Technological Risk Management: Comprehensive Report ENG8103 Assignment

This report provides a comprehensive analysis of technological risk management, focusing on cybersecurity as a key area. It begins by justifying the selection of cybersecurity as a technological project and explains how to apply the principles, framework, and process of risk management according to AS ISO 31000:2018. The report establishes the scope, context, and criteria for managing risks, identifies three specific risks (including one opportunity) in executing and delivering the project, and details the analysis, evaluation, and treatment of each identified risk. It also discusses the importance of a sound risk management plan in engineering and built environment projects. Furthermore, the report includes an organizational profile, a business case, a risk analysis, assigned priorities for the risks, and a listing of risk management documents. The reflection section provides insights into the learning process and the challenges faced during the assignment.

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.

Evaluate the Risk – Risks need to be ranked and prioritized. Most chance control
solutions have distinctive categories of dangers, relying at the severity of the danger. A
danger which could reason a few inconveniences is rated lowly, dangers which could bring
about catastrophic loss are rated the very best. It is vital to rank dangers because it allows the
agency to gain a holistic view of the danger publicity of the entire agency. The commercial
enterprise can be at risk of several low-stage risks, however it may not require upper
management intervention. On the other hand, simply one of the maximum-rated dangers is
enough to require on the spot intervention.
Analyse and treat the risk – Every chance desires to be eliminated or contained as a
great deal as possible (Robertson, Munoz and Michael, 2020). This is carried out by
connecting with the specialists of the sector to which the hazard belongs. In a manual
environment, this includes contacting every and every stakeholder and then putting in place
meetings so absolutely everyone can communicate and talk the troubles. The hassle is that the
dialogue is broken into many extraordinary email threads, across exceptional files and
spreadsheets, and lots of one of a kind cellphone calls.
Monitor and Review the Risk - Not all dangers may be eliminated – a few risks are
continually gift. Market risks and environmental dangers are simply examples of dangers that
usually want to be monitored (Steijn and et.al., 2020). Under manual systems tracking occurs
thru diligent personnel. These experts need to make sure that they hold a near watch on all
threat elements. Under a virtual environment, the hazard control system video display units
the entire danger framework of the corporation. If any component or chance adjustments, it's
miles straight away seen to everybody.
Scope, context and criteria for managing risks in the selected project
Cybersecurity hazard control is an ongoing manner of identifying, analyzing,
evaluating, and addressing your organisation’s cybersecurity threats. Cybersecurity danger
control isn’t sincerely the activity of the security team; anyone inside the company has a role
to play. Often siloed, employees and commercial enterprise unit leaders view hazard
management from their business function. Regrettably, they lack the holistic attitude vital to
deal with risk in a comprehensive and constant manner. Each function has its schedule,
frequently with constrained understanding and empathy for others. IT leads with clean ideas
and new technologies, frequently viewing safety and compliance as worrying roadblocks to

progress. Security is aware of protection however is often out of touch with guidelines and
evolving technologies.
Three (3) risks in executing and delivering this project. Include at least one (1) opportunity
Another trouble associated with the screen-the entirety stance is inefficient spending.
Controls develop year after year as software planning for cybersecurity keeps to call for
greater spending for more controls (Sunwoo, Light and Malhotra, 2020). Often the proper
solutions lie elsewhere: as an example, the great return on investment in company-chance
reduction is often in employee focus and education. Yet a adulthood-based totally version
does no longer name for the corporation to collect enough records to realize that it should
divert the investment needed for this from extra software monitoring. Spending on both can
be expected, even though the only attempt may have a disproportionate effect on employer-
hazard reduction relative to the alternative. Threat actors can be associated with realms,
insiders, criminal businesses, and are generally encouraged through monetary advantage or
political agendas. These providers frequently have insider access to an agency’s most
sensitive facts, such as customers’ private figuring out records (Vanalle and et.al., 2020). As
previously noted, insiders with get right of entry to the community, along with employees and
contractors, play a massive role in keeping an enterprise’s cybersecurity posture. For this
purpose, cybersecurity awareness and social engineering schooling is a necessity. Insiders
need to be capable of discover diverse dangers and apprehend what have to be executed once
they're determined.
How to analyse, evaluate and treat the each of the risks identified
Using Voice over Internet Protocol generation, scammers, once more, impersonate groups.
This method additionally employs the other sorts of phishing along with using personal
information about objectives and impersonating individuals of the corporation (e.g., the CEO)
a good way to get a better tackle the overall scam. Risk assessment measures can include
keeping off, optimizing, shifting or keeping threat. The measures may be selected out of sets
of security measurements that are used within the Information Security Management System
of the agency. With the assist of their crew, danger professionals have to discover the
maximum precious facts belongings stored in their gadget and display them regularly (Ceipek
and et.al., 2021). Confidential statistics which includes credit card statistics or change secrets
are more likely to be the target of a cyber assault, so those items must be guarded closely.
The company must broaden reaction and continuity plans for cyber threat situations through
brainstorming potential situations and figuring out a route of motion for each one (Yongbin,

