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R M 357E Risk Management

Published : 06-Sep,2021  |  Views : 10

Question:

Colisto states:

"Risk management is the process that allows IT managers to balance the operational and economic costs of protective measures and achieve gains in mission capability by protecting the IT systems and data that support their organizational goals."

Search and Discussion

Try a Google Search on IT Risk Management or IT Scorecard.

In your discussion post, make a recommendation about a section of the IT Scorecard (attached) and discuss why it is important for the CIO and other leaders in the organization to keep monitoring this risk measure.

Answer:

Introduction:

The risk management has been the method allowing the managers of IT in balancing the economic and operational costs of the protective measures. This also helps in achieving mission capabilities through securing the systems of IT and the information supporting their goals in organizations (Lam, 2014).

In this study recommendations regarding the given IT scorecard have been done. Its importance is discussed for monitoring the risk measures.

Discussion regarding the recommendations: 

Asking the questions: 

Staying within control has been a relative idea in the current unpredictable world. There have been no organizations that have been risk-free. While presenting the plans and strategies, the management must identify that the future has been uncertain inherently. The unlimited possibilities have been much complicated for anyone in predicting with high accuracy. The managers must display honesty and courage while upgrading the primary stakeholders on the basis of their forecasts (Hopkin, 2017).

Focusing on the business objectives: 

The main objective of every risk management has been to help in realizing the objectives of the organization. The management must emphasize that the aims in turn has been expected to preserve and create values for the primary stakeholders.

Demanding integrated management information: 

The management must demand the integrated reports. This would help in expecting various functions delivering the information for working together. The objective must be to create a shared perspective of the range up to which the objectives of the business could be gained in the last time (Chance & Brooks, 2015).  This also includes the extent to which they have been aimed to achieve in the upcoming times. The management must also insist that the people delivering the data have been using techniques and tools that have been contemporary in analyzing the business data available.

Aligning internal audit with the business:

The main audit executive must be aware regarding the contribution he has been demanding form the inner audit. This would help in realizing the objectives of the company. The manager must include the function of internal audit as the trusted adviser. This would help in establishing the rules of the company (McNeil, Frey & Embrechts, 2015).

Making sure that the rules have been enforceable: 

The leaders of the organization must insist in acquiring clear concept of the house actually executed in their practice. The detailed level regulations has been containing relying upon the features like the certification needs, expectations from the regulators, practices of the industry, maturity of the business process and the philosophy of management. The managers have needed to arrange support for their managers in busy-line while converting the corporate policies to the particular measures of control in the process of their business.

Conclusion:

The activities of risk management must deliver the consistent development of the predictive power of any company. This has been hinging highly over the predictive forecast quality created by the business managers. The following of the above approaches must shift the attention of the managers in measuring the actual results against the factors like budget, planning and so on. Lastly it could be concluded that the best leadership could be done through the investment of the money, effort and time on the risk management.  

References:

Chance, D. M., & Brooks, R. (2015). Introduction to derivatives and risk management. Cengage Learning.

Hopkin, P. (2017). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.

Lam, J. (2014). Enterprise risk management: from incentives to controls. John Wiley & Sons.

McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative risk management: Concepts, techniques and tools. Princeton university press.

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