Applying Risk Management Consulting Essay Example | Topics and Well Written Essays - 750 words

Applying Risk Management Consulting - Essay Example In general, risks may vary from operational, strategic, financial, networking to marketing and such. Thus risks are inevitable though undesired. The correct definition of â€Å"risk† as such, depends upon the situation pertinent to it. Identifying and understanding risks is the most crucial part in any risk management principle. Once the risk factors are identified, a thorough analysis is undertaken after which appropriate measures are taken to eliminate, control or reduce them. In the given case of Riordan Manufacturing Inc., a virtual organization, the following study discusses the network system of the different branches of the organization at varied geographic locations. The current network topology reveals vulnerabilities in diverse points and is prone to risks that can be eliminated or minimised adopting certain effective security measures. For a large organization like Riordan Manufacturing, security is an overriding concern. In the current scenario, of networking threats and hacking techniques being reinvented and developing every minute, it is crucial for the network administrator of any network, be it small or big , to implement stringent security measures to prevent any damages. Damages may either be in the form of leakage, destruction, manipulation or misuse of data, intrusion into the home network hindering smooth flow of operations thereby eliciting huge financial losses. Considered to be the building block of network protection,risk itself, should be the backbone of the designed safety strategies and the resulting security architecture. â€Å"Risk management† (Commercial Insights Risk Management Insights, 2012). principles are generally evolved considering factors both of internal and external natures. Internal factors may be assets, vulnerabilities or policies while external factors may be threats, legal or business forces.So, in conducting risk analysis, the foremost issue that comes up is, in identifying the threats the system are