Types of Risks

In modern era of internet and information technology the importance of information is increasing day by day and the amount of risks are also increasing simultaneously. It is very important to keep the safety of the information related to the information and the organisational structure. Risks can be classified in many ways according to its nature type of occurrence. To deal with various kinds of risks different methods are taken to secure the organisational set up. There are also many differences between the risk and the uncertainties as both can damage the organisational safety to a large extent (Becken & Hughey, 2013). VIC government has created a lot of safety regulations which are useful to make the organisation free from risk factors. The main reasons behind making the standards are to create a strong barrier to the organisational risk. Risks can be economical, cyber and natural and all these types of risks require different types of safety precautions (DeAngelo & Stulz, 2015). All the challenges faced by the VIC government are also discussed in the report.   

In this report all the risk factors which bring a bad impact to the organisational safety, are discussed with proper diagram and also the risk management techniques are discussed. To make sure about the security of the public data it is important to make the system more advanced in terms of risk analysis and risk management. Risk management is a new field which is also very important from the point of view of mitigating the threats and risks and also to overcome the risk factors. Public data is important from the safety point of view and so risk management is also important to make sure the security of the information of the system.

Diagram of risks and risk management of VIC government 

Figure: Risk factors and risk management regarding the VIC government regulation

The above diagram gives an idea about the risk analysis and the risk management technique used in several organizations dealing with information technology (Reason, 2016). The risk identification and the risk management methods and regulations are discussed as per the VIC government standards. Risk is considered as the factors which are responsible for making the system vulnerable. The diagram explains all the aspects of the risk factors (Becken & Hughey, 2013). It shows different types of risks with examples and also it determines the level of the risk factors which signifies the possible vulnerabilities caused by a risk factor. The risk factors can be classified in several ways. The first one is on the basis of the place of occurrence of the risk factors. Some risks can occur inside organizations and some risks can occur outside of the organizations. Those risks which take place outside the organization are called the external risk factors and those risks factors which task place inside the organization are called the internal risk factors (Bianco at al., 2017). Now the occurrence of the risk factors is also dependent upon the reasons behind the risk factors. The risk factors can be present due t some natural reasons and accidental reasons. The risk factors can also be present due to some intentional reasons made by human practices (Ferguson et al., 2013). Those risks which are taken place due to the attack of natural reasons are called accidental risks and those risks which are taken intentionally, are called deliberate risk factors. Hacking, intrusion and damages due to viruses and malware are called deliberate risk factors. This risk factor can be very harmful for the organizations (Davies, 2014). In case of internal risk factors there are different types of risk factors. Those risk factors can be of logistic risk factors, corporate risk factors, risk factor related to property management, housing risk factors and also the financial risk factors (Paton et al., 2014). All these risk factors are generated due to the internal activities of the organisation. The main reasons behind the internal risk factors are dependent on the organisational functionality and the motive of the employees. There are also many factors like the organisational productivity and the type of service which the organisation operates (Lawrence et al., 2015). It is important to identify the risk factors which are generated from the organisation. It is also important to find out the reasons behind the risk factors and also the motive of the employees for which some of the internal risk factors are generated. The organisation should be stricter in making the organisational stability and security for stronger bonding of the employees with the organisation. External risk factors are also important and should be tackled with the help of stronger defence mechanism. The external risk factors can be of several types. The external risk factors contain risks related to natural disaster and unwanted technical problems like loss of internet and the loss of electricity. Main issue related to the external risk is the threat of cyber attack. There are many cases found in which hackers have stolen lots of data from the database of several organisations dealing with information technology (Pritchard & PMP, 2014). The external risk factors contain funding, regulatory investment, reputation, risk related to partnership and the environmental changes which can make the functionality of the organisation damaged to different extent based on the level of the risk factors. To overcome all the risk factors and threats the VIC government has created a set of rules, protocols and regulations. Risk management is an important part of the functions related to the precautions taken by the organisations (Lam, 2014). In risk management the main thing is to determine the original problems related to the organisational risk factors and to determine the required solution in order to overcome the risk factors.

Risk Factors and Management Techniques

There are many differences between deliberate and accidental threats. In case of accidental threats the reasons of the threat may be some natural causes and also the reasons behind the accidental threats are uncontrollable (Heazle et al., 2013). The reasons behind the deliberate threats are intentional. In case of the accidental threats no previous option can be taken and also the main problem cannot be overcome. Natural risk factors like earthquake, storms and other natural calamities can damage the organisational database to a greater extent. In case of deliberate threat the risks are created deliberately by human being and also those are created to steal the information from an organisation (Hopkin et al., 2017). The main factors which are responsible for the organisational stability is that the security and reliability of the customers. If the information is lost due to some security breach and data loss then the reliability of people will be damaged to a greater extent.

There are also some similarities between the deliberate threat and the accidental threat. The main similarity is that the accidental threat and deliberate threat both are harmful for the organisation (Howard & Beasley, 2017). Both these threats lead to data loss and the vulnerability of the system of the organisation.

