Assignment Answers : Business Research Marketing HI6032

Assignment Answers : Business Research Marketing HI6032

1
IT RISK MANAGEMENT FOR BUSINESS
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Instructor name
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IT RISK MANAGEMEN …

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1
IT RISK MANAGEMENT FOR BUSINESS
Student name
Instructor name
Course number
Date submitted
IT RISK MANAGEMENT FOR BUSINESS 2
1. INTRODUCTION
Technological advancements are a landmark development in the 21 st century. Many
business operations are largely dependent on technological systems for daily operations.
Although the application of current technology in business operation has boosted efficiency
in terms of costs and effectively delivery as well as custom er service, installation of modern
systems comes with relevant costs. Comparatively, the costs incurred favourably compare to
the benefits accrued. However much effort is put towards attempts at efficiency, such systems
are still susceptible to faults and weaknesses at various levels. This susceptibility heightens
the var ious risks that the business may have to face from time to time . In order to mitigate the
known possible risks, as well as other unforeseen risks, information systems play a pivotal
role. S ystems installation should therefore consider the possibility of such risks, and portend
the ability to effectively counter them. The current global society is mainly net economy
based. The risk apparition is a phenomenon that is hardly avoidable in any do main .
Information systems must be robust enough to combat these risks so that in the event that
such risks are actualized through exploitation of system faults, the response should be rapid
and capable of mitigating these risks regardless of the strength t hat they come with. The
response should be apt enough to avoid extreme effect on the system that is made vulnerable
at that very point of attack. This paper mainly reflects on Information systems for risk
management in business. According to Aziz and Dowli ng (2019, pp 34 (5) ), an information
system that manages risk is considered one of the integrated computer -based information
systems that are mainly used for aggregating data and for helping the decision -makers f or
evaluating the business risk so as to for mulate an effective response.
2. Research aim
The main aim of the research is to evaluate the need for an information system for managing
the risks that occur during the business. Taking into consideration the unending risks in
businesses, it is imperative to find permanent solution to management those risk. As earlier
mentioned, information system act as pivot solution to managing business risks. It is
therefore the main focus of this research to critically analyse the need for an information
system for managing the risks that occur during the business .
3. Research objectives
The objectives are as follows:
IT RISK MANAGEMENT FOR BUSINESS 3
ï‚· To evaluate the significance of using an information system in business for risk
management
ï‚· To identify the reason behind the use of information systems for risk management in
business
4. Research questions
The research questions are as follows:
ï‚· Why are information systems needed for risk management in business?
ï‚· What are the bene fits of using an information system in business for risk management?
5. Literature review
According to Leo, Sharma and Maddulety (2019, pp. 29 (3) ), whatever gets measured
gets managed, and this old saying is true in the case of risk management as importa nt data
related to risk is often identified to be scattered at various places within the organization and
therefore, there is a requirement for an information system which can serve as an important
and integrated platform where information related risk is properly maintained. It is stated by
Meechang et al. (2020, pp 111(5) ) that a risk management system is generally designed
depending on the risk policy of the organization, and it further helps in providing a proper
dashboard wherein the risk position of t he company can be known at different times.
Additionally, a proper risk management information system is mainly capable of collecting
various types of data automatically.
In the technical report, Clusif, (2009) described information risks definition starting
from a detailed classification into two c ategories. The first category of the risk definition is
under the conception of ‘threats’ and ‘vulnerability’ , here risks on ‘scenario method’, are
determined under circumstances of damage that can possib ly occur and the condition under
which this risks are produced. The second category is based on the notion of ‘likelihood’ and
‘impact’ . Likelihood describe the possibility of the threat occurring against the vulnerability,
on the other hand, impact refer s to the consequences faced as a result of the threat. Impact
can be best defined in terms of confidentiality, integrity and availability. Similarly, Kouns
and Minoli, (2011, pp 33(4)) defined IT risk as a quantitative dimension of possible damage
that are caused by vulnerability, threat and events affecting the IT system in the business
organizations.
IT RISK MANAGEMENT FOR BUSINESS 4
