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Question: Discuss About The Proceedings Schedule Planning Applications? Answer: Introduction: The recent trends in the modern world include the adoption of the information security trends to be applied in the business operations of organizations or companies. However, the presence of various risks and vulnerabilities in the information technologies are to be addressed for enhancing the safety of their applications. The following report discusses about the case study regarding the Aztek Company whose business corresponds to the financial service sectors. The assessment for the information technology risk management is included in the report. Furthermore, the challenges faced in the acceptance for such technologies are also covered in the report. Moreover, the IT risk principles and the IT security framework is also depicted it the analysis made on the report. Lastly, the report concludes by recommending the possible measure to be applied in their solutions. Discussion: Financial services are termed as a major part of the financial systems of the area concerned. They are mainly used to provide financial helps by using various credit instruments, services and products. The major applications of the financial services include cheque, debt clearance services, bills or credit instruments. The financial products extend from mutual funds investments to credit or debit cards. The major significance of the financial services includes the strengthening of countrys economy. This is mainly signified by the presence of more growth and prosperity on all the sectors of the companys economy. In addition, the economic growth of a country is reflected by the increase in the standards of living among the population of that country. Australian financial services: For the last two decades, the emergence of the financial services is evident by checking the global economy. The constant rate of the increasing financial economy has made the companies or business organizations to apply the solutions needed for referencing them and to apply them in their operations as well. The economy of Australia has seen an increase of 3.5% due to the financial strengthening of their services (Rampini Viswanathan, 2016). The administrations for the Australian financial services have made various implementations on the use of certain strategies for the effective business solutions and market economy. However, the presence of various risks in the financial economy is leveraging the opportunities to reference the weak points in the services. This is the main cause for the Aztek Company to face multiple issues pertaining to the information security. Moreover, the presence of illegal uses of financial services is also another cause for concerns by the company. The ce nter of the company is located in Australia which allows them to enjoy the benefits of the growing economy. This is helping them to increase their customer acquisition rate in the market. However, the additional services like implementation of online banking systems are another cause for concerns as the presence of cyber attacks and malwares are always evident. This is also the reason for losing of data from their data centers. This gives a pre-requisite to the Aztek Company to implement their security enhancements protocols for addressing such risks and threats. Risks and controls: There are various risks in the financial sectors that are due to the presence of both external and internal risks to the sector. Technology in the modern world is the main concept utilized for innovation. This can also be used to get unethical access to the system leading to breaches and grave impacts. The cyber threats occurring as data loss, user account compromising, file destroying or degrading are the main attacks included in the cyber security aspects. However, these are not the only risks faced by the financial institutions. The misalignment between businesses and information technology strategies and management decisions are also faced by these financial sectors as well (McNeil, Frey Embrechts, 2015). The main reason for such actions is the gap in technologies which causes hindrance to the normal operations. This effectively reduces the speed of serving the clients of the concerned financial organizations. Moreover, the increases of competition on the market like technologic al startups are making the existing businesses opt for more technologically driven approach to adopt the swiftness in their operations. Risk assessment: The risk assessment of information technology has made the possible integration of risk management techniques that helps in addressing the risks requirements and their mitigation. The ERM scheme is another method that has been applied by financial sectors that has helped them to enhance their process of decision making (Glendon, Clarke McKenna, 2016). The main objective of the information technology risk management is the removal of loopholes in the system that helps in the mitigation of the various threats and vulnerabilities that are referenced in the above section. Monetary Acts: The administrative authorities responsible for the monetary transactions in the market are not very efficient when it comes to the market risks. This is the main requirements for the presence of a regulatory committee in the market to analyze the market and the products included in it. In addition, the financial products which are also included in the market should also be subjected to regulatory committees and administrations. The traditional and the old methods of such administration lack the technological advancements needed for the regulatory preservations. This is being difficult for the clients to assess the validity of the products and the evaluation of them is very difficult (Chance Brooks, 2015). The Wallis report is used to serve as the connection among the risk allotment qualifications and the arrangements of the Trade Practices Act 1974 (DeAngelo Stulz, 2015). Cloud computing: Cloud technology is the incorporation of virtual architecture in the system that helps in the efficient betterment of the services. The resources are quickly accessed and modified however required. This allows the users of the cloud to access the computational abilities of the infrastructure