Risk Man

Final Project: Nicholas Isaac 44919

Title

Risk Management of Northern Technology

Purpose

The purpose of this policy is to ensure that all risk on or off site is eliminated or minimized. All risk identified will be, analyzed, and managed so that they are eliminated reduced to acceptable levels of this organization.

Scope

This policy applies to all Northern Technology employees, departments and vendors that require access to company’s network and infrastructure. In addition, all material and information weather it’s public or private should adhere to these guidelines.

Policy Statements

The Northern Technology will appoint a Risk Management Officer (RMO), who will be responsible for coordinating the development and maintenance of risk management policies at Northern Technology.

Risk Management Committee 

The Risk Management Officer will establish a Risk Management Committee (RMC) to oversee and coordinate risk management. The RMC:

1.     Administers this policy by developing a risk management process and related standards, procedures, and guidelines;

2.    Implements the risk management process by using the octave approach.

       a.     Identifying and evaluating –

       b.     Coordinating and overseeing the risk management activities;

       c.     Selecting and recommending the adoption of risk management methods and strategies;

       d.     Monitoring the results of such actions and ensuring timely compliance; and

       e.     Providing the President and Provost with periodic assessments of the status and results of the risk management process, as well as recommended actions addressing specific risks.

3.     Advises the President and Provost on risk management trends, issues, and strategies.

Risk Assessment

Risk assessment follows risk identification in the risk management plan. Categorize the risks as internal or external risks. Internal risks are those that can be controlled. External risks are events over which you have no...