It Risk Analysis Case Study
1.0 Introduction –
Information Technology is vital to every business today, since most businesses today are linked together with high speed broadband networks, high definition screens; superfast computers only make them a treat for a user. So, if the IT fails the businesses suffer huge losses in a matter of minutes for e.g. the London stock exchange has an IT failure it could possibly mean a loss of thousands of pounds every fraction of a second. Every Risk no matter how big or small is a potential threat for e.g. a small cut on the hand could turn gangrenous over the period of time, what are we prescribed to do then, we would lose our limb, IT too is similar. A proper analysis and management is necessary to keep the IT in a good shape. Businesses understand IT as a risky proposition since they believe an IT system might last a while but would invariably die because of the stiff competition. Every time a new technology erupts on the market the one previous to it dies either a sudden or a slow death. For the past 4 decades IT has been a boon to the service industry making itself a slave science by supporting other sciences to grow, but very little effort has been made to log the number of times IT system failed and a even poorer job is done in logging the reasons that led to the failure. Most often the same mistakes are repeated but no serious lesson are learnt. We believe it’s high time we start logging our failures because a shocking 60% of all IT projects fail even today. Normally, IT Risks are detected pretty late which leads to a failure it happens because a proper analysis and assessment is lacking. A good management would always like to know where and how its investment will be used in and hence Risk Management is used to analyse and manage their risks in a more strategized format.
2.0 Risks to the Organisation and its IS/IT
Below is a list of risks that have been identified by us, each list is separated by category, in which each category will list
Information Technology is vital to every business today, since most businesses today are linked together with high speed broadband networks, high definition screens; superfast computers only make them a treat for a user. So, if the IT fails the businesses suffer huge losses in a matter of minutes for e.g. the London stock exchange has an IT failure it could possibly mean a loss of thousands of pounds every fraction of a second. Every Risk no matter how big or small is a potential threat for e.g. a small cut on the hand could turn gangrenous over the period of time, what are we prescribed to do then, we would lose our limb, IT too is similar. A proper analysis and management is necessary to keep the IT in a good shape. Businesses understand IT as a risky proposition since they believe an IT system might last a while but would invariably die because of the stiff competition. Every time a new technology erupts on the market the one previous to it dies either a sudden or a slow death. For the past 4 decades IT has been a boon to the service industry making itself a slave science by supporting other sciences to grow, but very little effort has been made to log the number of times IT system failed and a even poorer job is done in logging the reasons that led to the failure. Most often the same mistakes are repeated but no serious lesson are learnt. We believe it’s high time we start logging our failures because a shocking 60% of all IT projects fail even today. Normally, IT Risks are detected pretty late which leads to a failure it happens because a proper analysis and assessment is lacking. A good management would always like to know where and how its investment will be used in and hence Risk Management is used to analyse and manage their risks in a more strategized format.
2.0 Risks to the Organisation and its IS/IT
Below is a list of risks that have been identified by us, each list is separated by category, in which each category will list
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