It is opined by ( Aziz and Dowling (2019, pp 34 (5) ) that companies use risk
management information systems as they are mainly equipped to collect various ty pes of data
for generating reports in different formats that are mainly specified by the government. This
is the reason they are generally identified to be very much valuable by most organizations.
The inability of maintaining the data and distribute them in a timely manner can generally
lead to fines as well as lawsuits. Furthermore, the risk management information system helps
in bringing automation to different risk management practices .
6. Research methodology
This part of the research describes the re search method used in undertaking the study.
When making a decision on what research design to use, it is imperative to keep the focus on
the research study . They are various research methodology that can be used to evaluate
research studies, however, it takes time and resource to decide on the suitable methodology to
use on certain studies. This research will use the qualitative research method in order to
collect information about the use of information for managing the risks of the business. The
reason to use this technique is due to the main focus to obtain general information on the
identification of relationship and patterns as well constructs and concepts. The crucial benefit
of qualitative research is the ability to obtain data from a large sample s ize hence allowing a
better general information. The researcher will review a number of research papers as well as
journal articles in order to collect information related to the research.
7. Analysis and result
The information and data that are collecte d using the secondary data collection
method are analysed in order to identify the significance of information systems for risk
management in business. After a successful collection of data, the data is being analysed and
interpreted to give reasonable and relevant results. Effective software and critical analysis
have to be done in order to deliver quality results on a research. The results are focused on
answering the research questions that are; why are information systems needed for risk
management in b usiness? And what are the benefits of using an information system in
business for risk management?
From the observation made, information system plays an essential role in managing
risks in business. As a results of the technological advancement, it is im perative that business
adopt the use of information system in managing risks rather than relying on old methods.
IT RISK MANAGEMENT FOR BUSINESS 5
Using information system in business is beneficial in that; it help business owners assess the
risks before t occurrence and provides a suitabl e way of managing it.
8. Timeline
The timeline that is prepared below helps in showcasing the activities that are needed
for undertaking the research successfully.
Week 1 Week 2 Week 3 Week 4 Week 5
Determining issue
Identifying research
objectives and
research questions
Literature review
Using qualitative
method
Data analysis
Conclusion
In conclusion, the effort to manage business risks requires a sophisticated information
system. Information system has proof its reliability and usefulness in helping businesses cope
with risks. Although the application of current technology in business operation has boosted
efficiency in terms of costs and effectively delivery as well as customer se rvice, installation
of modern systems comes with relevant costs. However the benefit yield from the system can
overdraw the cost if effectively installed. The current global society is mainly net economy
based. The risk apparition is a phenomenon that is h ardly avoidable in any domain.
Information systems must be robust enough to combat these risks so that in the event that
such risks are actualized through exploitation of system faults, the response should be rapid
and capable of mitigating these risks reg ardless of the strength that they come with.
IT RISK MANAGEMENT FOR BUSINESS 6
References
Aziz, S. and Dowling, M., 2019. Machine learning and AI for risk management.
In Disrupting finance (pp. 33 -50). Palgrave Pivot, Cham,
https://library.oapen.org/bitstream/handle/20.500.12657/23126/1007030.pdf?sequence=1#pa
ge=54
Jain, P., Pasman, H.J. and Mannan, M.S., 2020. Proc ess system resilience: from risk
management to business continuity and sustainability. International Journal of Business
Continuity and Risk Management , 10 (1), pp.47 -66,
https://www.inderscienceonline.com/doi/pdf/10.1504/IJBCRM.2020.105615
Kouns, J. and Minoli, D., 2011. Information technology risk management in enterprise
environments: A review of industry practices and a practical guide to risk management teams.
Leo, M., Sharma, S. and Maddulety, K., 2019. Machine learning in banking risk
management: A literature review. Risks , 7(1), p.29, https://www.mdpi.com/2227 -9091/7/1/29
Meechang, K., Leelawat, N., Tang, J., Koda ka, A. and Chintanapakdee, C., 2020. The
acceptance of using information technology for disaster risk management: A systematic
review. Engineering Journal , 24 (4), pp.111 -132,
https://engj.org/index.php/ej/article/view/3641/983

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