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Risk Management: Assignment

   

Added on  2020-03-23

15 Pages3752 Words31 Views
Risk ManagementInstitution AffiliationNameDate

Q1 Implementation of BYOD Policy by Commonwealth BankA risk is an anticipated positive or negative outcome. A risk scenario is a series of events and activities that have the potential of leading to a positive or negative outcome. Different organizations are faced with numerous risk scenarios which require mitigation strategies. A risk scenario combines multiple factors to create both opportunities and threats (Arnoldi, 2009). A good example of an organization facing a risk scenario is the Commonwealth Bank of Australia. This risk scenario can be viewed regarding the Banks adoption of a Bring your Device (BYOD) policy in their operations. BYOD policy is set of rules focused on providing support to employee’s use of personal devices such as tablets, smart phones, and Laptops at the workplace. Although such a move by the bank can be viewed at a positive angle through their functionality and ability to increase efficiency in the Banks operations, personal devices will also present numerous challenges for the various stakeholders including employees the Bank or the employer and Clients as well as Governmental institutions. Recent statistics have shown an increasing trend in the number of organizations implementing the use of BYOD policy. There has been an increase in the number of organizations in both Australia and other parts of the world. The percentage is expected to hit 40% mid-2018 (Wells, 2007).Commonwealth Bank of Australia is intending to be among these organizations through its attempt to implement the policy to allow their employees to carry and use their devices in their business undertakings. There are various implications of implementing this policy for the organization and its shareholders. The policy implementation presents a risk scenario in that it presents the Bank with advantages, disadvantages, Vulnerabilities, opportunities as well as legal implications. The policy also presents technological constraints for the company is that it will be required introduce regular technological changes to address privacy and data security issue that

may arise therein. These threats and vulnerabilities will come in that by implementing the policy in its operations the bank will be subjecting itself to legal implications that may arise as a result of the violations of the provisions governing data security and privacy at the workplace by its employees (Rausand,2011).Q2. (A) Discuss the benefits that could be generated by applying a method of risk scenario analysisNumerous advantages could accrue to an organization through the application of risks analysis.Providing greater insights One of the benefits that could be achieved through the use of risk scenario analysis.By enabling the concerned parties to look at the various outcome of a given situation, the method enables the creation of more insight about the numerous disparate factors that combine to create both vulnerabilities and opportunities. Risk scenario analysis provides an opportunity to understand the possible risks, the relations that exist between these risks as well as the complexities involvedin the implementation of various mitigation strategies. Risk scenario analysis, therefore, providesan opportunity for the stakeholder's group involved in a risk situation to better understand their responsibilities, roles, and interactions to enable them to identify the most effective ways of responding to these risk events (Popov, Lyon &Hollcroft, 2016)Helps in overcoming Organizations resistance to discussionsUnlike under other methods of risk assessment, risk scenario analysis presents an opportunity of engaging various stakeholders and putting into considerations their opinions and views. It offers an opportunity to explore all the possible situations that can lead to adverse outcomes and facilitates identification of the unfavorable outcomes that can result from all the situations

including the low probability events or events that are yet to occur in an organization that the management has little regard for or under normal risk assessment methods. It also helps in identification of the controls that are in place to mitigate the possible undesirable outcomes, whether these controls are used independently for each outcome or if they can be used in multiple outcomes as well as their chances of failure. Scenario analysis also helps in the identification of the frequency of occurrence of the identified negative outcomes as well as the severity of such outcomes. With these multiple perspectives, the analysis enables the management to pay attention and allow discussion of all events including the low probability events that have not occurred within an organization setting (Olson & Wu,2008).Better Understanding of decision making complexities The analysis also enables the participants who include organizations, business partners, employees, and customers to better understand the complexities that may arise in the process of decision making as well as the useless and overlapping responses that come from various stakeholders and from which the best most effective decisions are supposed to be implemented. Risk scenario, therefore, enables the various participants of the complexities that are involved in the decision-making process (Siegris, Earle & gutscher,2010).(B) Critically evaluate the methodologies for risk scenario analysis discussed in the article concerning your chosen organization. Analysis of risk causes and consequences With any serious issue arising in any given situation, it is always important to identify all the factors that could be the cause of a problem to facilitate the adoption of the most appropriate

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