PART A & B: RISK REGISTER- CHALLENGES AND RESPONSES
| Risk No. | Date Identified | Risk Description | Likelihood | Impact | Risk Score | Risk Class | Control Measures | Target Risk Score | Target Date | Risk Owner |
| 1 | July 2017 | Loss of client’s data due to proliferation of the system | 3 | 4 | 12 | High | Increasing safety of the systems. Hiring qualified personnel. Limiting the number of people accessing the data. | 4x2 | Dec. 2017 | Martin James |
| 2 | July 2017 | Inadequate staff to handle the business functions across the globe | 3 | 3 | 9 | Medium | Hiring of more staff. Offering refresher course to increase productivity. | 3x3 | Jan. 2018 | Florence McCullen |
| 3 | July 2017 | Technological failure especially in developing countries | 4 | 3 | 12 | High | Investing in more reliable and efficient technological solutions. Working closely with host countries organizations to improve the technology | 2x2 | Jan. 2018 | Martin James |
| 4 | July 2017 | Failure of some host countries to offer a conducive working environment | 3 | 3 | 9 | Medium | Liaising with the political class of the host country to get solutions | 3x3 | Dec. 2017 | Gabriel Wilberforce |
| 5 | July 2017 | Lack of technological support to market the company’s services | 4 | 2 | 8 | Medium | Investing in latest marketing technology. Hiring qualified personnel to be in charge of the marketing department. | 4x2 | Dec. 2017 | Martin James |
| 6 | July 2017 | High staff turnout in many of the company’s offices | 3 | 3 | 9 | Medium | Creating a conducive environment to ensure retention of staff. Motivating the employees to keep them stay in the company | 3x3 | Thomas Cruise | |
| 7 | July 2017 | Decreasing profitability due to increased competition | 4 | 3 | 12 | High | Coming up with creative solutions which make the Fabulous Computing Solutions a company of choice | 1x3 | Jan. 2018 | Florence McCullen |
| 8 | July 2017 | Low morale and satisfaction among the members of staff | 3 | 4 | 12 | High | Motivating the staff more through some pretested strategies to make them more productive and efficient | 3x2 | Nov. 2017 | Thomas Cruise |
The risk template identifies eight risks that Fabulous Computing Solutions is currently faced in its attempt to make it in a competitive business world. The risks are either political, geographic social or technological in nature. These risks if not addressed on time and in an effective manner will eventually affect this company negatively by reducing its profitability since their clients will reduce their commitment. These risks are as follows:
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Loss of customer's data due to proliferation of the system
Fabulous Computing Solutions has a wide variety of clients drawn from various sectors ranging from government institutions, public corporations, and private entities. However, the company may be put to risk with increased proliferation and loss of clients' data which is usually very sensitive. This happens due to the high staff turn out in the IT department which if left unchecked will cost this company’s a lot of its loyal customers who contribute heavily to Fabulous Computing Solutions profit margins. As indicated in the risk register matrix loss of clients’ data is a very high risk considering that it reduces the customers’ loyalty who may choose to look to other similar companies to get the required services. This then means that Fabulous Computing Solutions will end up closing shop which will be detrimental to both the direct and indirect employees.
Inadequate staff to handle the business functions across the globe
Currently, most businesses in the world are finding themselves embracing computing systems so as to make it big in the business world. As such, demand for qualified expertise in computing solutions is rising at unprecedented levels. This is a challenge since Fabulous Computing Solutions has less expertise available to these clients. This then means that the company is forced to outsource expertise from other enterprises which turn out to be such an expensive affair. The incidence of this risk can be considered medium considering that Fabulous Computing Solutions has the ability to hire expertise to fill these existing gaps and reduce operational costs. This then means that this risk is highly controllable and can be avoided easily. This will be in addition to increasing its profit margins by inviting more business opportunities with increased competent and capable staffs.
Technological failure especially in developing countries
Technological solutions are the human creation, and it is the plain truth that technology is doomed to fail due to various conditions in the globe. This is particularly the case in the developing countries where Fabulous Computing Solutions has made inroads too. Currently, Fabulous Computing Solutions has 13 branches in Africa and seven branches in Asia. In as much as these countries are major clients when it comes to demand for technological solutions, these countries are still struggling to acquire technological equipment to support the network coverage in their respective countries. This then means that most of the times the internet is down making working difficult and time-consuming which may translate to a loss of business. The severity of this risk is medium considering that these nations are finding themselves embracing more advanced solutions which significantly reduce the likelihood of its occurrence.
