...Risk mitigation for business resilience White paper A comprehensive, best-practices approach to business resilience and risk mitigation. September 2007 A comprehensive, best-practices approach to business resilience and risk mitigation. Contents 2 Overview: Why traditional risk mitigation plans fail 3 Build a comprehensive strategy for risk mitigation 3 Identifying types of risk 4 Business-driven risk 4 Data-driven risk 5 Event-driven risk 5 Risk reach and range: understanding risk and its impacts 6 elating value to risk: quantifying R impact 7 Resilience frameworks: analyzing current risk environments 8 Resilience strategy: designing a blueprint for risk mitigation 9 Achieve optimum business resilience with IBM 11 Look to a market leader in business resilience 11 For more information 11 About IBM solutions for enabling IT governance and risk management Overview: Why traditional risk mitigation plans fail A successful governance and risk mitigation strategy must operate at multiple levels with broad coverage. Risk mitigation plans at many organizations fall short simply because they are not comprehensive and fail to take into account the reach and range of all the risks that they actually face. Often this occurs when organizations only focus on specific areas of risk categories, only plan for certain types of risk or don’t understand all the different areas in their organization that particular...
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...Journal of Enterprise Information Management Analysis of risk dynamics in information technology service delivery Özge Naz#mo#lu Yasemine Özsen Article information: Downloaded by SEGi International Bhd At 09:35 13 July 2015 (PT) To cite this document: Özge Naz#mo#lu Yasemine Özsen, (2010),"Analysis of risk dynamics in information technology service delivery", Journal of Enterprise Information Management, Vol. 23 Iss 3 pp. 350 - 364 Permanent link to this document: http://dx.doi.org/10.1108/17410391011036102 Downloaded on: 13 July 2015, At: 09:35 (PT) References: this document contains references to 37 other documents. To copy this document: permissions@emeraldinsight.com The fulltext of this document has been downloaded 1723 times since 2010* Users who downloaded this article also downloaded: Norita Ahmad, Noha Tarek Amer, Faten Qutaifan, Azza Alhilali, (2013),"Technology adoption model and a road map to successful implementation of ITIL", Journal of Enterprise Information Management, Vol. 26 Iss 5 pp. 553-576 http://dx.doi.org/10.1108/JEIM-07-2013-0041 F. Ponsignon, P.A. Smart, R.S. Maull, (2011),"Service delivery system design: characteristics and contingencies", International Journal of Operations & Production Management, Vol. 31 Iss 3 pp. 324-349 http://dx.doi.org/10.1108/01443571111111946 Kakoli Bandyopadhyay, Peter P. Mykytyn, Kathleen Mykytyn, (1999),"A framework for integrated risk management in information technology", Management Decision, Vol. 37 Iss 5 pp. 437-445...
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...Running head: RISK MANAGEMENT AND THEIR INFLUENCES Risk Management and Their Influences on Corporate Governance University of Maryland University College Graduate School of Management& technology Executive Summary Implementing a risk management process in line with organizational or business goals and objectives is vital for successfully managing or mitigating risk. Risk identification, analysis, handling, and monitoring should be addressed by all stakeholders. The process should be implemented in accordance with a pre constructed Risk management plan. A well developed risk assessment will make use of the considerable number of assessments, planning, and formal risk identification performed to provide a picture of the composite or overall risk associated with an organization. Also an effective risk mitigation strategy will provide a significant increase in the confidence level that a business or organization will meet its cost, schedule, and performance requirements. Introduction Risk is an important concept that plays a major role in the success of a business and organization. Risk is defined as the exposure to injury or loss. Every decision that we make as human beings contain some form of risk and most of the time the weight of the risk determine whether we will follow through with an action or not. Risk Management is a systematic way to keep those risks in check and a way to limit those risks in impacting the...
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...IBM, i-flex bag Canara core banking project Article by Business standard * Computer maker and IT services firm IBM has won the bid to implement a core banking solution for Canara Bank. In a deal, which market sources estimate at some Rs 250 crore, IBM will implement Flexcube, supplied by i-flex solutions in some 1,000 branches of the bank. * The hardware part alone will cost Rs 100 crore, M B N Rao, Canara Bank's chairman and managing director told reporters here on Friday. The IBM - i-flex combination beat competition from multinational rival Hewlett Packard and a desi system integrator, Wipro, both of whom had offered to implement Finacle, supplied by Infosys Technologies, a senior bank official said. * IBM's services business, IBM Global Services, will do the system integration work, said Shankar Annaswamy, managing director of IBM's Indian subsidiary, IBM India Limited. * IBM will also supply all the hardware required for the project. It will build a data centre at Bangalore, where the bank is headquartered, and a disaster recovery centre at Mangalore, the official said. * It will take some eight months for i-flex to customiseFlexcube to Canara Bank's requirements. By that time one branch, at the headquarters will go live with the core banking solutions. In the next five months, 1,052 branches will be hooked up. * These branches have been chosen to account for the bulk of the bank's business. They will cover "about 83-84 per cent of our business",...
