Project Management in Information Technology
Added on 2021-06-16
11 Pages2620 Words63 Views
Running head: PROJECT MANAGEMENT IN INFORMATION TECHNOLOGYProject Management in Information Technology: Project Risk Management inBanking IndustryName of the student:Name of the University:
1PROJECT MANAGEMENT IN INFORMATION TECHNOLOGYExecutive SummaryThis research report is focused on the roles and facilities offered by the riskmanagement software. Among different software the most suitable software for thebanking industry is being identified in the report based on the considered criteria. Thesubscription cost and other features of the risk management software are alsoelaborated in this paper.
2PROJECT MANAGEMENT IN INFORMATION TECHNOLOGY1. IntroductionThis research report depicts the roles and commitments proposed by differentrisk management software for managing various industrial risks. Based on the type ofthe project and the industrial requirements the most suitable risk management softwareis needed to be adopted by the project heads and the project team members. Theprocess of risk management is also defined as a logical development andimplementation of a crucial plan used for mitigating potential losses or uncertainty. In order to avoid risks, protect the valuable assets and industrial exposures theprocess of risk management is used by the project executives. For this specific reportthe risk management program is strictly focused on banking industry. The bankingindustry operates two different sectors and units such as deficit unit and surplus unit.Both of these units are economic units and preferred by the project heads during fundtransactions. Three various risk management software are nominated for representingthis report their advantages and disadvantages are also elaborated along with costbenefit analysis and evaluation matrix. The analysis resultants gained from thisresearch are illustrated in details in the report. 1.1 AimThe aim of this research report is to identify some risk management software thatare generally used in the banking industry for secured data and fund transmission. Inorder to identify the most suitable software for the banking industry the detailsoperational and functional advantages and disadvantages of three of the software areelaborated in this report. After investigating their service capacity in terms of cost benefitanalysis, evaluation matrix the most suitable software will be identified. 1.2 Significance identification Basically for the project based management system the application of riskmanagement software are done for highlighting its influence in a successful informationSystem. The general process of risk management is comprises of five steps in terms ofidentification of risk, Risk analysis, prioritization of risks, risk monitoring and risk closure(Winarso and Salim 2017). Before the expected system flow gets interrupted the projectexecutives should consider the possible risk sets that may occur in the banking sectorand those should be analyzed and prioritized or ranked based on their complexity.Based on complexity proper risk mitigation strategies are also needed to be evolved bythe project managers. However in this new era of technology certain risk managementsoftware are being implemented and those are used in practical industry. Thespecification of some of this risk management software is elaborated in this researchreport. 1.3 Profit form risk management Helps to expand the risk management process in details through analyticalmodelsNew regulatory landscape can be understood
3PROJECT MANAGEMENT IN INFORMATION TECHNOLOGYBehavioral risk assessment become easier for governance mechanism2. Available risk management software Different types of risk management software are available in the competitivemarket but due to their varied functional abilities different industries use different riskmanagement software (Ippolito, Peydró Polo and Sette 2016). Some of these riskmanagement software are as follows:OneSoft ConnectDiligent BoardsBlueprint OneWorls MasterControl Risk Analysis Isometrix ProcessGene GRC software SuiteAirsWeb Risk Assessment2.1 Chosen software for evaluation For this specific research report chosen different three software systems arementioned below along with their details operational and functional capabilities: 2.1.1 OneSoft ConnectThe OneSoft Connect risk management software is founded in 2014,headquarter in United States. The business level risks can be easily managed and alsothe day to day issues can be completely resolved with the application of this software.2.1.2 Isometrix The IsoMwtrix software is founded in the year of 2002, in South Africa. Thestarting price of this risk management software is $34,000.00 and can be deployed incloud based SaaS and Web solutions (Waemustafa and Sukri 2015.). In windowsoperating system, android native mobile system, Mobile iOS native systems also thiscan be installed. 2.1.3 AirsWeb Risk AssessmentThe AirsWeb risk assessment management software is funded in 1999headquartered in United Kingdom offers a complete structured solution to theconsumers for managing both the qualitative and quantitative risk management.3. Critical Review3.1 IsoMetrix risk management softwareThe IsoMetrix risk management software is widely used for managing thebusiness risks, sustainability as well as compliance. This specific risk managementsoftware holds the details of business performance. From the consumers service detailsthis risk management software is rated as 4 out of 5 (Mishra and Naidu 2016). The user
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