Failure of some host countries to offer conducive working environment
As mentioned Fabulous Computing Solutions has made inroads to various continents outside the United States which in itself present a lot of challenges politically, geographically, financially and socially. This is especially true since some of the countries of investment are facing political instabilities due to poor governance as well as civil wars. This then translates to the dangerous environment for conducting business (Gupta, 2014). The situation is made worse by the lack of political goodwill from the leaders of such countries to intervene to improve the working environment considering that foreign investors contribute significantly to those countries budgetary requirements. This risk has been categorized as high with very high chances of occurrence which must be addressed exhaustively if Fabulous Computing Solutions is to make profits from doing business abroad. Controllability of this challenge is not as easy since it depends on the political goodwill of the host country to provide the right environment to conduct business in that respective country.
Lack of technological support to market the company’s services
The current era has witnessed a shift from the traditional forms of marketing to new, innovative and creative marketing platforms which are primarily driven by technology. Companies and business enterprises that have adopted these marketing strategies are reaping big from these initiatives. However currently, Fabulous Computing Solutions still relies on television adverts which risk the loss of business to similar companies who have modernized their marketing campaigns. These challenges stem from the fact that the marketing team is made of individuals who are rigid on adopting new marketing methods making this challenge a medium risk with a high chance of affecting the Fabulous Computing Solutions marketing needs. Additionally, the marketing team lacks the drive and motivation to embrace these new technological platforms since this company has not invested in refresher courses to sharpen their skills further (Gupta, 2014). Fabulous Computing Solutions can control this risk to a great extent by ensuring that their technological solutions are sourced from reliable sources to avoid delays.
High staff turnout in many of the company’s offices
Fabulous Computing Solutions just like many other companies has the habit of hiring and firing staff at alarming rates which then creates a huge challenge in the operations of this company. This is especially in abroad countries where the skilled staff is rare to find and to fill this gap this company keeps on recruiting staff who when they fail the litmus test go back to hire more. This then means that processes and procedures of this company are usually done half way and neglected once a person is fired. The incoming staff members find it hard to continue with the process and are forced to go back to the drawing board. This then means that a lot of finances and time are spent on such tasks which are bad for business. The possibility of this challenge is high in developing countries but low in developed countries where qualified staffs are readily available. This risk is controllable to a great extent if this company hires expertise from developed countries since they are more versed with business operations.
Decreasing profitability due to increased competition
The world is gradually turning to technological solutions to increase the benefits of doing business in addition to reducing time and costs associated with such ventures. This then creates a broad market which many companies are exploring at alarming rates. Competition in any business inevitable and Fabulous Computing Solutions is not an exception considering the upcoming of various technological firms. This then means that Fabulous Computing Solutions is currently facing stiff competition from new market entrants who apparently have more advanced technological gadgets and solutions which are in demand in the market (Gupta, 2014). The incidence of competition has been rated as high which translates to reduced profitability. Controlling this risk of competition may be considered hard considering the existence of free market policies allowing business enterprises to invest anywhere in the world.
Low morale and satisfaction among the members of staff
Business organizations and enterprises rely heavily on their members of staff to realize their investment goals and objectives. As such it is important to ensure that these members of staff are well motivated for them to remain efficient and productive. However, it has been noted with concern that the employees at Fabulous Computing Solutions are a frustrated lot which has, in turn, reduced their motivation. The reason for this demotivation is the fact that they are not taken to refresher courses to make them more technological responsive and adaptive. This has consequently become a challenge to them since they are not able to deal with changing technological advancements which make them feel uncompetitive as compared to their competitors. Incidences of low morale are not as high, but their impacts can reduce this company’s productivity especially in the face of stiff competition in the technological solutions business field.
PART C: BUSINESS CONTINGENCY PLAN
Effective date: [1st august 2017]
Preface
The purpose of this program is to highlight ways of handling apprehensions regarding the ethical usage and safeguard of sensitive data, clients’ records, and other data system's content in the attentiveness of generating job satisfaction and confidence. Additionally, this plan is aimed at helping Fabulous Computing Solutions to restore its core business functions in case of any eventualities or risks it may encounter in the line of business. This is so since this business has made inroads in international markets with some of the host countries presenting hostile working environments. This plan includes important details on how to respond to emergency situations which may affect this company’s ability to offer quality services to its customers or meet its regulatory and legal requirements.
Objectives of the Contingency Plan
The contingency plan for Fabulous Computing Solutions is necessary since it will help this company to meet the following objectives:
• Ensure that core business functions are recovered in a timely manner in case of any emergency or eventuality.
• Reduce or minimize the loss of business revenue which may come to be to reduced number of customers afraid of the eventualities
• Ensure the well-being of Fabulous Computing Solutions clients, employees as well as their families.
• Ensure the maintenance of the company's reputation as well as the public image which may be spoilt in the case of the emergencies.
• Reduce or minimize data loss which may come as result of infiltration or mishandling of the company and clients data.
