2202AFE Risk Management And Insurance

Introduction

The purpose of this risk management plan is to assist the company, Heath Network Inc., to get rid of its archaic management plan in order to combat market threats. The objective behind reconsidering the management policy is to treat existing risks and recognise new threats. Additionally, it will provide strategic solutions to mitigate them.

Scope

This plan can be applied to any fictitious organisations dealing with health services, who are struggling to fight against market threats and looking for a better management to recover from ongoing crisis.

Compliance laws and regulations

As understood from the scenario, products are related to IT infrastructure and carries high risk in terms of privacy (Webb et al., 2014). Web contents of a particular organization must be in safe hands and for that, a company must comply with privacy policies.  A company needs a secured IT infrastructure not only to comply with legislation yet these are important in order to maintain company reputation.

• IT security rules improves the infrastructure of corporate security in terms of keeping the patients’ information and business data private.
  
  
• Considering the frequent loss of important business data regarding sales, monetary exchange from the system, developed security measures prevent online threats of spams.
  
  
• Improved security policy and infrastructure is the reason why customers trust an organization with their personal data (Zhang et al., 2015).
  
  
• The control over entire system increases and the cases of employees’ mistakes or practice of stealing company property can be reduced.
  
  
• General data protection regulation has been structured to protect the rights of citizens of EU from online breaches. It can be applied to every organization dealing with personal information of citizens even if it is not located at EU (Maldoff, 2017).
  
  
• As described in Chowdhury et al., (2013), Health insurance portability and accountability act secures several rights of patients availing healthcare services and sharing personal data with companies like Heath Network Inc.

Roles and responsibilities

• The risk manager with additional help from senior management team and executives jointly develop and maintain methodology to identify financial expenditure caused due to the loss of data and electronic devices.
  
  
• With the help of commercial insurance policies, RM can think of internal savings and reducing the operational costs.
  
  
• Risk management and insurance budgets must be prepared after analysing all the potential threats, so that the amount can be claimed.
  
  
• Operating procedures must be evaluated to measure risks before entering into any new projects.
  
  
• The management team must assist by providing necessary information to look after the lose or potential sectors carrying threats.
  
  
• Supervisors may follow strict routine of monitoring operations to avoid such situation and can arrange occasional meetings and training sessions on risk management.

Risk mitigation plan

Loss of company data due to theft issues of hardware, company owned mobile phones and laptops are major issues. Company resources are being spent due to the lack of proper security measures. Revised risk management plan will claim the amount from the penalised employee of outsider as well as legal steps will be taken. Although, natural disasters cannot be controlled; change management plan needs to be implemented without bothering customers’ interest as company’s profitability depends on their satisfaction. Internet threats can be avoided with application of it security regulations like HIPPA and GDPR.

References

Chowdhury, O., Gampe, A., Niu, J., von Ronne, J., Bennatt, J., Datta, A., ... & Winsborough, W. H. (2013, June). Privacy promises that can be kept: a policy analysis method with application to the HIPAA privacy rule. In Proceedings of the 18th ACM symposium on Access control models and technologies (pp. 3-14). ACM.

Maldoff, G. (2017). The risk-based approach in the GDPR: interpretation and implications. IAPP https://iapp. org/media/pdf/resource_center/GDPR_Study_Maldoff. pdf. Accessed, 12.

Webb, J., Ahmad, A., Maynard, S. B., & Shanks, G. (2014). A situation awareness model for information security risk management. Computers & security, 44, 1-15.

Zhang, H., Chen, G., Ooi, B. C., Tan, K. L., & Zhang, M. (2015). In-memory big data management and processing: A survey. IEEE Transactions on Knowledge and Data Engineering, 27(7), 1920-1948.