Week 3 Assignment: Developing a Comprehensive Risk Management Strategy for a Global Supply Chain and IoT-Enabled Manufacturing Environment

Assignment Overview:In today’s interconnected world, organizations must tackle risks from both internal vulnerabilities and external threats simultaneously. This assignment will challenge you to design a comprehensive risk management strategy for a global manufacturing organization that uses Internet of Things (IoT) devices in its production processes. Your goal is to create a strategy that enhances organizational resilience by effectively managing risks across both the supply chain and the industrial control systems (ICS) within the manufacturing environment. You will explore how to protect against both external risks (from third-party vendors and supply chain partners) and internal vulnerabilities (related to IoT-enabled systems).

Assignment Requirements:

1. Third-Party Risk Management Strategy: Strengthening the Supply Chain

• Assessing External Risks:
  • Identify key risks associated with external vendors and supply chain partners, particularly when dealing with sensitive data and industrial IoT devices.
  • Discuss how the organization can assess these risks, including initial evaluations and ongoing risk assessments.
• Mitigation Strategies:
  • Propose specific strategies to manage and mitigate third-party risks, such as:
    • Contractual safeguards (e.g., data protection clauses, compliance requirements).
    • Continuous monitoring of third-party vendors to ensure they are adhering to security and operational standards.
  • Think about how to balance risk exposure with the need for business partnerships.

2. Industrial Control Systems (ICS) Risk Analysis: Securing the Manufacturing Environment

• Primary Risks in Manufacturing & IoT Systems:
  • Identify key risks associated with manufacturing systems that rely on IoT and industrial control systems (ICS). Consider threats such as cyberattacks, unauthorized access, or equipment malfunctions.
  • Highlight vulnerabilities specific to IoT-enabled industrial devices and explain how these devices can be both a benefit and a risk to the organization’s cybersecurity.
• Securing ICS:
  • Propose strategies to secure these critical systems, including:
    • Technical Controls: E.g., firewalls, intrusion detection systems, secure network configurations.
    • Administrative Controls: E.g., user access controls, regular training for staff, or incident response planning.
  • Tailor these strategies to the unique needs of industrial environments where downtime can have major consequences.

3. Integrated Risk Management Framework: Combining External & Internal Protections

• Connecting Third-Party & ICS Risk Management:
  • Create a diagram or flowchart that illustrates how third-party risk management processes can be integrated with internal risk management strategies for industrial control systems.
  • Show the relationship between monitoring and managing external supply chain risks and securing internal manufacturing systems. Highlight how both must work in tandem for comprehensive organizational protection.
• Implementation Roadmap:
  • Develop an implementation roadmap that outlines:
    • The steps required to deploy the risk management strategy.
    • Key timelines and milestones.
    • Responsibilities for teams involved in implementing the strategy.
  • Ensure your roadmap emphasizes coordination between teams handling external vendor risks and those securing internal IoT systems.

4. Submission Guidelines:

• Written Report (2-3 pages):
  • Provide a detailed, well-organized report that discusses your risk management strategy, including your third-party risk management plan and the ICS security strategies.
  • APA Format: Include 2-3 scholarly references from 2012-2022. Properly cite sources both in-text and in the reference list.
  • Ensure the report is clear, concise, and professional, with proper grammar, spelling, and formatting.
• Visual Aids:
  • Submit a diagram/flowchart that clearly represents the integration between third-party risk management and industrial control systems security.

5. Additional Considerations:

• Real-World Relevance: This project simulates the real-world challenge of integrating external vendor risk management with internal cybersecurity practices, essential for protecting manufacturing environments in the digital age.
• Practical Solutions: Think about practical and scalable solutions that organizations can realistically implement to manage both third-party and ICS-related risks.
• Emerging Threats: Consider the increasing risks associated with IoT vulnerabilities and how connected devices in manufacturing environments can be protected through layered defenses.

Submission Instructions:

• Submit your report and visual aids via the assignment portal.
• Plagiarism Check: Use the plagiarism checker to ensure originality before final submission. You can revise your report as many times as needed.

Grading & Evaluation Criteria:

• Third-Party Risk Management Strategy (30%): Completeness and clarity in outlining how external risks are assessed, monitored, and mitigated.
• ICS Risk Analysis & Security Strategy (30%): Effectiveness in identifying ICS risks and proposing appropriate solutions for securing industrial systems.
• Integrated Framework (20%): Quality and clarity of the diagram/flowchart illustrating how external and internal risk management strategies work together.
• Implementation Roadmap (10%): Realism and detail in the proposed steps, timelines, and responsibilities.
• Presentation & Professionalism (10%): Quality of the report, organization, APA citations, and overall professionalism