• This will save the company a lot of time which could otherwise be spent on making decisions in the event that emergencies do occur eventually.
The Fabulous Computing Solutions Contingency Plan with all of its related procedures will be approved by the Chief Executive Officer and the International Business Administrator of the Fabulous Computing Solutions as from the dates signed below.
Bernard McCarthy Chief Executive Officer Date………………
William Davidson International Business Administrator Date……………….
Strategic Pre Incident Changes for Fabulous Computer Solutions
Businesses across the world usually operate in a risk filled environment, and as such, there is need to have strategic pre-incident changes in order to mitigate a risk in case it occurs. Fabulous Computing Solutions need to know how to handle data loss incidences in case they happen by ensuring that there is proper data backup system. This system can be installed beforehand and monitored by specialized exert to reduce proliferation of sensitive clients information. More so customer records should be stored well in appropriately labeled folders with enhancement of security in order to ensure that it does not fall into the wrong hands. This, in turn, will ensure that the customers' information remains safe in case of proliferation by restricted users. This will help the company reduce cases related to mishandling of clients' data which may be an expensive affair for Fabulous Computing Solutions. Additionally, the administration needs to offer training to its staff members on the importance of ensuring confidentiality while receiving, storing, retrieving and disseminating clients’ information. This is very critical considering that this company handles high-profile clients including government institutions and private enterprises.
ETHICAL USE AND PROTECTION OF SENSITIVE DATA
Fabulous Computing Solutions is a global company that handles high-profile clients with a global reputation. This, therefore, means that they are constantly open to public scrutiny which may tarnish their reputation. As such, these clients are required to give various information data which is usually very sensitive.
What Constitutes Sensitive Data
Sensitive data is any data which requires confidentiality in its reception, storage retrieval, and dissemination in order to maintain its integrity. This data includes their contact address, financial statements, and areas of operations, names of their staff members, goals and objectives as well as other critical information details. This means that there is need to guard this information so that it does not fall into the wrong hands. If this information was to leak, media houses may quickly pick it up and spread it to many people who may create a negative reputation for these clients. Additionally, Fabulous Computing Solutions has the responsibility of protecting this information at all costs and only use for right purposes may be for references and for making future plans for a specific client. This data should not be made public to anyone anytime, but it should be accessed by particular people who are directly responsible for using this information to help the specific client.
How sensitive Data will be Physically Protected during Normal Business Operations
Any business organization and enterprise has the responsibility of ensuring that their clients' data is well protected especially during normal business operations. This is so since it is during normal business operations that the workplace has a lot of traffic in that clients and staff are constantly coming in and going out. This means that the chances of accessing data illegally are higher as compared to the time the clients and staff members are away. So as to guard against proliferation and illegal access to such data, there is need to install security systems and personnel who will be responsible for monitoring how data is being handled. This can be done through the installation of closed circuit television, access codes and passwords and security personnel who check people going in and out of the business enterprise. These physical installations are easy to install and track in case there are reports that certain data has leaked into the public domain.
How data will be physically protected in the event of a disruption
Fabulous Computing Solutions is a multinational company operating in various countries including those with political instability and civil wars. As such it is prone to disruptions which require immediate response to mitigate losses and any eventualities. In the event of a disruption, the staff in charge of securing data can block the doors so that no one comes in or goes out in order to ensure that no one leaks information from inside and no one accesses information from outside. More so physical check- up may be conducted to ensure that no one is carrying any material containing confidential and sensitive information (Government of Canada, 2016). Additionally, the entire information system can be locked down to ensure that no one accesses the information until things go back to normalcy.
How the company will ensure data is used ethically
Fabulous Computing Solutions is mandated to ensure that data is used ethically and for purposes that are beneficial to the company and its clients. So as to achieve this, there is a need to invest in Information Systems that make use of passwords and access codes to ensure that sensitive information only reaches designated people. More so the company will make sure that only the clients or their representatives have the right to access information and will seek permission before issuing this information to third parties (Australian Government, 2015). The main point here is due consultation with clients before divulging any information to other interested parties to ensure that integrity of information is maintained at all times.
ETHICAL USE AND PROTECTION OF CUSTOMER RECORDS
What constitutes customer records for Fabulous Computing Solutions
Customer records in Fabulous Computing Solutions are wide ranging from business permits, licenses, memorandums, minutes, contingency plans, business proposals, budgets, financial statements and business plans. These records are very vital documents which help Fabulous Computing Solutions to draft courses of actions to initiate information systems packages for these clients.
