Risk News and Risk Register Assignment Essay Example

  • Category:
    Management
  • Document type:
    Article
  • Level:
    Undergraduate
  • Page:
    1
  • Words:
    739

RISK NEWS AND RISK REGISTER

Document Control Information

Risk Identifier

Risk Description

Likelihood of Risk

Impact of Risk

Owner of the Risk

Risk Response Category

Risk Response Action

ISO/IEC 27002

Cybercrime

Most renowned attacks include financial losses from hacked bank account, theft of intellectual property, and damage to reputation (Kennedys 1).

H Cybercrime likelihood of occurrence is almost certain. The risk is likely to occur annually and at frequent intervals. This is because there exists limited improvement in international corporation to fight cybercrime.

H: Financial research estimates cybercrime will cost the global economy more than $ 400 billion (John 1).

Information Technology Practitioners

Security

Strong law enforcements under investigative authorities, the judiciary and the forensics independent bodies. The enforcement entails investigation tools like forensic software, management software, and databases

TerrorismVulnerability Information(CVI)

Terrorism

Loss of life, property, business interruption, and economic slowdown.

H: High likelihood of annual occurrence. In 1995 in U.S Oklahoma City, 1996 in U.K London, In 1992 and 1993 in UK, London (Hartwig 4).

H: The 11 sept 2001terrorism destroyed Billions of dollars’ worth of property and killing of productive citizens (Sean 1).

Counter Terrorism Security Agencies

Security

Implementation of three phase terrorism risk management program (Nathan 1). Phase one includes threat recognition and identification, secondly, the identification of threat potentiality, and lastly site security assessment.

OPEC Statute

Oil Price Shock

Households are exposed to high costs of living. Negatively affects the macro indicators through inflation, lack of employment and trade weaker trade balance. Importers postpone investments.

M: Finding indicate that between 2007 and 2010, the oil shock price moved from -60% to +40% (Dow Jones & Co 1)

H: Challenges in formulating robust national budgets.

H: Exporters exposed to volatile revenues while importers face uncertainty in import costs and subsidies level.

Financial

Long run policies by reducing the fossil fuel share in the national energy portfolio, fostering energy efficiency, and development of structural and technological to reduce the production process of fossil fuel. Short term policies in strategic purchasing policies (Rentschler 1).

OECD Finance

China Economic Slowdown

Fosters structural unemployment, underemployment across countries, Increases corporate over-borrowing and public debts

H: Economic slowdown from 2014. In 2014 China economy grew by 7.4%, in 2015 by 6.8% and in 2016 by 6.3% (Kuepper 1).

H: Weaker trade and exchange rates to countries that are highly dependent to China.

Drop in oil and household prices hence pushing countries in Europe and Asia into deep recession. High inflationary pressure hence global deflationary spiral and debt defaults.

G20 Countries

Financial

Rebalancing of the economy especially in debts, and strengthening trade, and encourages private sector businesses (Aidan 1).

IPCC Document

Climate Change

Increase in floods, drought, increase in fire forest, and weaker agricultural yields.

M: Expected changes in precipitation patterns.

More drought and heat waves expected to occur every 2 or 3 years across countries (Holly 2017). Hurricanes are expected to become much stronger and more intense and pose adverse damages to the earth surface (Holly 2017).

H: High mortality due to rise of heat waves. Rise in economic loss due to failures in agricultural sector. Increased transmission of vector-borne diseases such as leishmaniosis, schistosomiasis.

United Nations Framework Convention on Climate Change.

Intergovernmental Panel on Climate Change

Mitigations.

Adaptations. Geoengineering.

Mitigation such as reducing greenhouse gas emissions, Information base expansion to come up with supportive proactive climate risk management, and geoengineering through deliberate manipulation of the earth system (American Meteorological Society 1).

Work Cited

John Hawes, “An Epic Year for Data Breaches with Over 800 Million Records Lost,” Naked Security, http://nakedsecurity.sophos.com/2014/02/19/2013-an-epic-year-for-data-breaches-with-over-800-million-records-lost/. 2013, p.1.

American Meteorological Society, “Climate Change Risk Management”, https://www.ametsoc.org/ams/index.cfm/policy/studies-analysis/climate-change-risk-management/. 2017, p. 1.

Aidan Yao, “China’s Economic Rebalancing Act is Finally Starting to Pay Off”, http://www.scmp.com/business/global-economy/article/2103254/chinas-economic-rebalancing-act-finally-starting-pay. 2017, p. 1.

Dow Jones & Co, “Percentage Changes of the Quarterly Price of Crude Oil”, http://blogs.worldbank.org/developmenttalk/oil-price-volatility-its-risk-economic-growth-and-development,2013, p. 1.

Hartwig Robert, “Terrorism Risk: A Reemergent Threat”, Impacts for Property/Casualty Insurers,
http://www.iii.org/sites/default/files/TerrorismThreat_042010.pdf. 2010, p. 4.

Holly Shaftel, “The Consequences of the Climate Change”, https://climate.nasa.gov/effects/. 2017, p. 1.

John Hawes, “An Epic Year for Data Breaches with Over 800 Million Records Lost,” Naked Security, http://nakedsecurity.sophos.com/2014/02/19/2013-an-epic-year-for-data-breaches-with-over-800-million-records-lost/. 2013, p.1.

Kennedys, “Cybercrime: Risks and Prevention”, http://www.kennedyslaw.com/article/cybercrime/. 2014, p. 1.

Kuepper Justin, “How Would China’s Slowdown Affect the Global Economy? https://www.thebalance.com/how-would-china-s-slowdown-affect-the-global-economy-1979076. 2016, p. 1.

Nathan Gould, “Managing Terrorism Risk”, https://www.irmi.com/articles/expert-commentary/managing-terrorism-risk. 2004, p.1.

Rentschler June, “Oil Price Volatility – its Risk on Economic Growth and Development”, blogs.worldbank.org/…/oil-price-volatility-its-risk-economic-growth-and-developmen….2013, P. 1.

Sean Ross, “Top 5 Ways Terrorism Impacts the Economy”, http://www.investopedia.com/articles/markets/080216/top-5-ways-terrorism-impacts-economy.asp. 2016, p. 1.