Identifying Risks & Strategies ABC, Inc. is considering a new project to develop electronic access to their Human Resources (H.R.) information. They intend to allow all their customers, students and employees access to their own information and give them the responsibility to modify their information, such as address, marital status, and tax information. The primary benefit would be more accurate information while reducing the number of human resources personnel. As an added benefit to employees, the new system would also allow them to change their tax withholdings or pension plan contributions. Before starting the project, the many risks posed by the human resource project should be identified and assessed. A risk is an unknown that may have positive or negative outcomes. Sometimes they have both. There are a multitude of risks associated with this project, but five potential risks discussed below revolve around assurance of senior management commitment, scope, quality, integration and acceptance. Risk identification and assessment is an important step in the project management process. It gives the Project Manager time to handle the risks that were truly unknowable. The first risk deals with identifying the stakeholders and winning senior management commitment. Projects often have the commitment of senior management at the outset. It could even be their exciting idea. Once the details are hashed out and the costs are evaluated, the energy behind the idea could wane. This leads to the project either limping along or being cancelled outright. The project manager’s first task is to find a project sponsor and keep him and other stakeholders engaged (Schwalbe, 2014). The positive risk of engaging the sponsor and stakeh... ... middle of paper ... ...ion and acceptance. The risks described above are only a few of the possible risk for each stage of this project. Identifying risks and strategies to mitigate or take advantage of them, allows the Project Manager time to handle the situations that were truly unknowable or make a good deliverable outstanding. Good project management understands the importance of identifying these risks in order to bring their project to successful completion. References Rapalus, P. (1997). Security measures for protecting confidential information on the internet and intranets. Employment Relations Today (Wiley), 24(3), 49-58. Retrieved from https://search-ebscohost-com.csuglobal.idm.oclc.org/login.aspx?direct=true&db=bth&AN=9712164072&site=ehost-live Schwalbe, K. (2014). Information Technology Project Management (7th ed.). Boston, MA: Course Technology/Cengage Learning.
Security helps the organization meet its business objectives or mission by protecting its physical and financial resources, reputation, legal position, employees, and other tangible and intangible assets through the selection and application of appropriate safeguards. Businesses should establish roles and responsibilities of all personnel and staff members. However, a Chief Information Officer should be appointed to direct an organization’s day to day management of information assets. Supporting roles are performed by the service providers and include systems operations, whose personnel design and operate the computer systems. Each team member must be held accountable in ensuring all of the rules and policies are being followed, as well as, understanding their roles, responsibilities and functions. Organizations information processing systems are vulnerable to many threats that can inflict various types of damage that can result in significant losses (Harris, 2014). Losses can come from actions from trusted employees that defraud the system, outside hackers, or from careless data entry. The major threat to information protection is error and omissions that data entry personnel, users, system operators and programmers make. To better protect business information resources, organizations should conduct a risk analysis to see what
Internet can give out a lot of advantages and new things to learn and experience, but it carries a risk of personal information leakage. Even a simple browsing history can show our most private interests. Hence, there are laws and legislation made to protect the confidential information. It acts as the barrier and protector against any unwanted outflow of information to computer criminals.
Risks which have not been identified can impede the risk management protocol. The environment of organizational risk exposure is continual throughout the lifecycle of the project. Questionnaires are a good response to identify the new threats which arise. Questionnaires allow the staff to reciprocate the new risks which have not been identified. Risks which have not been identified in the risk management audit can be effectively resolved.
Risk Management As a financial institution in current volatile financial market, we engage in both commercial and investment banking activities and are registered to do business in Germany and the US. Our business are providing multi-product financial service to clients, such as understanding service and stock research, as well as the traditional funding and investment activities. Our company tries to provide high service quality, innovation. The most important is we remain the maximization of shareholders profit as the Board's aim forever. In order to perform the business efficiency and effective, normally the board is responsible for approving group's strategy, principle market and acceptable risk.
The project management plan will help the organization to manage all the foreseeable risks in a timely, proactive, effective, and appropriate manner. The aim of the project management process is to maximize the chances of the project achieving its objectives, while minimizing the risks and keeping them at an acceptable level. The scope and objective of the risk management plan are as follows:
A project Manager should be assigned the responsibility of development and implementation of the risk management plan. Project team: A must be formed who will be responsible for assisting the Project Manager in the risk management process. Also, all the employees should be educated on risks and encouraged to report risks they encounter to the risk management team. This is because risk management is a collaborative process and this would help in bringing in notice any risks that must have been overlooked by the Risk Management
a. On 16 September 2015, the following high risk deficiencies were identified and submitted to Mr. Matthew Thomas (Training Support Chief) and to Mr. Dirk Kellar (Safety Director) for immediate actions.
Every process comes with some kind of risks which are unavoidable. Managing those risks plays a vital role in successful execution of the strategic plan. The best organizational management can be achieved only if
Risk is characterized as an occasion that has a probability of happening, and could have either a positive or negative effect to a project ought to that risk occur. A risk may have at least one causes and, on the off chance that it happens, at least one effects. For example,
Risk management is among the most important practices in the field of project management. A successful project completion and risk management often go side by side. An interesting aspect of project management is that a project can sti...
The computer is considered one of the most important technological advances of the twentieth century. Security and privacy issues have been in existence long before the computer became a vital component of organizations' operations. Nevertheless, the operating features of a computer make it a double-edged sword. Computer technologies with reliable error detection and recording capabilities, permit the invasion of a supposedly secure environment to occur on a grand scale and go undetected. Furthermore, computer and communications technology permit the invasion of a persons' privacy and likewise go undetected. Two forces threaten privacy: one, the growth of information technology with its enhanced capacity for surveillance, communication, computation, storage and retrieval and two, the more insidious threat, the increased value of information in decision making. Information has become more vital in the competitive environment, thus, decision makers covet it even if it viol!
These are the specific risks involved to a particular project or program. The organisations continuously undertakes specific projects, which should be managed with consistency with the legal obligations to be kept in mind. There are significant program management methodology which spell out the requirement and clear risk management approach within the project environment and align by the whole of the AS/NZS ISO 31000:2009 Risk management – Principles and guidelines.
Following from this organisations also find that huge risks can come up that were not ever predicted, the risks have occurred from a series of seemingly innocuous decisions that were made. These issues can arise if the risk management is left to an individual or a risk team; as these individuals may not be present when the risky decisions are made, meaning management are not fully aware of the risks that could occur if they have not received the required information from individuals (ACCA, 2012). An alternative approach to risk management is an integrated approach as previously mentioned, this approach ensures risk are identified and managed as a core management process and is recognised as a good practice, although the process is still far from universal at
This paper will reflect on the different uses of Project Risk Management and ways in which it can benefit organizations to have the ability to identify potential problems prior to the problem occurring. Risk, this is not something to be taken lightly whilst dealing with matters that include high end projects meeting specific details, deadlines and expectations for the end client. Project risk management teaches one to be aggressive early on in the phases of planning and implementing the tools for a project. This is usually easier as costs are less and the turnaround time to solve the issues at that present moment is beneficial rather than later. The result in a successful project for one’s self and other key people involved in the process is also another requirement. Stakeholder satisfaction is important because the
Risk Management allows us to identify the problems which are unknown during the start of the project but may occurs later. Implementing an efficient risk management plan will ensure the better outcome of the project in terms of cost and time.