Risk Review - Paper Sample

Introduction

Risk review focuses on reevaluation and assessments of the likely events that may occur during the process of a project and at its intervals, to conduct a comprehensive assessment and that includes identifying related dangers that can hinder the completion of the project and making swift movements to curb it by suggesting on precautions to ravage the risk. Generally, risk reviews are bound to be imminent and eventual; they help plan responses and actions in mitigating probable risks.

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Compliance Laws

Adherence to regulations set by companies in a bid to improve their information security strategy. Many organizations have since instituted programs to enable them to remain relevant to existing laws and regulations. Most major U.S. companies maintain compliance with at least one IT security regulation (Glaum & street, 2003). Many of these regulations are mandatory, but they are also of great benefit to companies. Revamped security upgrade minimizes losses of millions to the companies, thus the need for compliance laws.

HIPAA

The HIPAA refers to Health Insurance Portability and Accountability Act. It is a federal law established in 1996, based on the premise of protecting sensitive and highly confidential patient's health-related information from being disclosed without the patient's permission. Before then, a patient's medical information was easily accessed by everyone who needed to. It is vital for any company to handle medical records to employ and fully comply with HIPAA regulations when handling data.

FISMA

It is an acronym for the Federal Information Security Management Act. Enacted in 2002 with provisions of safeguarding information, federal agencies must implement a program to provide for their information security. Their significant roles are to check on protecting systems data, integration of security in all processes, compliance with all elements of FISMA lastly to assess and conduct a report which lists all compliances and regulations. As part of the law, all federal agencies are expected to develop data protection methods to treat every national concern and security information.

Levels of CMMI Process Improvement Approach

The Computer Maturity Model Integration necessitates different organizations to contour process improvement by reducing risks in software product and service developments, aids different companies and organization better their processes to limit on costs, on the other hand, providing quality results and accurate time approximations for the project (Niazi, 2016) CMMI offers the organization with strategies for processes enhancement. The model has five levels.

Scope Management

Scope management is used to address elements that come as the outcome during the whole process. It is necessary for managers since it helps them plan the project's general workforce before its completion; it determines the project's time frame, labor, and cost that may be consumed by the whole project. The scope helps identify risks such as financial threats, environmental and natural calamities and analyses them, assess them, and mitigate, besides ensuring stakeholders get along with expected outcomes and the need to improve and reinforce where necessary.

Analysis

It enables you to find a more straightforward option after weighing invariably the options adding up the benefits of a project to a company, outweighing the costs and benefits of a project upon its initiation. Several companies deliberate for the opportunity cost in the managerial process (Ravi, 2005). It enables companies to analyze alternative benefits that could have been realized when selecting one substitute over the other, additionally cutting on the costs and biases that come with the project. CBA also helps in risk management and evaluation; organizations can opt for a better alternative.

Charts

Any project should have a tool to realize its success at its completion efficiently. A project manager needs to understand well different designs of diagrams and charts used to program a project and its flow. Charts provide a graphical presentation of key information elucidating the whole concept of the project.

Gantt Chart

A Gantt chart is a commonly used chart diagram for project planning and management. It speedily reviews the progression of a particular project. Project managers use it for a quick overview of the project as it provides estimates for the length and period it will take with projects. Every little key aspect of communication is an essential breach of it either derail the project or interferes with it. Gantt chart facilitates the increase of communication and productivity.

PERT Chart

This is a Program Evaluation Review Technique, and one can use it to organize multifaceted activities by separating them into tasks. With this diagram, project managers can foresee the duration of the task to its end. It is a multipurpose tool and can be used to run parallel activities.

Conclusion

Risk review also aims at modifying crisis and fallback plans in case of incessant residual risks. It looks forward to what will occur for risk when change is initiated and when change occurs.

References

Gibson, D. (2014) Managing Risk in Information System.

Glaum, M., & Street, D. L. (2003). Compliance with the disclosure requirements of Germany's new market: IAS versus US GAAP. Journal of International Financial Management & Accounting, 14(1), 64-100.

Niazi M…Mahmood, S, Alshayab, M, R, Faisal K Cerpa N,&Richardson 1(2016) challenges of project management in Global software development. Client vendor analysis, information and software technology.

Ravi, V., Shankar, R., & Tiwari, M. K. (2005). Analyzing alternatives in reverse logistics for end-of-life computers: ANP and a balanced scorecard approach. Computers & industrial engineering, 48(2), 327-356.