and get the required capabilities whenever needed. This helps to increase the agility and deployment of these services. The pricing of the solutions is another feature that helps the businesses to apply for these services (Hopkin, 2017). The businesses are charged according to their usages which help them to keep track of their reports. The services provided by the cloud solutions include the presence of adequate resources, bandwidth and sustainable performance. The sole requirement of accessing the systems is the presence of an internet access. This allows remote availability of the cloud resources. In addition, disaster recovery is also possible by applying for backup. The operations of the sys tem pertaining to a particular date can be saved in the cloud for later use. In case of disasters in the system, the backed-up system can be downloaded from the cloud and will be implemented very fast. The resources are quickly accessed and modified however required. This allows the users of the cloud to access the computational abilities of the infrastructure and get the required capabilities whenever needed. This helps to increase the agility and deployment of these services. Stakeholders: The stakeholders in Australian financial sectors are said to expect higher returns. This in turn is followed by investing in risky businesses to get their desired profits. The Financial Sector Advisory Council has revealed that superannuation in the financial aspects has led to different outcomes on the premiums of the populations (Cohen, Krishnamoorthy Wright, 2017). The most typical stakeholders included in any financial sectors are the government, customers and the shareholders. This is the reason for the difference in the analytical ability of the market and the associated dangers of it. This presents the need to diversify the budget of the project. Impacts on the project: The project to be made in the Aztek Company is the introduction of cloud computing architecture to reference the solutions in the information technology aspects. Cloud technology is the incorporation of virtual architecture in the system that helps in the efficient betterment of the services. The resources are quickly accessed and modified however required. The main use of the cloud computing is for the maintenance of a virtual database to tend to the need of the customers and the employees. This allows the users of the cloud to access the computational abilities of the infrastructure and get the required capabilities whenever needed. This helps to increase the agility and deployment of these services. The services provided by the cloud solutions include the presence of adequate resources, bandwidth and sustainable performance. The sole requirement of accessing the systems is the presence of an internet access. This allows remote availability of the cloud resources. However, the presence of internet access for the access to the system has made the intrusions of several breaches to the system including malwares and viruses. The cyber threats occurring as data loss, user account compromising, file destroying or degrading are the main attacks included in the cyber security aspects. This is the main cause for data loss from the data centers. This is the main reason for the company to lose their brand value as well as business in the market. Australian frameworks: The administrative authorities of the financial sectors in Australia are responsible for referencing to the needs of the customers. This is the sole commitments made by the Australian Securities and Investments Commission (ASIC). The aim for this regulatory authorities is to make honesty and assurance in the products present in the financial market so as to reach their intended customer satisfaction level (Olson Wu, 2017). Third party cloud solutions: The cloud solutions are the incorporation of virtual architecture in the system that helps in the efficient betterment of the services. The resources are quickly accessed and modified however required. The main use of the cloud computing is for the maintenance of a virtual database to tend to the need of the customers and the employees. This allows the users of the cloud to access the computational abilities of the infrastructure and get the required capabilities whenever needed. This helps to increase the agility and deployment of these services. However, attacks are always made by insiders who have been given access to the system and the organizations need to know them. The transparency is not present with them as the resources and their access are granted by the vendors. This is the main reason for the financial sectors to opt for in-house applications of the cloud solutions. This will enable them to get the solutions of in-house security. In addition, the third-party vendors usually have the right to access the data. This reduces the transparency of the organizations to get their access whenever required. This also cannot be helped in case the client wants to expand their architecture. In addition, in case a vendor goes out of business, the cloud solutions will also be lost which will impact heavily on the operations of the organizations. This will heavily impact the financial sectors as their business as well as their brand image in the market will be gravely impacted. Risks assessment: Technology in the modern world is the main concept utilized for innovation. This can also be used to get unethical access to the system leading to breaches and grave impacts. The cyber threats occurring as data loss, user account compromising, file destroying or degrading are the main attacks included in the cyber security aspects. The data loss from the data centers of the financial sectors are also another cause for risks in the systems. However, these are not the only risks faced by the financial institutions. The misalignment between businesses and information technology strategies and management decisions are also faced by these financial sectors as well (McNeil, Frey Embrechts, 2015). However, the presence of internet access for the access to the system has made the intrusions of several breaches to the system including malwares and viruses. The cyber threats occurring as data loss, user account compromising, file destroying or degrading are the main attacks included in the cy