Systems and security measures for protecting customer records during normal business operations
Customer records being so critical in the running of Fabulous Computing Solutions must be handled well during regular business hours considering that traffic is usually at its peak. As such, proper security measures and systems must be put in place to ensure their safety. This can be done through the creation of a filing system that is secure. Documents should be categorized in terms of their category, clients’ names, and date when they were received (Government of Canada, 2016). Additionally printed information that is not needed should be shredded to avoid it being carried home by other staff members
Systems and security measures for protecting customer records in the event of a disruption
In the event of a disruption, the Fabulous Computing Solutions will ensure that customer records are safe and free from any mishandling. This can be done through sealing the storage units where these documents are stored so that only authorized staffs are allowed. Additionally, physical scans will be done to ensure no person is carrying with him or her any document belonging to the company’s clients.
How the company will ensure customer records are used ethically
Customer records are very critical and sensitive, and as such, there is need to ensure that information contained in those documents is used ethically. This can be done through limiting the number of people who have access to information contained in these documents. Additionally, proper consultation should be made before revealing the information in these documents to third parties (Government of Canada, 2016). More so this information should only be used to enhance the well- being of the clients and company but with permission from the respective clients.
COMMUNICATION PLAN TO BE USED DURING AND FOLLOWING A DISRUPTION
Stakeholders who would need to be contacted in the event of a disruption
Communication with stakeholders of Fabulous Computing Solutions is very vital in the event that a disruption occurs. The stakeholders who need this communication include the clients, employees, shareholders, and administrators in all the company's branches. This is important since the disruption will affect each of them in various capacities and they need to know in order to determine the course of action to undertake in that scenario
Specific actions that will need to take place to communicate with each stakeholder
Fabulous Computing Systems stakeholders are widely spread over geographical terrains which mean that proper channels should be used to notify them of eventualities. High profile clients will require personalized emails, employees will require group emails, and investors will also require personalized email and telephone calls. Additionally these stakeholders will need information on what Fabulous Computing Solutions is planning on doing in order to put the company back on track. This is vital information to provide with a view to maintaining customer confidence in the company.
Restoration of normal operations after the occurrence of a disruption
Fabulous Computing Solutions will be very keen to see to it that normal operations are back to normal once the interruption has occurred. This will happen in different intensive and carefully thought out phases. Phase one will include accessing the impact of the disruption to the business operations. Phase two will be discussion n of the impact of disruption with stakeholders to see the way forward. Phase three will be to put the suggestions of the stakeholders to action in order to resume normal business operations. The implementation of these three phases will ensure that Fabulous Computing Solutions is back in business and will create clients' confidence once again.
PART D: FABULOUS COMPUTING SOLUTIONS IMPLEMENTATION PLAN
How the business contingency plan will be implemented into the company
The business contingency plan is an important business aspect t fabulous Computing Solutions will be implemented immediately in order to minimize the occurrence of the risk. This plan will be executed by a task force which will be drawn from both the IT and Information Systems Departments picked from various countries of operations. The implementation will take place in two phases with the first step being the pilot phase to test its feasibility. The second phase will be the actual implementation phase which will be guided by the results drawn from the pilot phase.
How the business contingency plan will be communicated to the organization
The contingency business plan is an essential business tool will be part and parcel of the running of Fabulous Computing Solutions. As such, all stakeholders will need to know its existence which will be done through both group and personalized emails. The communication will be done immediately the plan is drafted, and it will be posted on the company's' website for all stakeholders to see, analyze and offer feedback on the area that should be adjusted or modified.
How the business contingency plan will be monitored or tested before the incident to ensure the plan would be effective in the event of a disruption
The Fabulous Computing Solutions must conduct a pilot study before implementing this plan in order to determine its workability. This can be done through the performance of individual drills to ensure preparedness. This can be done in selected branches across the continents they have made in roads to measure readiness levels. This will be important to seal any loopholes that may be present and enhance the effectiveness and workability of the plan.
How the business contingency plan will be adjusted over time
Depending on the outcomes of the pilot study conducted on the business contingency plan, Fabulous Computing Solutions will see if this plan will work in future or will require being adjusted. This is in consideration of the fact that the business environment is not static but keeps on changing over time. Depending on the results over time, there will be a need to make necessary changes through the help of various stakeholder
References
Australian Government. (2015). Privacy business resource 9: Ten tips to protect your customers’ personal information. Office of the Australian Information Commissioner. Retrieved on 26 July 2017 from https://www.oaic.gov.au/agencies-and-organisations/business-resources/privacy-business-resource-9.
Government of Canada. (2016). Privacy and Confidentiality. Panel on Research Ethics, on 26 July 2017 from http://www.pre.ethics.gc.ca/eng/policy-politique/initiatives/tcps2-eptc2/chapter5-chapitre5/.
Gupta, A. (2014). Global Business Environment and International Challenges. Innovative Journal of Business and Management, 3(2), 22-26.
