Desribe about driveway Resurfacing risk logs, risk associated with regulation of data compliance and strategies to mitigate strategic issues.
Risk can be defined as anything negative to the organization that can hamper the success of the organization. Risk can hamper the accomplishment of mission of any organization. Risk management is a way of identifying the risk and measuring the impact of that risk in the organization. This particular assignment firmly focuses on identifying various risk factor of driveway project and measuring the impact of those risks within the organization. The study also discusses various mitigation strategies in order to mitigate the harmful effects risks and demonstrating positive effect of those strategies.
Following are some of risks associated with driveway projects. Various risk control areas and issues are also shown here.
Management of the organization face this problem in governance and enterprise regarding data security. Despite of implementing various security management tools many organizations realise that these strategies are inadequate for securing their important data. Many organizations never analyse the risk of security management. They do not realise that the security issues are related to the strategies of the organization (Adam, 2015). Due to weak implication of security management, much important information can be stolen. This can hamper the success of an organization. There is a risk of data loss because of inadequate compliance in security. Data can be unrecoverable. Important business record can be lost forever.
It a major challenge of the management of an organization to secure data. Every organization needs to safeguard its intellectual and confidential data. Organizations should think beyond the existing way of data security and implement the strategies for securing data:
Protecting other and own information: In order to sustain the business relationship an organization needs to ensure that the information’s of customers and business partners are safe (Huard, 2015). The driveway project should establish privacy system in order to secure important data of the organization.
Understanding of whom to trust: Management of the organization should think about the right person to deliver the important data of the organization. In order to maintain the credibility of the information the organization should chose a trustable person while delivering any information.
Choosing standards to apply: Government has been introduced various types of rule in order to motivate the organization to protect confidential data. Responsibilities can be varied according to the organizational type and type of risk associated with it (Klein, 2015). Management of the organization should establish a standard in policies to protect confidential data.
Protection of confidential data: Data security provides protection of valuable information. Information is the most important asset of any organization. Organization can stay ahead of their competitors if they can manage a proper data security system. Data protection can ensure persistence of valuable data. It can also give back up to the confidential data of the organization.
Client concern: If the management of the organization ensure their customers that they are using a proper security system in their organization it can feel their customers more confident with the organization (Robinson & Church, 2015). It keeps the organization ahead of their competitors. Meeting current standards helps to stay reliable. Data security allows authentic person to use authentic data.
In the terminology of data storage data compliance refers to rules and regulation government that need to be maintained for compliance of those rules and regulation. Each organization needs to collect, process, and dispose the personal data that ensures that information are protected with appropriate measures of security (Tiwari & Joshi, 2015). Due to not maintaining compliance with proper audit system the following risk can be raised:
Risk of data compliance: Organization face a huge risk in the adherence of regulatory guidelines of the organization. Auditors reviews the policies of the organization that not compliant with the standards of the organization. Sometimes the organization fails to protect the important data of the organization. Unauthorised persons start to access data that are not for their use. It decreases the confidentiality of important data becomes obsolete.
Legal and ethical issues: Organization often faces various ethical and legal issues because of not maintain the audit management properly. Organization often feels health and security problem due to not adhering to the safety measures of the organization. Audit management often failed to realise potential concern of the employees. Technological issues are also the major legal issues of the audit management.
Transparency: Maintaining transparency within the organization it the prime task of any audit management. Sometimes the audit management of an organization fail to keep transparency in the organization (Robinson & Church, 2015). They fail to maintain the rule and regulations of the organization.
Degradation of governance: Sometime audit management fail to provide control on the issues of the organization. Audit management are generally expected to maintain a fair and pleasant working condition in the workplace. Sometime the audit management tem fail to observe the overall working condition and rules of the organization.
Definition of stakeholder’s expectation:
In order to create a effective ways of audit the management of the organization should define the expectation of the stakeholders and asses that whether their policies would be successful achieving the expectation of them. The audit managers should assess the risk associated with it.
Articulate the mission: An appropriate mission statement helps to identify the responsibility and priorities of senior management and the team of audit management (Alzeban, 2015). This statement helps to decide the amount of money that will be needed to focus on internal control of the organization.
Formal strategic plan: The audit management team should integrate the risk and monitoring function like legal, security and fraud risk of the organization. An appropriate strategic plan helps the organization to audit the risks in correct time.
Developing audit plan: The audit management team develop an effective auditing plan in accordance with the objective of the organization (Henderson, Cheney & Weaver, 2014). Risk management should assess the fact that how the potential event will effect in achieving the goal of the organization.
Current budget and multi year budget: Sufficient information should be collected about the current as well as future budget of the auditing process. Auditing budget should be flexible according to the policies of the organization.
Assessing needed skills: The auditing management team of the organization should identify the proper skills needed to the auditing process. The organization should identify high quality professional in order to achieve proper auditing process.
