Regulatory Measures and Best Practice
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Added on 2020-03-16
Regulatory Measures and Best Practice
Added on 2020-03-16
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TRANSLATING IT RISK MANAGEMENT Case Study
Table of Contents1.0 Executive Summary.........................................................................................................................32.0 Project Review.................................................................................................................................42.1 Outsourcing Cloud Computing....................................................................................................52.2 Transfer of IT Applications.........................................................................................................52.3 Definition of Risk........................................................................................................................52. 4 Regulatory measures and Best practice.......................................................................................73.0 Project Impact on Current Security..................................................................................................73.1 Current plans...............................................................................................................................73.2 IT Security Risk Factors..............................................................................................................83.3 The New Plan..............................................................................................................................83.4 Challenges...................................................................................................................................94.0 Risk Analysis.................................................................................................................................114.1 The Risks, Vulnerabilities and Threats..........................................................................................12Threats.........................................................................................................................................12Vulnerabilities.............................................................................................................................12Risks............................................................................................................................................134.2 Infrastructural Framework.........................................................................................................135.0 Data Security.................................................................................................................................145.1 Assessing IT Risks.....................................................................................................................145.2 Insurance...................................................................................................................................165.3. Risk rating guide.......................................................................................................................166.0 Conclusion.....................................................................................................................................16References...........................................................................................................................................17
1.0 Executive Summary Aztek is a banking institution situated in Melbourne Australia. Survival in the service industry calls for a wide range of services including financial management, credit facilities, savings, alternative investments, mortgages and loans. At the centre of its success is the IT system, which affects all its functions and operations. The financial services encounter numerous risks and exposure to unexpected events. In order to manage such challenges, the banking institution safeguards from operation and financial related risks among others. Aztecs IT management system protects different sectors and departments. The use of innovation improves processes across the departments. It prevents losses, unexpected occurrences and effects from the global markets. As part of strategic management, IT contributes to the success of Aztek banks. The global market is highly volatile because of changes in the industry and financial crisis. Cloud computing continues to transform businesses today. Aztek’s adoption of an outsourced cloud system has benefits as well as challenges. The risks involved place the company’s data system at a high risk. This report narrows down its analysis on cloud computing and recommendations the management of risks through project based approaches. Designed to support its IT decisions, this Aztek Risk Management plan covers the operations,financial, reputation, compliance and strategic risks factors[ CITATION Aeb12 \l 1033 ]. Aztek isa reputable Australian bank charged with providing financial services. The company has senior executives within its business and technology segments to manage the risks. In a teamwork spirit, the Aztek divisions have in place a portfolio of projects from different strategists scheduled for funding. The portfolio comprises of the following projects:1)Employees use of mobile devices in the workplace for major tasks2) Transfer of critical business applications and their connected data sources to an externally managed Cloud hosting system3)Outsourcing of crucial IT functions including network systems, desktop management and application development for third party users4)Upgrading and introduction of a major platform for technology applications includingmobile and migration for a better networking technology (e.g. IPv6).
2.0 Project ReviewThe second project is of great interest because it involves the transfer of important applications and linked data sources from an outsourced cloud system. This happens within a short time and accommodates for large scale computing. Cloud computing is a platform for sharing and accessing IT applications from an external party. Strategic IT outsourcing maximizes on the potential and overcomes the risks[ CITATION Rav11 \l 1033 ]Figure 1: Governance Risk Management & Compliance (GRC) model showing actors and stages [ CITATION Mel16 \l 1033 ]Suitable for global organizations this project considers technology risk challenges such as future skill deficit. Banking operations at Aztek need servers, storage and databases management systems for numerous internet applications. Outsourcing saves on costs because Aztek only pays for services and software applications that it can accesses and use. However,compliance to business terms is necessary.Aligning Azteks’ project plan with its mission and values is important. It is also critical to ensure that the resources are available for the project. Aztek has an objective of implementingcontinuous improvement practices in its operations and functions. By setting aside resources for this plan, the company is able to avert current and future risks. A good plan guides the company in the adoption of risk management strategies such as insurance. It also encourages compliance by the business company’s teams. The implementation of risk management encourages the fulfilment of business goals because it scrutinizes all areas of Aztek.
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