Project Risk Management Plan 2015 By Jones Bartlett Learning Llc ✓ Solved

Deliverables: Risk management is an important process for all organizations, particularly in information systems, which provide critical support for organizational missions. The heart of risk management is a formal risk management plan. The project activities described in this document allow you to fulfill the role of an employee participating in the risk management process in a specific business situation.

Scenario: You are an information technology (IT) intern working for Health Network, Inc., a fictitious health services organization headquartered in Minneapolis, Minnesota. Health Network has over 600 employees and generates $500 million USD in annual revenue. The company has additional locations in Portland, Oregon and Arlington, Virginia, supporting corporate operations. Health Network's primary products are HNetExchange, HNetPay, and HNetConnect, each offering vital services within the healthcare domain.

Identified Threats: The current risk management plan identifies several threats including: loss of company data due to hardware removals, loss of information on lost or stolen assets, loss of customers due to production outages, internet threats, insider threats, and changes in the regulatory landscape.

Management Request: Senior management at Health Network has determined that the existing risk management plan is outdated and must be developed anew. You are tasked with creating this new plan, which should also assess additional threats that may arise during the risk assessment phase.

Project Requirements:

  • Project Part 1 includes: Risk Management Plan, Risk Assessment Plan, and Risk Mitigation Plan.

  • Project Part 2 includes: Business Impact Analysis (BIA) Plan, Business Continuity Plan (BCP), Disaster Recovery Plan (DRP), and Computer Incident Response Team (CIRT) Plan.

For each section, you are required to develop a professional, well-researched document following the templates provided in class, along with appropriate citation practices and adherence to professional presentation standards.

Paper For Above Instructions

Executive Summary

This Risk Management Plan for Health Network, Inc. is designed to mitigate identified risks and protect the company's operations and assets. With a structured approach to risk identification, assessment, mitigation, and management, this plan will help ensure that the organization can effectively respond to various threats and maintain continuity of operations while safeguarding sensitive information.

Introduction to Risk Management

Risk management involves identifying, assessing, and prioritizing risks to minimize, monitor, and control the probability of unfortunate events or maximize the realization of opportunities. In the context of Health Network, Inc., the focus is on protecting sensitive operational and patient data from threats that could disrupt business processes or harm individuals. This Risk Management Plan forms a comprehensive strategy to address various challenges posed by internal and external risks.

Risk Management Plan

The initial draft of the risk management plan will include the following components:

  • Risk Identification: A comprehensive analysis of potential risks including natural disasters, cyber threats, and personnel vulnerabilities.

  • Risk Assessment: Evaluating risks based on likelihood and impact to prioritize response strategies.

  • Risk Mitigation Strategies: Developing plans to minimize or eliminate identified risks.

  • Compliance Considerations: Ensuring that the plan adheres to relevant regulations and standards governing healthcare operations.

Risk Assessment Plan

The second part of the project involves a range of risk assessment activities designed to deepen understanding of the risk landscape affecting Health Network, Inc.

  • Risk Factors: Each will be categorized into critical, major, and minor based on the impact on compliance and operational integrity.

  • Methodology: Different assessment methodologies will be utilized to assess the risk landscape and underlying factors effectively.

Risk Mitigation Plan

After identifying and assessing risks, a detailed risk mitigation plan should be developed to address how each identified risk will be managed. This may include implementing technology solutions, staff training, daily operational policies, and incident response strategies.

Business Impact Analysis (BIA)

The BIA will be fundamental in determining the potential impacts of business disruptions and establishing recovery objectives that leverage Health Network’s resources effectively in response to a crisis.

Business Continuity Plan (BCP)

The BCP will be created to ensure that essential business operations can continue during and after a significant disruption, leveraging backup processes and contingency plans for communication and resource allocation.

Disaster Recovery Plan (DRP)

The DRP complements the BCP by specifically targeting IT infrastructure and data recovery processes to ensure rapid restoration of services after any disaster.

Computer Incident Response Team (CIRT) Plan

The CIRT plan will outline the protocols for incident detection, investigation, and resolution, including key stakeholders' roles within the organization for coordinated responses to security incidents.

Conclusion

This Risk Management Plan aims to provide a structured methodology for Health Network, Inc. to systematically identify and address operational risks, ensuring compliance with regulatory standards and proper safeguarding of sensitive information while maintaining business continuity.

References

  • Protiviti. (2013). Guide to Business Continuity Management: Frequently Asked Questions.

  • Ready.gov. Business Continuity Plan.

  • Jones & Bartlett Learning, LLC. (2015). Risk Management Plan.

  • NIST. National Institute of Standards and Technology: Framework for Improving Critical Infrastructure Cybersecurity.

  • International Organization for Standardization. (2018). ISO 31000:2018 Risk Management Guidelines.

  • Department of Health and Human Services. (2020). Health Insurance Portability and Accountability Act (HIPAA).

  • National Cybersecurity and Communications Integration Center. (2021). Cybersecurity Incident Response Planning.

  • Federal Emergency Management Agency. (2019). Building a Culture of Preparedness.

  • Gartner. (2021). Risk Management: A Guide to What Happens When Risk Meets Opportunity.

  • Spitzner, L. (2020). Honeypots: Catching the Insider Threat. USA: Syngress.