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Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University Complete Notes

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Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University  Complete Notes

Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University  :  Here we provides complete details about Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University Complete Information  and other Financial Planning MCOM Sem 1 Delhi University important notes in pdf format. Here we provide direct download links for Unit III Return Risk Assessmentd For Financial Planning MCOM Sem 1 Delhi University notes in pdf format. Download these Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University Complete notes in pdf format and read well.

Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University  Complete Notes

Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University  : Risk assessment is a structured and systematic procedure, which is dependent upon the correct identification of hazards and an appropriate assessment of risks arising from them, with a view to making inter-risk comparisons for purposes of their control and avoidance. There are differences in the methodology used to conduct risk assessments. This paper presents some methodologies of risk management in the IT (information technology) area. In addition, a method of risk assessment created and applied by our expert team in this area is described. As there is a similarity between these methodologies, the paper presents the use of methods from the occupational health area in the IT area. All items in the risk assessment methodology for working environment and workplace are modified to IT as working environment and to an application as a workplace.

In that way, the risk assessment process in the safety analysis of an IT system is carried out by an original method from the occupational health area.

Keywords: risk assessment, information technology, risk management.

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Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University  Complete Notes

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Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University  :  Risk analysis follows an extensive hazard analysis. It involves the identification and assessment of risks the neighboring populations are exposed to as a result of hazards present. This requires a thorough knowledge of failure probability, credible accident scenario, vulnerability of population etc., much of this information is difficult to get or generate. Consequently, the risk analysis is often confined to maximum credible accident studies.

It provides basis for:

 The type and nature of its on-site and off-site emergency plan and,

 The types of safety measures required

Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University  Complete Notes

Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University  : Information technology, as a technology with the fastest rate of development and application in all branches of business, requires adequate protection to provide high security. The aim of the safety analysis applied on an information system is to identify and evaluate threats, vulnerabilities and safety characteristics. IT assets are exposed to risk of damage or losses. IT security involves protecting information stored electronically. That protection implies data integrity, availability and confidentiality. Nowadays, there are many types of computer crimes: money theft 44%, damage of software 16%, theft of information 16%, alteration of data 12%, theft of services 10%, trespass 2% (Boran, 2003).

In order to minimize losses, it is necessary to involve risk management and risk assessment in the areas of information technology and operational risks. Risk management and risk assessment are the most important parts of Information Security Management (ISM). There are various definitions of Risk Management and Risk Assessment [ISO 13335-2], [NIST], [ENISA Regulation], but most experts accept that Risk Management involves analysis, planning, implementation, control and monitoring of implemented measurements, and Risk Assessment, as part of Risk Management. It consists of several processes:

  • Risk identification,
  •  Relevant risk analysis,
  • Risk evaluation,

Risk Management recognizes risk, accesses risk, and takes measures to reduce risk, as well as measures for risk maintenance on an acceptable level. The main aim of Risk Assessment is to make a decision whether a system is acceptable, and which measures would provide its acceptability. For every organization using IT in its business process it is significant to conduct the risk assessment. Numerous threats and vulnerabilities are presented and their identification, analysis, and evaluation enable evaluation of risk impact, and proposing of suitable measures and controls for its mitigation on the acceptable level.

The security policy has changed in the last years. From checklists for identifying specific events, the information security has risen onto a higher level, i.e. the security policy and strategy consider threats and weaknesses of the business environment, and IT infrastructure (Dhillon, 2001).

Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University  Complete Notes

Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University  : In the process of risk identification, its sources are distinguished by a certain event or incident. In that process, the knowledge about the organization, both internal and external, has an important role. Besides, past experiences from this or a similar organization about risk issues, are very useful. We can use many techniques for identifying risk: checklists, experienced judgments, flow charts, brainstorming, Hazard and Operability studies, scenario analysis, etc.

In order to assess the level of risk, likelihood and the impact of incidental occurrences should be estimated. This estimation can be based on experience, standards, experiments, expert advice, etc. Since every event has various and probably multiple consequences, the level of risk is calculated as a combination of likelihood and impact. Risk analysis or assessment can be quantitative, semiquantitative, and qualitative (Macdonald, 2004). Quantitative approach to risk assessment assigns numerical values to both impact and likelihood. The quantitative measure of risk calculated by statistical model is used to judge whether or not it is acceptable.

Risk Treatment, Residual Risk, Risk Acceptance and Maintaining

Evaluation of risk involves making a decision which risks require conducting measures in order to be reduced. Measurements could be technical (hardware or software), organizational (procedures), operational, protective, and others. After consideration all costs and benefits of an action plan can be developed, including proposed actions and responsibilities of its conducting. Implementation of the action plan should modify risk, and remaining risk has to be assessed. Management of the organization should accept this residual risk. In addition, there is a need of recommended measures in order to maintain residual risk on the acceptable level. This process of Risk Management is continuous, and assessments have to be updated, repeating the risk management cycle.

Overview of Risk Management / Risk Assessment Methods

There are numerous methods applied in risk assessment. In different countries, there are different methods; even in the same area, there are various, and applying depends on a particular occasion. However, the methodology is the same: system characterization and description, threat and vulnerability identification, risk assessment, recommended measures, etc. The differences in methods are due to the level of development of methodology items. In ENISA (European Network

Information Security Agency) document about risk management, several of them, a total of 13, have been discussed (“Risk Management”, 2006). Some of them are part of an ISO standard, i.e. Guidelines for the management of IT security; others are developed by governments or national offices for IT security.

ll methods should present common descriptions of threats, vulnerabilities, assets groups, and, finally, a classification of risks. In that way they can be compared, and in order to achieve the best results, it is useful to apply the combination and optimization of methods. ISO standards for IT security (13335, 17799, and 27001) are general guidelines for implementing the IT security management process, but there are no solutions for conducting it.

IT-Grundschutz (IT Baseline Protection Manuel)

This method is developed by the Federal Office for Information Security in Germany. ITGrundschutz provides a configuration for IT security management. During the process of risk analysis threats are classified in 5 threat catalogues (BSI Standard 100-1, 2005; BSI Standard 100-2, 2005; BSI Standard 100-3, 2005). In addition, protection requirements categories are defined, possible damage scenario is assigned and, as a result, risk assessment is obtained.

IT security modules are grouped as generic aspects (organization, personnel, data backup policy, and computer virus protection concept), infrastructure (buildings, server room, and protective cabinet, home-based workstation modules), IT systems (servers, clients), networks, and applications (e-mail, web server, and databases for modeling modules).

Protection requirements categories:

1. Violation of laws, regulations or contracts

2. Impairment of the right to informational self-determination

3. Physical injury

4. Impaired performance of duties

5. Negative internal or external effects,

6. Financial consequences

Threats catalogues are:

T1: Force majeure

T2: Organizational shortcoming

T2: Human error

T3: Technical failure

T5: Deliberate acts

Safeguards measures include: infrastructure, organization, personnel, hardware and software, communication, and contingency planning. This method, before starting the risk analysis, does a basic security check to verify implemented security measures.

Risk assessment identifies threats, which are not avoided by the measures, such as residual threats. These threats can be eliminated by additional security measures. In this way, risk will be reduced to an acceptable level. The quality of this method is in creating threat and safeguard catalogues, which can be used in all other methods.

Unit III Return Risk Assessment For Financial Planning MCOM Sem 1 Delhi University  Complete Notes

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