Developing methodology: Internal audit member can be hired externally and internally. The technology used in the process of auditing process can greatly affect the effectiveness of the process (Klein, 2015). Data analysis software should be used by the auditing team of the organization.
Communication protocol: An effective communication protocol should be established by the audit management team of the organization in order to communicate with executives of the organization (Conradt, Finger & Spörri, 2015). Progress report should be generated by the audit members of the organization in order to mitigate the problems associated with the findings of the auditing process.
Measuring the results:
It is very important for the audit team of the organization to track and control the performance of auditing process. The tem must comply with the legal aspects of the organization.
Audit management of the team provides information about the organization after analysing the policies and regulation of the organization. It helps to operate the business of the organization smoothly (Fontaine, Khemakhem & Herda, 2015). It provides suggestion to achieve the goal of the organization. Audit team of the organization provides immediate response to the immediate team of the organization.
Strategic risk of is defined by the uncertainties in strategic intent of the organization. The strategic department of the organization sometimes failed to select the contractors for the development of the project. The team may become unable in order to achieve strategic alignment. Organizational readiness can be hampered by the cultural and socio economic condition of the organization. Strategic issues sometimes may relate to inability of identification of alternative suppliers (Eunjae Lee, 2015). Organization may sometimes classify improper classification in defining the requirements.
Choosing suppliers: During the purchasing of goods in the organization uncertainty of the suppliers may hamper the manufacturing process of the organization. So the Strategic management of the organization should be very care careful when choosing suppliers for the organization.
Regulation of the risk: Environmental regulation should be prime task of strategic management of the origination. The strategic management of the team should establish some policies about regulating the environment in which it operates its business (Henderson, Cheney & Weaver, 2014). The Strategic management of the organization should also establish policies in order to mitigate the issues associated with the socio cultural issues of the organization.
Strategic management helps an organization to backup the source of the suppliers of an organization. It helps to identify various sources from where effective supplier can be obtained. Strategic management helps to gather proper data that should be provided to the contractors of the organization with whom the organization has a business deal. Due to strategic management the project can meet the social benefits.
This particular study has concluded some factor about the risk associated the driveway project. This study shows that how this risk effects the performance of the project of any organization. The study also analyse some mitigation techniques in order to mitigate the effects of those risks. Some opportunities associated with the risk management of different team have also been described in this particular study.
Reference list
Adam, I. (2015). Backpackers’ risk perceptions and risk reduction strategies in Ghana. Tourism Management, 49, 99-108. doi:10.1016/j.tourman.2015.02.016
Akhtar, M., & Mittal, R. (2015). Implementation issues and their impact on strategic performance management system effectiveness – an empirical study of Indian oil industry. Measuring Business Excellence, 19(2), 71-82. doi:10.1108/mbe-07-2013-0040
Alzeban, A. (2015). Influence of Audit Committee Industry Expertise on Internal Audit. IJBM, 10(4). doi:10.5539/ijbm.v10n4p26
Conradt, S., Finger, R., & Spörri, M. (2015). Flexible weather index-based insurance design. Climate Risk Management. doi:10.1016/j.crm.2015.06.003
Eunjae Lee,. (2015). A Study on implication & Strategic Issues of the German e-Logistics System.Theebusinessstudies, 16(1), 39-61. doi:10.15719/geba.16.1.201502.39
Fontaine, R., Khemakhem, H., & Herda, D. (2015). Audit committee perspectives on mandatory audit firm rotation: evidence from Canada. Journal Of Management & Governance. doi:10.1007/s10997-015-9308-2
Henderson, A., Cheney, G., & Weaver, C. (2014). The Role of Employee Identification and Organizational Identity in Strategic Communication and Organizational Issues Management about Genetic Modification. International Journal Of Business Communication, 52(1), 12-41. doi:10.1177/2329488414560278
Huard, B. (2015). The data quality paradox. Network Security, 2015(6), 18-20. doi:10.1016/s1353-4858(15)30051-9
Klein, V. (2015). Write On! Publishing in the Journal of Healthcare Risk Management. Journal Of Healthcare Risk Management, 34(4), 4-5. doi:10.1002/jhrm.21166
Lafuente, G. (2015). The big data security challenge. Network Security, 2015(1), 12-14. doi:10.1016/s1353-4858(15)70009-7
Robinson, K., & Church, K. (2015). SEC IM staff issues guidance update on mixed and shared funding.Journal Of Investment Compliance, 16(2), 30-32. doi:10.1108/joic-04-2015-0023
Tiwari, P., & Joshi, S. (2015). Data Security for Software as a Service. International Journal Of Service Science, Management, Engineering, And Technology, 6(3), 47-63. doi:10.4018/ijssmet.2015070104
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download