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IT Risk Management Name of the University Author's note

   

Added on  2020-04-07

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Running head: IT RISK MANAGEMENTIT Risk ManagementName of the StudentName of the UniversityAuthor’s note
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1IT RISK MANAGEMENTExecutive SummaryThe report has been developed for Aztek as they are going to adopt the IT services tofacilitate their company's objectives and also to outsource their services to a third partycompany. The advantages and disadvantages, the financial risks have been highlighted in thereport, along with that the financial risks have been discussed. The threats and thevulnerabilities have been showcased in the report as well. The security measures that Aztekmust adopt to mitigate the risks have been elaborated in the report as well. The securebusiness operations can assist Aztek as well as their stakeholders and investors.
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2IT RISK MANAGEMENTTable of ContentsIntroduction................................................................................................................................3Review in regards to the financial services................................................................................3Government regulations.............................................................................................................5Best practices.............................................................................................................................6Review of project along with the current security measures.....................................................6Analysing threats, vulnerabilities and the final outcome...........................................................7Control measures to mitigate the threats associated with Aztek..............................................13References................................................................................................................................17
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3IT RISK MANAGEMENTIntroductionAztek is going to adopt the IT services to embellish their company’s objectives andalso to outsource their services to a third party company and they can be highly benefittedfrom the cloud technology (Wu & Olson, 2015).The report will highlight the threats and the vulnerabilities involved with the system.The report will also showcase the security measures by which they can carry on theirbusiness activities in a well-secured manner.Review in regards to the financial servicesThe risks correlated with the financial sector are-The systematic risksThe systematic risks are the risks in which individual has no control over. The risksoccur due to the external factors are influenced by external factors like war, political factorswhose effect cannot be controlled by any enterprise or any organisation or any industry.Thesystematic risks also get affected by the interest rates and the recession (McNeil, Frey &Embrechts, 2015). They can be divided into the following categories- Interest rate, risk,market risk and the purchasing power risk. Here in this risk none have clue.The Unsystematic risksThe risks can be well controlled. The individuals or any organisations can control andmanage the risks. The risks are within one's range and can be mitigated by simple means. Thetypes of risks that fall under unsystematic risk are a financial risk factor, liquidity risk andoperational risks (Lam, 2014). The effect is malignant compared to the systematic risk.Relevant risk
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4IT RISK MANAGEMENTThe systematic risk falls under the relevant risk. The relevant risks are those risks which canbe detected, the risks which can be analysed, the risks which can be controlled. The relevantrisks are systematic risks and not he unsystematic risks where individuals or nay enterpriseshave no control over (Chance & Brooks, 2015). The key risks which fall under the categoryare the operational risk, legal risk, regulatory risk and solvency risk.Strategic riskThe strategic risks get erupted in the organisation due to improper decision-makingand wrong strategy due to which a project fails. The risks also state that the managementteam has failed to come up with the changes. This risk can affect the growth of theorganisation.Market riskThe market risks are the risks which get erupted due to the abnormal price rise of anycommodity or any resources. The price rise affects the company, affects the finance sectionof the company (Chance & Brooks, 2015). The market risk is correlated with the financialmarket risk, interest rate risk and the equity risk. Credit riskThe credit risks occur when the borrower fails to pay the loan they have taken. Thelender should have taken the responsibility to judge whether the borrower is capable to repaythe loan with interest or not, if not judged properly the risk gets erupted. The credit risksoccur when the money lender lose the whole money or the whole principle. The legal compliance of all the countries are more or less same and Australia is noexception. Aztek must abide by the legal compliance as this can benefit them in the long run,this can assist them to take the best decision so that they can run the business activities
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5IT RISK MANAGEMENTsmoothly and fast. The external risk can be fatal for any organisation or to an industry that iswhy the unsystematic risk must be deal with patience (Chance & Brooks, 2015). The externalrisks can cause a devastating effect to Aztek and the can increase the risks.Aztek’s internal risks are-The communication technique procedureThe transparent techniques follow throughIn this case, Aztek must develop certain strategies to meet their business goals, haveto adopt certain strategies so that Aztek can execute the projects comfortably without anyrisks. Aztek must take the initiative to educate their employees and if the employees have thesound knowledge on the threats and the vulnerabilities and the security measures then theycan serve the customers well and with much ease (Bromiley et al., 2015. They can well adeptwith the cloud technology and the IT services quite well. This can enhance their businessactivities and market share as a whole.Government regulationsThe federal body of each and every country apply certain rules, certain policies andby following those rules and the policies the organisations the enterprises can work fast withmore productivity. Similarly, Aztek following the rules and the policies made by Australiacan embellish their business activities as a whole. This can help to conduct the businesseffectively as well as ethically (Sadgrove, 2016). Thus Aztek management team should actproactively and must follow the rules accordingly as that can provide them with the businessbenefits. The factors on which the authorities must focus on-
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