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Project Progress - Essay Example

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As the case postulates the company has a developed market and therefore enjoys substantial profitability. The company’s management employs effective tools in managing the risks of the company and carrying…
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Project Progress
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Download file to see previous pages This implies that the company is an established brand in the market. According to the company’s risk management plan, the plan has been shortened by two months while the budgetary allocation set aside for risk management is exhausted.
The above five occurrences above will have varied ramifications on the operation and profitability of the company. The management must therefore employ specific strategies in order to curb to manage the risks that are always likely to recur. The occurrence of the company’s major risks had varied consequences to the company. Hacking is a global threat that often results in the loss of a company’s most fundamental assets. The company therefore lost its information among other valuable assets all of which resulted in losses for the financial year. The loss of assets through the theft was yet another incident that had similar ramifications as the company lost property worth millions of dollars all of which were part of capital.
However, the company had an elaborate risk management plan. A risk management plan should always protect the company’s assets and interests by preventing any form of the identifiable risks. The company invested in risk management by allocating a sizable capital consisting of both financial and human resource. The subsequent manifestations of the specific risks are therefore a portrayal of the failure of the risk management projects. Despite the fact that the manifestation of the risks in the company portrays a failure in the risk management plan, the plan helped mitigate the effects of the risks when they manifested themselves. The management plan for example provided for the backup of the company’s information and the use of appropriate firewalls to protect the company’s database and information system from any form of unauthorized access. The two were essential in mitigating the effects of the hacking since they did not only prevent ...Download file to see next pagesRead More
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