Yuanxing and Huili, 2020). It’s essential to remember that with cyber issues or assaults, one
problem can impact the complete organisation, so make certain to comprise multiple
departments into the plan. Discuss and exercise the plan with key stakeholders, so every
employee will recognise their function and can act quick if the scenario arises. In instances of
need, a spark off and organized reaction can prevent a problem from escalating. When the
cyber chance plan has been created, it should be written down and communicated to all
employees. There is not any point in growing those approaches if they're no longer officially
carried out at some stage in the business enterprise and their importance stressed.
Cybersecurity and risk mitigation need to come to be an fundamental a part of the
organisation’s manner of lifestyles and values.
Risks that are important in this project
Risks such as phishing allow hackers to steal person logins, credit score card credentials and
other styles of non-public monetary records, in addition to advantage get admission to to
personal databases. Ransomware assaults are believed to price victims billions of bucks each
year, as hackers set up technologies that enable them to actually kidnap an man or woman or
agency’s databases and keep all of the facts for ransom (Li, Liu and Huang, 2020). The rise
of cryptocurrencies like Bitcoin is credited with supporting to gas ransomware attacks by way
of allowing ransom needs to be paid anonymously. As businesses continue to attention on
constructing stronger defenses to guard towards ransomware breaches, a few specialists agree
with hackers will an increasing number of target other potentially profitable ransomware
sufferers consisting of excessive-internet-worth people. Connected devices are accessible for
consumers and many businesses now use them to save cash via amassing colossal amounts of
insightful facts and streamlining organizations techniques.
Conclusions
Risk mitigation planning lends project managers the perfect foresight to plot useful
resource allocations earlier for positive as well as unsure threat occasions. Project managers
can gift before stakeholders resource and budget estimates primarily based on the current
ground realities. This helps to lessen friction during threat events and permits assignment
teams as well as different stakeholders to cognizance on matters that count the maximum.
Risk control is vital all through task initiation, planning, and execution; nicely-controlled
dangers substantially increase the probability of assignment success (Yongbin, Yuanxing and
Huili, 2020). Opportunities have a extraordinary set of threat responses than negative dangers
due to the fact we often need to maximise possibilities or cause them to much more likely to

show up. Risk control plans make contributions to mission success by establishing a listing of
internal and outside dangers.
Importance of a sound risk management plan in engineering and built environment projects
With a danger management plan, you may put together for the surprising, minimizing risks
and further expenses earlier than they happen. By thinking about capacity dangers or
occasions before they happen and having a threat management plan in place, you may save
money and guard your company's future (Yongbin, Yuanxing and Huili, 2020). Risk control
is the method of identifying viable risks, problems or disasters and then imposing mitigation
measures before they manifest. A threat management plan is a written file that info the
corporations chance control technique. The stakeholders of a commercial enterprise or
agency can proactively perceive and evaluate the effect of all capability dangers to their
business, and plan for that reason for every hazard. Once methods are created, the workforce
is educated frequently to help avoid or decrease the effect of each hazard, and at least, help
cope with its effect. Risk mitigation making plans lends mission managers the precise
foresight to plan resource allocations in advance for certain as well as unsure risk events. This
allows to lessen friction at some stage in chance events and lets in project teams as well as
other stakeholders to focus on things that depend the most.
Question 2
Organizational Profile
Scope of the organisation’s risk management activities
There are different technological companies that operate in the respective country.
And google is one of the leading organizations. The company has various risk management
activities in place to ensure that the goals are achieved. There are an expansion of legal
guidelines, regulations, and regulations in unique countries. The complexity and volatility in
political fields have positioned political uncertainty to Google (Ma, Wu and Liu, 2021).
Google has implemented multiple danger management techniques to resolve the volatile
troubles. To adapt to the specific investment and operation environment, Google devotes
plenty of money and time to negotiate with foreign governments. Furthermore, Google
flexibly adjusts products and services delivery by means of blockading and doing away with
sensitive and offensive contents that may influence significant people and issues in certain
states.
External and internal environment in which the organisation achieves its objectives

