Quantitative Risk Analysis

In your final meeting with the CIO, she asks that you complete and present a risk analysis on outsourcing the critical IT function chosen in Week 4. Your risk analysis should include quantitative and qualitative risks, a risk response plan, and a risk monitoring plan in a briefing paper.Part 1Complete the following spreadsheets using the Risk Register Template:Risk IdentificationRisk AnalysisExplain techniques for quantitative risk analysis for selected critical IT function.Explain techniques for qualitative risk analysis for selected critical IT function.Risk ResponseAnalyze techniques for risk response planning for selected critical IT function.Risk MonitoringAnalyze techniques for risk monitoring planning for selected critical IT function.Part 2Write a 700- to 1,050-word paper to discuss the importance of regulatory requirements, security and privacy laws, and monitoring compliance. Your paper should:Explain the major regulatory requirements that have a direct effect on IT in a healthcare organization when outsourcing the identified IT function.Explain how security and privacy laws affect the design and operation of the outsourced IT function.Explain the role of IT in monitoring compliance with the organization’s risk management policies and plans when outsourcing the identified IT function.Cite at least 3 reputable references. One reference must be your textbook, Managing Risk in Information Systems. Reputable references include trade or industry publications, government or agency websites, scholarly works, or other sources of similar quality.