Risk Assessment focal points
As per the given scenario, the three to five focal points that risk assessment strategy should cover when an emergency occurs. The first point is detecting risks, which may be achieved in various ways, the most frequent of which is going around the office to monitor any activities, procedures, or materials that may hurt or harm personnel. The second pointÂ is to determine who might be affected and how. Identifying who may be at risk at the job involves total- and part-time employees, contract employees, tourists, customers, and other members of the public. The third point is to assess the risks and choose control strategies (riskassessor, 2019). Once a company or individual has recognized hazards, The apparent next step is to eliminate any potential effects; but, if this is not practicable, some control measures must be implemented. The fourth point is to go over the risk assessment again. Since the last evaluation, new equipment, chemicals, or tasks may have been added.
Risk Assessment Framework
COBIT risk assessment framework is used in the given scenario. There are many reasons for employing this framework. The first reasonÂ is that it allows for safe and effective risk management and governance. The second rationale for using this framework is that it gives high-level direction on how to detect, analyze, and respond to risks using COBIT’s fundamental risk-management procedures and risk scenarios. The third reason is that it incorporates different risk practices throughout the framework and references a variety of globally recognized risk frameworks (Violino, 2010).
The four risks that pandemic impacting the Hintel Company are:
Â·Â Health-Related Stress Factors (HRSFs):Â This category includes the fear of contracting COVID-19 and spreading it to others. These stresses reflected how concerned employees were regarding their health and the well-being of people near them.
Â·Â Work-Related Stress Factors (WRSFs):Â It contains five items, including the dread of losing one’s employment. For a long time, I was afraid of working from home.” This category is significant because it indicates the primary work-related anxieties that workers experienced during the epidemic and which caused them stress (Popa et al., 2022).
Â·Â Mental Well-Being (MWB).Â This construct focused on determining the mental or psychological experiences of persons who worked during the COVID-19 outbreak. This group includes seven items, such as “feeling apprehensive,” “feeling despairing,” and “feeling irritated or irritable.”
Â·Â General Work Performance (GWP):Â This item was selected not only because it may be used to measure the general performance of workers, irrespective of the specifics of the business, but because it is commonly utilized in this regard.
Â·Â Physical Well-Being (PWB).Â This construct includes seven items that indicate the extent to which staff perceived various situations that harmed their physical well-being (Popa et al., 2022). The three specific features were included in the study: Feeling fatigued or having low energy, sore muscles, fever or cold symptoms, trouble sleeping, and headaches.
Popa, I., È˜tefan, S. C., Olariu, A. A., Popa, È˜. C., & Popa, C. F. (2022). Modelling the COVID-19 pandemic effects on employeesâ€™ health and performance: A PLS-SEM mediation approach.Â Â International Journal of Environmental Research and Public Health,Â Â 19(3), 1â€“17. https://doi.org/10.3390/ijerph19031865
riskassessor. (2019, September 12).Â Â Risk Assessor: The five steps to risk assessment explained. Www.riskassessor.net. https://www.riskassessor.net/news/detail/five-steps-to-risk-assessment
Violino, B. (2010, May 3).Â Â IT risk assessment frameworks: Real-world experience. CSO Online. https://www.csoonline.com/article/2125140/it-risk-assessment-frameworks-real-world-experience.html
Edited byÂ Â Venkata Anand K MalempatiÂ Â on Sep 7 at 11:15pm
Focal points of risk assessment strategy:
1.Â impact of the virus to production and revenue-Â This business works to generate revenue and the production is what drives that. The strategy needs to focus on the impact of this event to these sections since they determine the ability for the business to exist.
2.Â impact of the virus to workers-Â The business is not autonomous and needs employees to produce the product. Since this event is a health threat to the employees, then focusing on how it is affecting them is a top priority.
3.Â Communication and updating the assessment:Â Since this event is novel, then the predictability is uncertain. The assessment needs to be able to be updated and communicated to employees, and customers in a timely manner. Communication is one of the most important intangible assets to any business.
Risk Assessment Framework:
I would employ the NIST RMF framework because it is an easy step by step framework that could be applied to this situation in a straightforward process. The RMF clearly requires the maintaining of the assessment, which is important to this event since things will need to be actively monitored. Lastly, it ensures that magnitude of impact is reviewed which is extremely important since the current calculation is that we are losing $75 million per day that the event is happening.
Other sources of impact:
1.Â negative brand name recognition-Â Since one of the factories was in the originating location of the virus, China, customers may have a negative response to purchasing our products
2.Â loss of employees-Â Since the virus affects the health of our employees, it may result in a loss of employees from passing away and from quitting due to their own safety.
3.Â workflow-Â Even if the virus does not lead to a loss in employees, it will affect their ability to work. This impact can have various effects that should be monitored and assessed.
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