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Business continuity from preparedness to recovery. Coursework

Coursework Instructions:

Answer 5 questions 100 words each
1)Frank Taylor is getting ready to carry out a risk analysis for his company. To fully understand the risk to his company, he must first identify the hazards. Describe three ways in which Frank can identify those hazards.
2)Danny Smith's company, River Run Retail, is looking at the different risk treatements that they can utilize. What are the 5 options and describe what each one means.
3)Mitigation is a part of emergency management, and while it is not required by business continuity standards, it is recommended. One of the best ways to do that is through Hierarchy of Controls. List the 5 different controls from most effective to least effective. Describe at least 2 of them in detail.
4)Scott Flack is trying to determine the best exercises for his company to exercise its business continuity plan. Describe 3 of the options he can choose from.
5)Stella Woods, the exercise manager for a metal sheeting company, is trying to explain to her company the difference between exercises and testing (in a BC setting). To help her, explain the difference and give an example of each.

Coursework Sample Content Preview:
Your Name
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December 11, 2020
Business Questions
1 Frank Taylor is getting ready to carry out a risk analysis for his company. To fully understand the risk to his company, he must first identify the hazards. Describe three ways in which Frank can identify those hazards.
1 The three ways that Frank can use to identify the hazards in his company are (1) examination of historical records, (2) complete physical inspection of the organization’s facilities, and (3) the use of outside experts.
The first way to identify the hazards is through the examination of historical records. Simply said, this could be done by looking at previous incidents within the company premises as well as the locality where it is located (i.e., wildfires in Arizona).
The next way for Frank to identify hazards is through the complete physical inspection of the organization’s facilities. Through this, he can identify the vulnerability and the number of risks based on the company’s structure and disaster facilities (i.e., expired fire extinguishers).
Finally, he could just hire an expert that would do all the inspection and risks identification for him.
2 Danny Smith's company, River Run Retail, is looking at the different risk treatments that they can utilize. What are the 5 options and describe what each one means.
2 The five options that they can utilize are; (1) risk avoidance, (2) risk control, (3) risk transfer, (4) risk acceptance or assumption, and (5) risk financing.
Risk avoidance refers to the elimination of pure risk. Risk control refers to reduction of possible risks to an acceptable level through proactive actions that would manage the possible risks. Risk transfer is the mitigation of risks by passing it to a third-party (i.e., insurance) who is willing to accept risk at a certain premium. Risk acceptance or assumption refers to the process of accepting the risks by deeming it as impossible to completely eliminate. Risk funding is the process in which the organization sets up an internal fund in c...
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