useful, or
otherwise improved
internet of things
A network of objects that transmit data to and from each
other without human interaction
cloud computing
storage at remote locations through the internet without a
direct server connection; enables vast amounts of data to
be stored and shared
blockchain
a distributed ledger that facilitates secure transactions
without the need for a third party
telematics
The use of technological devices in vehicles with wireless
communication and GPS tracking that transmit data to
businesses or government agencies; some return
information for the driver
text mining
,obtaining info through language recognition; can be used
to compare documents and analyze notes
tolerable uncertainty
aligned risks with the organization's risk appetite
risk appetite
the amount of risk an organization is willing to take on in
order to achieve an anticipated result or return
tolerable uncertainty components
reduce downside risk, earnings stability, anticipate and
recognize emerging risks, business continuity
continuity of operations
essential goal for all public entities
holistic risk management goals
tolerable uncertainty, profitability and growth, legal and
regulatory compliance, social responsibility, reduced cost
of risk, reduced deterrent effects of hazard risks
reduced deterrent effects of hazard risks
-alleviates management's fears about potential losses
-increases profit potential by greater participation in
investment or production activities
-makes org a safer investment and more attractive
basic risk measures
exposure, volatility, likelihood, consequences, time
horizon, correlation
exposure
any conditions that presents a possibility of gain or loss,
whether or not an actual loss occurs
volatility
frequent fluctuations, such as in the price of an asset
likelihood
, a qualitative estimate of the certainty with which the
outcome of a specific event can be predicted
consequences
the effects, positive or negative, of an occurrence; big
relationship with likelihood
time horizon
estimated duration
correlation
relationship between variables
risk classifications
pure/speculative, subjective/objective,
diversifiable/nondiversifiable, quadrants of risk
pure risk
a chance of loss or no lose, but no chance of gain;
building fire
speculative risk
involves a chance of gain; highly affected price risk and
credit risk
subjective risk
the perceived amount of risk based on an individual's or
org's opinion; may be quite different from actual risk; can
exist even where objective risk does not
objective risk
measurable variation in uncertain outcomes based on
facts and data
ways subjective and objective risk can differ
-familiarity and control: cars are actually more dangerous
that planes
-consequences over likelihood
-risk awareness
diversifiable risk
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