Management of Technological Risk

Management of
Technological Risk

Contents
INTRODUCTION...............................................................................................................................3
Question 1............................................................................................................................................3
Technological Project and Justification.............................................................................................3
How to apply the principles framework and process of risk management.........................................4
Scope, context and criteria for managing risks in the selected project...............................................5
Three (3) risks in executing and delivering this project. Include at least one (1) opportunity............6
How to analyse, evaluate and treat the each of the risks identified....................................................6
Risks that are important in this project..............................................................................................7
Conclusions.......................................................................................................................................7
Importance of a sound risk management plan in engineering and built environment projects...........8
Question 2............................................................................................................................................8
Organizational Profile........................................................................................................................8
Business Case....................................................................................................................................9
Risk Analysis...................................................................................................................................10
Assigned priorities for the risk.........................................................................................................11
Risk management documents..........................................................................................................12
Reflection............................................................................................................................................12
REFERENCES..................................................................................................................................14

INTRODUCTION
Technological project approach an endeavor undertaken over a hard and fast period of time
using statistics technology (Braumann, Grabner and Posch, 2020). An statistics technology
venture includes all factors of planning, layout, implementation, challenge management, and
education associated with the endeavour. Information and communications generation (ICT)
plays an important role in any enterprise increase. It improves employee conversation,
automates many commercial enterprise operations, and complements the transparency of
your initiatives. An statistics technology undertaking is a brief effort undertaken by or on
behalf of the college that: Establishes a new technology-based totally machine or service.
Includes a primary exchange in era architecture or a gadget migration past that taken into
consideration as preferred protection, enhancement.
Question 1
Technological Project and Justification
Cyber security is the application of technologies, processes and controls to defend systems,
networks, applications, devices and statistics from cyber attacks. It targets to reduce the
danger of cyber attacks and defend towards the unauthorised exploitation of systems,
networks and technologies (Bründl and Margreth, 2021). Cyber protection is the exercise of
shielding computers, servers, cellular gadgets, virtual structures, networks, and records from
malicious attacks. It's moreover known as facts generation safety or electronic information
protection. Both inherent hazard and residual danger is developing, pushed through global
connectivity and usage of cloud offerings to save touchy records and private records.
Widespread horrible configuration of cloud services paired with more and more state-of-the-
art cyber criminals approach the hazard that organisation suffers from a a hit cyber attack or
information breach is at the rise. Business leaders can not completely depend upon out-of-
the-discipline cybersecurity solutions like antivirus software program program and firewalls,
cybercriminals have become smarter and their techniques have come to be extra resilient to
traditional cyber defences.
Cybersecurity is the nation or process of protective and recuperating laptop systems,
networks, devices, and applications from any type of cyber attack. Cyber attacks are an
increasingly more state-of-the-art and evolving threat on your sensitive information, as
attackers appoint new strategies powered by way of social engineering and artificial
intelligence (AI) to avoid conventional information security controls. The fact of the problem

is the arena is more and more reliant on generation and this reliance will preserve as we
introduce the following era of latest era on the way to have get entry to to our connected
gadgets thru Bluetooth and Wi-Fi.
How to apply the principles framework and process of risk management
The risk assessment procedure is a framework for the actions that need to be taken.
There are five primary steps which can be taken to manage risk; those steps are known as the
hazard control procedure (Dolganova, 2021). It starts off evolved with identifying risks, goes
on to research dangers, then the risk is prioritized, an answer is implemented, and eventually,
the chance is monitored. In manual structures, each step entails a lot of documentation and
administration. The different steps of risk assessment are as follows –
Identify the Risk – The first step is to become aware of the dangers that the
enterprise is exposed to in its operating surroundings. There are many specific varieties of
dangers – prison risks, environmental risks, marketplace dangers, regulatory risks, and plenty
greater. It is vital to pick out as lots of these chance elements as feasible. In a guide
surroundings, these risks are mentioned down manually. If the company has a hazard
management solution hired all this facts is inserted at once into the system (Francia and et.al.,
2021). Risk identification is the procedure of figuring out risks that might probably save you
the program, company, or investment from accomplishing its targets. It includes documenting
and communicating the priority. The cause of risk identification is to reveal what, where,
while, why, and how some thing should affect a company’s capability to operate. Risk
identity is the process of figuring out dangers that would potentially save you the program,
organization, or funding from reaching its objectives. It includes documenting and speaking
the concern.
Analyse the Risk – Once a chance has been diagnosed it needs to be analysed. The
scope of the danger should be determined. It is likewise important to recognize the hyperlink
among the threat and different factors within the enterprise. To determine the severity and
seriousness of the risk it's far necessary to peer what number of commercial enterprise
functions the hazard influences. There are risks which can convey the whole enterprise to a
standstill if actualized, whilst there are dangers that will only be minor inconveniences in the
analysis. In a manual risk control surroundings, this evaluation must be accomplished
manually.