Businesses or companies should define measures that enable their critical functions to recovery their normal operation state with few hours of disruption and backup system starting operations immediately after an incident occurs (Clark, 2016). The following procedures will ensure that the financial institutions return to normal operations about two hours after a disruption.
Incident management is categorized into four main categories. The first category is the malfunction, a low-level incident, which occurs when processes experience a temporary outage of processes with little or no damage. The second category is an emergency that possesses potential immediate risks and financial loss (Clark, 2016). The third category is a crisis that leads to dangerous and unstable conditions with little controllability, unpredictable outcome, harm, and uncertainty (Allen & Derr, 2016). The fourth category is called disaster which is a special crisis where the disruption not only affected the institution but also the community surrounding ort depending on the company is affected (Xin et al., 2019).
Lastly, exceeded risk tolerance procedure (ERT) will be used when the institution encounters a disaster exceeding its risk tolerance threshold.
Allen, G., & Derr, R. (2016). Threat assessment and risk analysis: An applied approach.
Xin, M., & Choudhary, V. (April 01, 2019).
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