a Cybersecurity expert has determined ICS vulnerability would destroy 50 percent of the process asset that is valued $10,000,000. The vulnerability has the projected occurrence of once every 4 years. The mitigation control for the ICS vulnerability is $5,500,000 with annual maintenance cost of $300,000. What is your recommended way forward in addressing the vulnerability?
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- CEO John Spychalski is concerned about a problem that has existed at CBN railroad for almost 20 years now. The continuous problem has been that the locomotives used by the company are not very reliable. Even with prior decisions to resolve the problem, there still has not been a change in the reliability of these locomotives. Between 2013 and 2014, 155 new locomotives were purchased and one of CBN's repair shops was reno- vated. The renovated shop has been very inefficient. Spychalski estimated that the shop would complete 300 overhauls on a yearly basis, but instead it has only managed to com- plete an average of 160 overhauls per year. The company has also been doing a poor job servicing customers (that is, providing equipment). CBN has averaged only 87 to 88 percent equipment availability, compared to other railroads with availability figures greater than 90 percent. Increased business in the rail industry has been a reason for trying to reduce the time used for repairing the…Explain the principles and work processes in ISO 30001/31000 in minimizing business risk!The company "Best Manufacturers Ltd" is applying a typical Failure Mode and Effect Analysis. For a specific failure mode, the value for "Severity" is equal to 6, the value for "Occurrence" is equal to 4 and the value for "Detection" is equal to 6, respectively. If the policy of the company is to take a further action for all failure modes with a Risk Priority Number (RPN) greater than or equal to 144, what should the company do with the aforesaid failure mode: Revisit the specific failure mode and re-calculate the RPN. Take further action because the value for RPN is above the threshold imposed by the company. Take further action because the value for Severity is life-threatening. Take further action because the value for Detection is life-threatening. Take further action because the value for Occurrence is life-threatening. Take NO further action because the RPN is NOT above the threshold imposed by the company.
- The company "Best Manufacturers Ltd" is applying a typical Failure Mode and Effect Analysis. For a specific failure mode, the value for "Severity" is equal to 8, the value for "Occurrence" is equal to 2 and the value for "Detection" is equal to 6, respectively. If the policy of the company is to take a further action for all failure modes with a Risk Priority Number (RPN) greater than or equal to 96, what should the company do with the aforesaid failure mode: Take NO further action because the RPN is NOT above the threshold imposed by the company. Take further action because the value for Severity is life-threatening. Take further action because the value for Occurrence is life-threatening. Take further action because the value for Detection is life-threatening. Take further action because the value for RPN is above the threshold imposed by the company. Revisit the specific failure mode and re-calculate the RPN.Aurora Electronics has received a large number of customer complaints and returns for a DVD player that it manufactures. When a DVD is inserted into the loading mechanism, it can become stuck and difficult to remove. Consumers will attempt to pull out the DVD drawer with their fingers or pry it open with an object such as a knife, pencil, or screwdriver, frequently damaging the DVD or injuring themselves. What are the various costs of poor quality and quality assurance that may be associated with this quality issue?The COSO ERM framework presents eight interrelated components of riskmanagement: 1. the internal environment (the tone of the organization),2. objective-setting,3. event identification,4. risk assessment,5. risk response, 6. control activities,7. information and communications, and8. monitoring. Write brief notes on each of the COSO ERM framework relating it to ISO 31000, whereappropriate
- What type of risk does sensitivity analysis address?the Cardiac Resynchronization Therapies (CRT) business unit within Medtronic creating value for; and what value are they creating for them? The CRT business unit’s mission is to transform the lives of people with heart failure by providing reliable, life-saving devices. But beyond the patient, who else is the business unit creating value for and what do those groups value? WHO IS THE CRT BUSINESS UNIT CREATING VALUE FOR? WHAT DOES EACH OF THOSE GROUPS VALUE?The remaining part of the case and question below : Fortunately, shipboard emergencies are infrequent, but when they do occur they are problematic. For instance, the Costa Concordia hit a rock and sank off Italy, causing32 people to die. A generator fire on the Carnival Triumph stranded 4000 passengers for four days. Sporadically, viruses causing diarrhea and vomiting strike cruise ships, causingCarnival to take an infected ship out of service to eradicate all traces of the virus by sanitizing virtually every object on board.Although these incidents are costly, the cruise industry has a fatality rate three times better than airlines. Economic Issues Spending for a cruise is generally considered discretionary. During recessions, people are more apt to take shorter cruises and to embark from nearby ports rather than flying to faraway points of departure. Interestingly, however, in comparison with other segments of the tourist industry, cruise lines have fared well during economic…
- Which of the following best defines risk management? * A physical feature or operational attribute that renders an entity, asset, system, network, or geographic area open to exploitation or susceptible to a given hazard. The management of the consequence of something happening, described in either quantitative terms of probability or frequency. The potential for an unwanted outcome resulting from an incident, event, or occurrence, as determined by its likelihood and the associated consequences. A process of identifying the potential for an unwanted outcome, determining what to do about it from among the available alternatives, and then doing it.Differentiate between a hazard, a risk, an accident and a near miss.Name at least five hazards that you can identify in the Mechanical Workshop of the Mechanical Engineering Department, Faculty of Engineering, SUIT.What sort of safety training, first-aid requirement, and emergency procedures would you recommend in order to ensure the safety of students, faculty, staff and university assets?CEO John Spychalski is concerned about a problem that has existed at CBN railroad for almost 20 years now. The continuous problem has been that the locomotives used by the company are not very reliable. Even with prior decisions to resolve the problem, there still has not been a change in the reliability of these locomotives. Between 2015 and 2016, 155 new locomotives were purchased and one of CBN’s repair shops was renovated. The renovated shop has been very inefficient. Spychalski estimated that the shop would complete 300 overhauls on a yearly basis, but instead it has only managed to complete an average of160 overhauls per year.The company has also been doing a poor job servicing customers (that is, providing equipment). CBN has averaged only 87–88 percent equipment availability, compared to other railroads with availability figures greater than 90 percent. Increased business in the rail industry has been a reason for trying to reduce the time used for repairing the locomotives.…