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...Name: Walter Chisholm Date: August 1, 2011 Course: FIN/370 Finance for Business Topic: Defining Financial Terms Instructor: Rodney Nelsestuen Financial Management: Principals and applications. Define the following terms and identify their roles in finance: Finance - Financial management is concerned with the maintenance and creation of economic value or wealth. Consequently, this course focuses on decision making with an eye toward creating wealth. As such, we will deal with financial decisions such as when to introduce a new product, when to invest in new assets, when to replace existing assets, when to borrow from banks, when to issue stocks or bonds, when to extend credit to a customer, and how much cash to maintain. (Arthur J. Keown, John D. Martin, J. William Petty, and David F. Scott, Jr.-2005) Efficient market- is a market in which the values of all assets and securities at any instance in time fully reflect all available public information. An efficient market is characterized by a large number of profit-driven individuals who act independently. In addition, new information regarding securities arrives in the market in a random manner. Given this setting, investors adjust to new information immediately and buy and sell the security until they feel the market price correctly reflects the new information. ( Author J. K. et all- 2005) Primary market is a market in which new, as opposed to previously issued, securities are traded. This is the only...
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...RISK MANAGEMENT IN BANKS The business of banking today is synonymous with active risk management than it was ever before. The success and failure of a banking institution heavily depends on the strength of the risk management system in the current environment. This is true as the very business of banking is risk-taking as an intermediary, i.e. interposing between savers (depositor) on one hand and the borrower on the other hand, thereby accepting the risks of intermediation. Risk Management: Meaning & Components A risk can be defined as an unplanned event with financial consequences resulting in loss or reduced earnings. Therefore, a risky proposition is one with potential profit or a looming loss. Risk stems from uncertainty or unpredictability of the future. In commercial and business risk generates profit or loss depending upon the way in which it is managed. Risk can be defined as the volatility of the potential outcome. Risk is the possibility of something adverse happening. Risk management is the process of assessing risk, taking steps to reduce risk to an acceptable level and maintaining that level of risk. The essential components of any risk management system are – * Risk Identification: i.e. the naming and defining of each type of risk associated with a transaction or type of product or service; * Risk Measurement: i.e. the estimation of the size, probability and timing of potential loss under various scenarios; * Risk Control: i.e....
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...credit card company guidelines. TJX also retained cardholder data in its systems much longer than stipulated by industry rules for storing such data. The tools and technologies that could have been used to fix the weaknesses are some of the following: General controls govern the design, security, and use of computer programs and the security of data files in general throughout the organization’s information technology infrastructure. On the whole, general controls apply to all computerized applications and consist of a combination of hardware, software, and manual procedures that create an overall control environment. A risk assessment determines the level of risk to the firm if a specific activity or process is not properly controlled. Not all risks can be anticipated and measured, but most businesses will be able to acquire some understanding of the risks they face. Business...
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...An Analysis of Sources of Risk in the Consumer Electronics Industry ManMohan S. Sodhi Cass Business School Seongha Lee Samsung Forthcoming, JORS (2007) ABSTRACT: The consumer electronics industry is a $ 240 billion global industry with a small number of highly competitive global players. We describe many of the risks associated with any global supply chain in this industry. As illustration, we also list steps that Samsung Electronics and its subsidiary, Samsung Electronics UK, have taken to mitigate these risks. Our description of the risks and illustration of mitigation efforts provides the backdrop to identify areas of future research. INTRODUCTION In supply chain management, there is much discussion on risks related to such aspects of supply chains as short product lifecycles, keen competition combined with cooperation, and globalization. The consumer electronics industry is the very embodiment of these aspects of supply chain management and related risks. While some of the supply- and demand-related risks are similar to such industries as the toy industry (Johnson 2001), the consumer electronics industry faces additional risks due to its vertically integrated supply chains. This article seeks to provide a starting point for understanding supply chain risk in this industry through examples from this industry as well as related ones like computers and mobile phones. To illustrate the mitigation of these risks, we list steps that Samsung Electronics and its subsidiary...
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...Individual Project 2: Enterprise Risk Management Ashley Jonsson BUSI 601 Liberty University October 5, 2014 MEDA AB and Enterprise Risk Management MEDA AB is an international specialty pharmaceutical organization with its headquarters set in Stockholm, Sweden. MEDA specializes is offering cost effective pharmaceuticals in areas such as respiratory, cardiology, dermatology, pain and inflammation, central nervous system (CNS), and over-the-counter (OTC) medicines (MEDA AB, 2012, p. 18). MEDA’s vision is to “become a world-leading specialty pharma company with a focus on sustainable and profitable growth to provide value for our patients, shareholders and other stakeholders” (MEDA AB, 2014, para. 1). MEDA is currently present in about 60 countries and is staffed with over 3,000 employees (MEDA AB, 2014, para. 1). This purpose of this paper is to discuss a specific contemporary management technique that MEDA is not actively using at this time but could benefit from its implementation. The contemporary management technique chosen for MEDA is the use of enterprise risk management (ERM). Rationale for selecting enterprise risk management MEDA is a very large global organization and as such it is “important for global organizations to think about country-specific treatment of risks,” and to gain an understanding of how to control these risks in a manner that will allow them to align risks “with their business strategy, develop an overall approach to how they define, establish...
