Risk Management in Information Technology for Banking Industry Report

This report focuses on IT risk management within the banking industry, emphasizing the significance of risk management processes to protect assets and mitigate financial exposures. It explores the operational dynamics of deficit and surplus units within banks and examines three risk management software solutions: OneSoft Connect, IsoMetrix, and AirsWeb. The report details the evaluation criteria, including software costs, licensing, supporting services, training programs, and operating platforms. Through an analysis of these factors, the report assesses the strengths and weaknesses of each software, providing a comprehensive overview of their capabilities and suitability for the banking sector. The report also highlights the importance of risk identification, analysis, prioritization, and monitoring to ensure successful project management and the protection of valuable assets. It concludes with a discussion on the benefits of risk management, such as improved customer relationship management and asset protection.

Project Management in
Information Technology Risk
Management in Banking Industry
Name of the student:
Name of the University:

INTRODUCTION
In order to avoid risks, protect the valuable assets and
industrial exposures the process of risk management is
used by the project executives.
For this specific report the risk management program is
strictly focused on banking industry.
The banking industry 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 fund transactions.

Introduction (contd.)
Three various risk management software are nominated
for representing this report their advantages and
disadvantages are also elaborated along with cost benefit
analysis and evaluation matrix.
The analysis resultants gained from this research are
illustrated

Significance identification
 Basically for the project based management system the
application of risk management software are done for
highlighting its influence in a successful information System.
 The general process of risk management is comprises of five
steps in terms of identification of risk, Risk analysis, prioritization
of risks, risk monitoring and risk closure.
 Before the expected system flow gets interrupted the project
executives should consider the possible risk sets that may occur in
the banking sector and those should be analyzed and prioritized or
ranked based on their complexity.

Profit form risk management
• Helps to expand the risk
management process in details
through analytical models
• New regulatory landscape can be
understood
• Behavioral risk assessment
become easier for governance
mechanism

Chosen software for
evaluation

For this specific research report chosen different three
software systems are mentioned below along with their
details operational and functional capabilities:
2.1.1 OneSoft Connect
The OneSoft Connect risk management software is
founded in 2014, headquarter in United States. The
business level risks can be easily managed and also the
day to day issues can be completely resolved with the
application of this software.

Chosen software for
evaluation (cont.)
 2.1.2 Isometrix
 The IsoMwtrix software is founded in the year of 2002, in South
Africa. The starting price of this risk management software is
$34,000.00 and can be deployed in cloud based SaaS and Web
solutions. In windows operating system, android native mobile
system, Mobile iOS native systems also this can be installed.
 2.1.3 AirsWeb Risk Assessment
 The AirsWeb risk assessment management software is funded in
1999 headquartered in United Kingdom offers a complete
structured solution to the consumers for managing both the
qualitative and quantitative risk management.

Evaluation methods (contd.)
 The criteria those have been chosen for
evaluating the success of the risk
management software are as follows:
 Cost of the software
 License required for running the
application of the software

Evaluation methods
(cont.)
 Supporting services offered by the
software to the banking sector
 Training program offered by the
company
 Process of task management operating
system
 Support as well as training programs
 Operating platform

Weighting for each of the criteria

Risk analysis

Discussion
 From the above gathered features and functionalities of
the risk management software OneSoft Connect it has
been found that, this ERP risk management software
helps to manage the customer Relational management of
the company and also will protect the valuable assets of
the banking industry (Lord and Washington 2018). This
software is extremely user friendly and the task
management solution offers by the software is beneficial
from the business and users provider’s perspectives.

References
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Finance, 72(2), pp.613-654.
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