ber security aspects. This is the main cause for data loss from the data centers. This is the main reason for the company to lose their brand value as well as business in the market. The risk assessment of information technology has made the possible integration of risk management techniques that helps in addressing the risks requirements and their mitigation. The main objective of the information technology risk management is the removal of loopholes in the system that helps in the mitigation of the various threats and vulnerabilities. The risk management of the information technology is included in a wide scope of enterprise solutions (Hopkin, 2017). The development and maintenance of management systems for referring to the information security aspects shows the adoption of a systematic approach to mitigate the security risks present in the financial services (Haywood et al., 2017). According to the framework of the information security, these risks assessments can be used to reduce or stop the impacts caused by the vulnerabilities or threats and also to apply the solutions to increase the business level which was not present to address them. The framework for the information security aspects need to reference the inside attacks as well as the outside attacks that can affect the businesses of these financial solutions. The various internal threats to the financial solutions are the operational problems in the IT aspects, failure to comply with the enterprise solutions and mergers between various financial organizations or companies. The outside threats include the economic changes in the market, rise of competitions and innovations in the applications of the technology. Both of these types of threats can be used to influence the actions of the information security aspects. The risk and vulnerabilities due to these threats are to be referenced and evaluated for ensuring successful business continuity (Bruhn et al., 2017). The adoption of certain methods for the identification of the risks, estimation of the impacts made by the risks and the evaluation of them is necessary to mitigate them. The information security in the business aspects refers to the various risks and vulnerabilities corresponding to the development, use, impact and selection of the parameters inside the financial sectors. The various IT related problems that can possibly cause an impact on the business operations are included in the risks in security. Their impacts can range from losing business for some time to widespread losing of customers. This can have great impacts on both the customers as well as the financial services. The cyber attack compromises the accounts of the customers making great difficulties for them (Hsiao, 2017). This in turn causes the customers to lose their faith from the financial organization concerned. Thus, the presence of risks management framework is to be integrated. The ERM scheme is another method that has been applied by financial sectors that has helped them to enhance their process of decision making (Glendon, Clarke McKenna, 2016). The main objective of the infor mation technology risk management is the removal of loopholes in the system that helps in the mitigation of the various threats and vulnerabilities. Due to the application of the risks management framework, the business operations and the business continuity is maintained which helps to keep the brand image in the market. The risk management process is the main aim for the information security framework. The information security in the business aspects refers to the various risks and vulnerabilities corresponding to the development, use, impact and selection of the parameters inside the financial sectors. Their impacts can even range to destroy the flow of the business (Lechner Gatzert, 2017). These can be done by the adoption of certain methods for the identification of the risks, estimation of the impacts made by the risks and the evaluation of them is necessary to mitigate them. These include the adoption of regulatory frameworks for identifying the risks in the systems. This process is followed by the estimation of the risks impacts. The analysis used for the estimation is the quantitative and qualitative analysis of the risks. The last method of mitigating these risks is the application of the universal standards to reference them. Principles of information technologies in risks management: The various risks mitigation procedures are included in the information security framework. These helps in addressing the various risks in security and privacy related issues present in the financial sectors. The ERM scheme is another method that has been applied by financial sectors that has helped them to enhance their process of decision making (Lin et al., 2017). The basic methods included in this principle are discussed in this section. The first method is the requirement for connecting to the business objective. This includes the connection among the objective of the financial sectors. The next method is the successful alignment of the information technological aspects with the business objectives. The next method is the estimation of the cost requirements for addressing the mitigation requirements for the identified risks. The next method is the communication among the various authorities to address such risks. The last method is the application of analysis used for the estimation is the quantitative and qualitative analysis of the risks. These standards help in keeping up a legitimate connection with the business operations in the organization. The utilization of the IT risk framework controls the significance of removing risks from the organization. IT risks is managed as a business risk, instead of an alternate sort of risk. In addition, the approach for risk management is comprehensive and helpful. Informational technology supports the achievement of business goals, and IT risks are conveyed as the impact they can have on the achievement of business objectives or system (Yilmaz and Flouris, 2017). Each processing of the methods included in the IT aspect contains a dependence on how the business system depends upon IT-related resources, for instance, people, applications, and establishment. IT-related business chance is seen from the two focuses: protection against