Government stability is one of the major elements in Google’s approach. If the
marketplace is strong, governments assist corporations and so those businesses put it on the
market more on Google, therefore, benefitting Google. The achievement of Google is in
particular due to its progressive principles and technologies together with Pagerank of their
search engine, Adwords as advertising device, AdSense application, Gmail, Google
Spreadsheets, Google Map etc. Internal surroundings includes the occasions and tendencies
inside an company that have an effect on the management, personnel and organizational way
of life. The mixture of sources, tangible, intangible and human sources create the right
competencies. Capabilities separated as marginal abilities which cannot easily imitated and
essential talents that may. By combining its assets, Google creates some very powerful
capabilities.
Environment embraces such abstract things as an corporation’s image and such far off
visible issues as economic situations of the country and political conditions. The
environmental forces abstracts and seen need careful analysis. The systematic and adequate
analysis produces the statistics necessary for making judgments about what strategy to
pursue. Managers can't make appropriate and sound approach definitely based totally on their
guesses and instincts. They must use relevant records that without delay flows from the
analysis of their agency’s environment.
Criteria to evaluate the significance of risk and to support decision-making processes
Risk evaluation criteria are beneficial for outlining the exact format of the parameters
used for decision making. They both outline how dangers are measured, the level of dangers
which might be ideal, and the level of investment in threat discount which can be deemed
necessary. Methods of chance assessment differs in unique sectors and oragnisations,
however a technique adopted need to satisfactory match the employer technique. Before we
get into the concern of the object, allow use refresh our minds on what danger assessment
includes. Risk evaluation is the dedication of quantitative or qualitative estimate of chance
related to a nicely-defined situation and a recognized threat.
Business Case
Major reasons for the proposal
The major reasons for the proposal is to help the readers to develop an understanding
of the risk management strategies of the respective company, Google. This will help them in

enhancing their existing knowledge as well as know more about the different ways in which
companies develop and implement the same in future practices.
What must be carried out by the risk management team
The Risk Manager affords an outline of the venture’s dangers and possibilities as well as their
mitigation plan for dangers or exploitation facilitating management’s decision-making. They
are the significant discern for the task’s risk control sports. Their essential interest is to
identify and replace dangers and opportunities (Schneller and et.al., 2020). The chance
proprietor is accountable for every chance. They paintings alongside the hazard manager as
they hold all of the technical data on dangers and possibilities. They may be on the beginning
of its identification and therefore characterize it by defining the purpose or reasons of the
threat and its effects. The project manager works in collaboration with the hazard supervisor.
Large companies will probable additionally have an organization hazard management team
who manages danger on the organizational degree.
Members of the working risk management team
The board of directors has a tendency to play an energetic ERM position as part of its
corporate oversight. There could be a board-level committee or a board consultant who is a
part of the corporation threat control team. The CRO chairs the ERM group and works with
organizational leaders on hazard reaction and the continuous improvement of chance identity
and control. While traditionally more not unusual in financial offerings corporations and
focused on credit score and other economic dangers. The variety of individuals with full-time
ERM jobs has a tendency to be within the single digits, even in big businesses.
How proposal would incorporate and apply the risk management principles
Every organization is affected to varying ranges by using various factors in its
environment. For instance, a business enterprise may be resistant to exchange in import
obligation whereas a one-of-a-kind employer operating inside the equal industry and
environment may be at a excessive danger. There are also marked variations in communique
channels, inner lifestyle and hazard management techniques.
Risk Analysis
Risk assessment is an examination of a given venture that you adopt at work, that might
probably motive harm to humans. The goal is to apprehend any capability risks, earlier than
then outlining and venture affordable steps to prevent damage. Therefore, a risk evaluation

