IT Risk Management for Financial Company -myassignmenthelp.com

Question: Discuss about theIT Risk Management for Financial Company. Answer: Incidence responses are the measures in which a company or organization has set in place to ensure that it is prepared to handle any kind of incident which may happen. Incidence response is important because it has various benefits which help a company respond to an incident appropriately. One benefit is to enable an organization to form a team that will be in charge of responding to an incident. The team will be highly trained to guide the people who are affected by the incident to safety. It will also reduce the amount of damage that may be caused by an incident. When an incident occurs the potential of it becoming a severe problem is very likely (National Registry of EMTs 2017, n.p.). However the implementation of an incidence response team might reduce the impact in which the incident may have so that it does not become worse. When an incident occurs there is usually a lot of confusion. For there to be minimal casualties and a chance to respond effectively to the incident there n eeds to be a central communication point which can aid in responding to the incident by guiding people on where they should evacuate to safety as other professionals come in to try and avert any more damage that may be caused by the incident. The cost involved in coming up with an incident is usually very high. This is because there needs to be acquisition of various resources which are costly and may not be used for a long time. In an organization such as financial company its staff are based in its headquarters where they are able to conduct their operations. There are possibilities of disasters happening such as an electrical problem which may cause a fire. The company is obliged to have security measures such as fire extinguishers and designated fire point. When a fire breaks out there is usually a lot of panic. The individuals who are caught up in the building during the fire will try and run for safety. When it becomes a scenario of every man for himself in a disaster the chances of the number of casualties escalating is very high. There are people who may die as they try to escape the company building due to a stampede when everyone is running for their lives. People may also fall and get injuries as they exit the building through the stairs because it is ill advised to use elevators during a fire. There should always be a disaster preparedness plan and policy within a company. The plan will enable the company to evaluate to what extent they may be able to respond to a disaster so that they ensure that in case a disaster happens they will be ready to face it and avoid a huge number of casualties (Hazardous Materials Management 2017, n.p.). The plan can be described using an incident response life cycle. It contains four main stages which are preparation, detection and analysis, containment, eradication and discovery and post incident activity. Objectives Audiences Key Messages Timing Communication of incident. Respond to the incident. Review incident response to evaluate All staff in the building and necessary stakeholders such as fire department and hospital. Qualified onsite personnel help with tackling the incident Top management and strategic team Advise them on danger and proper way to exit the building. Following the set plan to ensure there is minimal casualties and damages. Evaluate the incident and the response measures. Find out the benefits of having the plan and what can be worked on to achieve the best response to an incident. Urgent and updated as events unfold. Urgent and updated as evacuation continues. After incident has been resolved. A month or two after the incident. Reference List Hazardous Materials Management (HAZMAT). 2017. Retrieved from www.gsa.gov. National Registry of EMTs. 2017. National Registry of EMTs. Retrieved from www.nremt.org.