risks or threats and enabling of technological advancements. This assures those included with operational risks and the financial organizations are taki ng a shot at mitigating the risks in IT. The risks appetite is termed as the amount of risks present during the development and the analysis of a process to reach its course outcome. To consider the risk appetite levels of a process, two main considerations to be taken into considerations (de Freitas Alves et al., 2017). The first consideration is the ability to take difficulties by the risks. These difficulties are he transactional risks and harm. The next consideration is the measure taken to fight the difficulties in these aspects. Although, there is no presence of standards to identify the presence of risks, the risk appetite can be measured by utilizing the risk maps. Risk resilience is defined at the management level and is reflected in plans set by the authorities at bringing down vital levels of the businesses. These procedures are to address the inside as well as the outside threats to the organization concerned. . The various internal threats to the financial solutions are the operational problems in the IT aspects, failure to comply with the enterprise solutions and mergers between various financial organizations or companies. The outside threats include the economic changes in the market, rise of competitions and innovations in the applications of the technology. Both of these types of threats can be used to influence the actions of the information security aspects (Levett et al., 2017). The risk and vulnerabilities due to these threats are to be referenced and evaluated for ensuring successful business continuity. However, there is presence of requirements of the traditional processes where risks management can be done by analyzing the leg itimate and industrial necessities where the presence of risks is less. The analysis used for the estimation is the quantitative and qualitative analysis of the risks. Qualitative risk analysis: The method used in the qualitative risk analysis is the use of pre-made rating scale to analyze the risks pertaining to the system. The score of the various risks and threats will be rated on the basis of these scales. According to this, they will be applied the proper assessment methods needed for their mitigation. The probability of the risk depends on the values ranging from 0 to 1. Similarly the risk assessment is based on a scale of one to five. For the scale of one, the minimal risks mitigation is applied while for the scale of five, the most extensive mitigation is applied. Quantitative risk analysis: The quantitative analysis refers to the use of various mathematical and statistical methods to develop an end requirement for managing the various business operations. The main methods used in this analysis are the use of certain prospects to get results by accounting to the changes and trends in the insights made. This is used in a large scale as the effectiveness is much high. In addition, the cost needed for conducting this analysis is also very small. Thus, it can be considered that the qualitative risk analysis considers the risks whereas the quantitative risk analysis analyzes the project (McNeil, Frey Embrechts, 2015). Qualitative risk analysis is used to perform analytical estimation whereas the quantitative risk analysis estimates the parameters on the basis of probability. Recommendations: The organization has possessed the capacity to deal with the dangers in the organization. This has helped in keeping up the security of information and data in the organization. The utilization of firewalls and anti-viruses helps in recognizing infections in the system or server of the organization. These anti-viruses recognize and address malware and Trojans in the system. The utilization of the Big Data additionally helps in giving an appropriate database in the organization. It additionally gives security to information put away in the Cloud benefits in the organization. The Cloud administrations help in moving up the information over the web. The loss of the information can be limited by backing up the information. The resources are quickly accessed and modified however required. This allows the users of the cloud to access the computational abilities of the infrastructure and get the required capabilities whenever needed. This helps to increase the agility and deployment of thes e services. The risk management helps in prioritizing the various tasks needed for referencing the threats from the cyber attacks. Conclusion: Thus, it can be concluded from the analysis that the use of the information technology assessment has led to the successful storage of the data pertaining to the financial sectors. The various challenges in the information sectors are also referenced in the report which applies to the financial services as well. The financial challenges faced by the Aztek Company can be mitigated by applying the various risks estimated processes. The qualitative risk analysis considers the risks whereas the quantitative risk analysis analyzes the project. Qualitative risk analysis is used to perform analytical estimation whereas the quantitative risk analysis estimates the parameters on the basis of probability. In addition, the cloud related solutions are also to be applied for storing the data in virtual data centers for successful business operations. The services provided by the cloud solutions include the presence of adequate resources, bandwidth and sustainable performance. The sole requirement of accessing the systems is the presence of an internet access. This allows remote availability of the cloud resources. In addition, disaster recovery is also possible by applying for backup. The operations of the system pertaining to a particular date can be saved in the cloud for later use. In case of disasters in the system, the backed-up system can be downloaded from the cloud and will be implemented very fast. In addition, the various frameworks used present in the Australian legislature are also to be used for referencing the business requirements. In auditing, the recommendations of firewalls and antivirus programs are also to be included for the successful business continuity. 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