allow you to to understand and take precautions for such eventualities (Semenenko and Dral,
2021). Finally, keep in mind that some regulations will probably require positive manipulate
measures to be put in location, see step three for greater facts in this. Workplace hazards can
are available in many forms, together with physical, mental, chemical, and organic, to name
only a few. Hazards may be identified by using the usage of some of techniques, although,
one of the maximum commonplace remains strolling around the place of business to look
first-hand any tactics, sports, or substances that can injure or purpose damage to employees.
Risk evaluation is the technique of figuring out and studying capacity issues that
could negatively effect key enterprise projects or initiatives. This technique is finished to be
able to assist corporations keep away from or mitigate the ones dangers. An IT hazard
evaluation allows corporations pick out, quantify and prioritize capability risks that could
negatively affect the business enterprise's operations. Examples of IT dangers can include
anything from security breaches and technical missteps to human mistakes and infrastructure.
Risk analysis is the method of assessing the likelihood of an detrimental occasion
going on in the corporate, authorities, or environmental region. Risk analysis is the study of
the underlying uncertainty of a given direction of motion and refers back to the uncertainty of
forecasted cash glide streams, the variance of portfolio or stock returns, the chance of a
venture's success or failure, and feasible destiny monetary states. Risk analysts often work in
tandem with forecasting experts to decrease future poor unexpected effects. All firms and
individuals face positive risks; with out threat, rewards are much less probable. The trouble is
that too much chance can lead to failure. Risk evaluation permits a stability to be struck
between taking dangers and decreasing them. Risk evaluation permits organizations,
governments, and buyers to assess the chance that an adverse occasion might negatively
impact a commercial enterprise, financial system, mission, or funding. Assessing threat is
vital for determining how profitable a selected venture or investment is and the exceptional
technique to mitigate the ones risks. Risk analysis provides different techniques that may be
used to evaluate the danger and reward tradeoff of a potential funding opportunity.
Assigned priorities for the risk
In the threat prioritization step, the general set of diagnosed danger events, their effect
exams, and their chances of occurrences are processed to derive a maximum-to-least-
important rank-order of identified dangers. A most important cause of prioritizing dangers is
to form a foundation for allocating assets. Risk prioritization is the system of determining

which threat you must act upon first. This must be based at the probability of a chance and
the effect that it might make. In order to effectively mitigate dangers, they need to be
prioritized based totally on their average effect on the undertaking. If each item that poses a
capability risk to the mission is considered excessive-precedence, then the result is that not
anything is a excessive precedence because everything is considered identical.
Risk management documents
In the maximum simple phrases viable, a risk control plan is a file used by
undertaking managers to identify potential dangers to the undertaking, estimate the effect and
the probability of them happening, and then outline responses. A threat check in is a
document maintained in an effort to monitor ability dangers (Ullah and et.al., 2021). A risk
sign in tracks the actions taken to minimise risks. A threat register affords contingency plans
that ought to be invoked if a chance does arise. Risk Management documentation is what
helps businesses understand what dangers can potentially disrupt or gain business operations.
These dwelling files are instrumental in identifying, assessing, mitigating, monitoring, and
reporting threats.
A risk register is a document maintained in an effort to screen capability dangers. A
risk sign up tracks the moves taken to minimise risks. A danger sign in offers contingency
plans that need to be invoked if a hazard does occur (Zhou and Yang, 2020). There are many
risk categories that may impact a project together with time table, budget, technical and
external risks. The purpose of chance evaluation is to determine the chance and effect of a
hazard. Risk Management documentation is what allows corporations understand what risks
can doubtlessly disrupt or advantage business operations. These residing files are
instrumental in identifying, assessing, mitigating, tracking, and reporting threats. While that
deviation can be high quality or poor, funding professionals typically accept the concept that
such deviation implies a few degree of the intended outcome for your investments.
Reflection
Undertaking this report has helped me in enhancing my overall performance as well
as skills. I think that undertaking this report has helped me in developing new skills such as
presentation skills in an effective. Leadership is the capacity to gain outcomes from others via
personal path and affect and requires control of self and control of others. Leadership and
management vary inside the manner that control is concerned with ensuring matters continue
to be as they may be and is regularly completed by means of standard exercise and law;

leadership involves owning vision, and the potential to talk that vision. Leaders should own
the following abilities. Problem solving includes identity and definition of the trouble, era of
some of answers that might be normal, assessment of options and their results. An vital
attribute inside hassle solving is, communique, mainly, listening competencies, as diverse
opinions and feasible solutions are being generated. Decision making is going hand in hand
with hassle solving. Every aspect of leadership requires decision making. Delegation, as an
instance, calls for the supervisor to determine which person is suited for specific
responsibilities and the way to distribute paintings in an top-rated and exceptional viable way.
Managing trade is also critical to effective leadership due to the fact modifications is
probably asked by the stakeholders, due to surprising events.

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