Mike and Iris were flying home from the meeting. The audit committee’s reaction
ID: 3910559 • Letter: M
Question
Mike and Iris were flying home from the meeting. The audit committee’s reaction had not been what they expected.
“I’m glad they understood the situation,” Mike said. “I’d like you to start revising our risk management documentation to make it a little more general. It sounds like the board will want to take our approach company-wide soon.”
Iris nodded and pulled out her notepad to make a to-do list.
After reading the case presented in the module, write a short response to the following discussion questions and ethical decision making scenario.
1. Discussion Questions
What will Iris have on her to-do list?
What resources can Iris call on to assist her?
2. Ethical Decision Making
Suppose that after they returned to the office, Mike was called to a private meeting with a senior executive from another division of the firm. During the discussion, Mike felt he was being subtly threatened with nonspecific but obviously devastating consequences to his career prospects at RWW as well as long-term damage to his professional reputation if he did not back off on his efforts to improve company-wide risk management at RWW. The other executive was adamant that the costs of improving the risk management process would hurt the firm without gaining any real improvement.
Was this executive simply expressing her disagreement with Mike’s approach, or has some ethical line been crossed?
Should Mike take any overt actions based on this conversation or inform others about the perceived threats?
What could Mike do that would not embarrass the other executive and still offer him some protection in this situation?
Explanation / Answer
1)What will Iris have on her to-do list?
Answer:
Plan and organize processes, create system component categories, develop inventory of assets, identify threats, specify vulnerable assets, assign value or implact rating to assets, assess likelihood for vulnerabilities, calculate relative risk factor for assets, preliminary review of possible controls, and document findings.
What resources can Iris call on to assist her?
Answer:
The management and users could be resourceful. There are also alot of Web sites available with information to help organize, categorize, and prioritize all the assets.