Those threats which are very dangerous for the organisations are given highest priority and thus the organisation also follows several methods for overcoming the risks (McNeil, Frey & Embrechts, 2015). The main advantage of making the system safer is to increase the safety methods to a greater extent. There are several kinds of risk factors which are given different level of measures. In case of hacking and data loss the threats are given highest factor (Howes et al., 2015). The main advantage of making the risk measures is to identify the risks and to take proper actions with respect to that. Other threats like natural calamities are also given high level as the power and the data can be loosed any time which can also create data loss. Some hardware damages are given medium priority with respect to the organisational safety.

It is very important to create the sets of regulations for the organisational safety from the possible risk factors. It is also very important for the VIC government to identify the risk factors and the threats which can damage the organisational safety (Heazle et al., 2013). It is actually very challenging for the VIC government to create a perfect set of standards and regulations which can be helpful in making the organisational system and the database more secure. The main thing is that the risk factors are not only occurred externally but also it occurs internally and that is the main fact of tension in which the organisation faces lots of difficulties. Sometimes the employees of an organisation do not follow the rules which are in fact important in case of making the organisation more secure (Kettl, 2015). As a result the organisation can face lots of difficulties regarding the challenges. The external risk factors can be more vulnerable in case of making the system insecure with respect to the security features. The main reasons behind the risk factors are to be identified properly. Without identifying the organisation’s issues related to the risk factors, it is hard to define the problems associated with the risk factors. In case of internal risk factors there are different types of risk factors. Those risk factors can be of logistic risk factors, corporate risk factors, risk factor related to property management, housing risk factors and also the financial risk factors. All these risk factors are generated due to the internal activities of the organisation (Poniszewska-Mara?da, 2014). The main reasons behind the internal risk factors are dependent on the organisational functionality and the motive of the employees. There are also many factors like the organisational productivity and the type of service which the organisation operates. It is important to identify the risk factors which are generated from the organisation. It is also important to find out the reasons behind the risk factors and also the motive of the employees for which some of the internal risk factors are generated (Reason, 2016). The organisation should be stricter in making the organisational stability and security for stronger bonding of the employees with the organisation. External risk factors are also important and should be tackled with the help of stronger defence mechanism. The external risk factors can be of several types (McNeil, Frey & Embrechts, 2015). The external risk factors contain risks related to natural disaster and unwanted technical problems like loss of internet and the loss of electricity. Main issue related to the external risk is the threat of cyber attack (Tadeusiewicz & Horzyk, 2014). There are many cases found in which hackers have stolen lots of data from the database of several organisations dealing with information technology.

Internal Risk Factors

There are several differences between the risk and uncertainty. The primary difference between the risk and uncertainty is that the risk can be determined previously by several factors but the uncertainty cannot be identified (Kettl et al., 2015). Risk can also be overcome by taking several measures but uncertainties can never be overcome as the time and place of uncertainty are not known to the organisations. Sometimes the uncertainty can create a lot of threat to the main system than that of the risk factors. Uncertainties can come at any time and in form of any level. Another disadvantage in case of uncertainty is that the level of impact cannot be determined by any analysis regarding the uncertainties (Brindley, 2017). In VIC government regulations mainly the standards and protocols are created according to the risk management. In that case the organisations must take several precautions to overcome the damages related to the uncertainties also.

VIC government has created sets of rules and regulations which are important in case of making the organisation more secured. It is already discussed about the risks and the threats which can be harmful for the organisations. The Victorian Protective Data Security framework is the main feature of the regulations which has provided precautions and standard protocols against all the possible risk factors which can be dangerous in terms of making the organisations more secure (Bianco et al., 2017). The primary step of making the organisation more advanced in security is to create the acts and protocols regarding the public information safety and the protective data security. In this case the main features are designed in such a way so that the laws and the regulations can be implemented in a proper way (Cole et L., 2013). The main standards follow some methods to overcome the organisational structure which are important in case of making the organisations more secure and strong (Chance & Brooks, 2015). These standards are created in order to save the four domains which are information, ICT, personnel and the physical security from various risk factors. Every standard contain four protocols which are also implemented with continuous modifications for better response. According to the VIC government standards the information should be taken care of with better responsibility than the official assets. Information security and the ICT security should be given highest priority. There is also a assurance model in the VIC governments sets of standards. This implies the conformation of the security by reflecting to the organisation and the governments. Several importances are given to risk management and the information value. Continuous improvement is an important feature of the VIC government which tells about four key factors and those are plan, do, check and act (Aldunce et al., 2015). With the help of these four factors the risk analysis and management can be more effective in terms of making the system more secure.

External Risk Factors

Conclusion

From the above discussion it is concluded that the risk factors are very important to be analyzed in a correct manner so that the organizations are more advanced with respect to the safety and the security. There are different types of risks and every type of risk has different type of safety level on the basis of the amount of damage it can send to the organization. Risks can be internal or external depending upon the individual or group who are accessing the organizations database. There are also different types of risks like accidental risk and the deliberate risks. The main advantages regarding the accidental and the deliberate risk is that the organization has many chances to recognize the background of the risks so that different measures can be taken. From the VIC government rules and regulations it is also cleared that the standards and the regulations given by the VIC government should be followed with respect to the organizational safety measures. Risk management is a new field which is also very important from the point of view of mitigating the threats and risks and also to overcome the risk factors. Public data is important from the safety point of view and so risk management is also important to make sure the security of the information of the system.

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