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...about supply and prices, vendors - about demand and paying ability of their clients. Modern economic theory attributes to the market an important innovative function too - the market encourages vendors to create new products and bring them to the market in response to the emerging demand for them. Security for the future strongly influences the welfare of people by making better the personal well-being and by allowing for more risk taking activities unfolding the entrepreneurial spirit in an environment where insurance against harmful loss is available. Role of Information Technology in Insurance Sector The insurance industry has a particular dependence on information technology. Insurance was one of the first industries to apply computers transaction processing -- to handle the vast number of claims, reserve estimates, payments, codes, etc. required. Examples of this data processing commitment began in the 1950's. Not long into the information revolution, the need to make sense out of this mass of data was recognized. Hence the origins of Management Information Systems (MIS) in the 1970's. The goal of MIS was to consolidate data into meaningful reports. Yet these reporting systems were...
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...The concept of security has many associations. It can include safety to individuals, the society, groups that include status, religion and colour, businesses and any other legitimate organizations. The concept of security has been an issue across generations both in animal and human societies. The often quoted sentence ‘survival of the fittest’ comes to mind in this instance. This suggests that individuals and groups (of any order) will resist and create conflict in order to survive in a particular environment, whether it is within a family, society, politics, or a business environment. Whatever the reasons may be or legitimacy of the conflict, it is up to the receiving party to ensure that they survive and grow in spite of security issues. In the business world, competition often produces security problems. The concept of globalization, the growth and expansion of multinationals has resulted in new security threats that are related to political and religious factors. In other words, business organizations can be subject to threats from local businesses, political parties, and terrorist organizations. Local businesses can create problems because the new entrants are seen as a threat and competition to their existing businesses activities. Political parties that are not in power may pose a threat because they oppose the ruling party and not the business enterprise. Terrorism and other forms of violence may occur against specific business organizations since they are seen as a representative...
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...Backtesting Assignment Name: Institution: Backtesting Assignment Question1: Discuss the role of back testing of VaR models in portfolio management The growth of risk management as a sub-field in the theory of finance traces back to the increasing volatile markets of the 1970s. Risk management revolution crept up as fixed exchange rates were being demolished and new theory were advancing rapidly. As trading increased rapidly, unpredictable events such as financial disasters crept up to bring to light the need for improving risk management tools. Over the past few years, the Value-at-Risk (VaR) model has evolved into the most popular risk assessment tool in finance (Lucas, 2001). The VaR method captures market risks in an asset portfolio, which is the loss in portfolio value within a specific period using an specific confidence interval. Despite being widely used and accepted, it has attracted criticism over its incapability to produce reliable estimates of risks. Upon implementation, VaR systems involve various simplifications and assumptions as the tool forecasts future assets using historical market, which may not reflect the environmental scenario in future. This means the VaR is only useful when it predicts risks accurately (Lucas, 2001). To verify the consistency and reliability of VaR calculations, it is necessary to back test the model with appropriate statistical standards. Back testing entails comparing actual profits and losses to...
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...Introduction Cloud computing has the potential to change the face of the Information Technology (IT) industry. Industry experts maintain that the cloud will eventually become a primary component of computing activities conducted over the Internet. Presently, major corporations like Google, Amazon, Microsoft, and IBM have embraced this trend and are using the technology to enhance IT supported services. As the number of benefits and potential uses of the technology grows, the funding earmarked for assessments and implementation of cloud services will likely multiply. Cloud computing consists of immense benefits that allows end users to utilize services that include infrastructure, applications, data storage capacity. Last year, the Brookings Institution released a study that endorses the benefits of cloud computing to the government. The writer of the study, Darrell West, who is the vice president and director of government studies at Brookings, stated in the paper, “that agencies that have moved to the cloud generally enjoyed 25percent to 50 percent savings on their IT cost. For the federal government as a whole, this translates into billions in cost savings, depending on the scope of the transition” (West, 2011). Cloud computing consist of a network of servers that run services that are operated as shared platforms. The characteristics of cloud computing include on-demand services, pay-per-use services, broadband network access, multi-tenancy, rapid elasticity and scalability...
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...Monitoring: NMS system with a dedicated NOC team is in place for monitoring the DBBL network. DBBL has the technology to monitor and manage the network infrastructure. Integrated Security Management System: DBBL ensures its integrated management system through using two security system process. They are: * Access Control System * CCTV System: Access Control System: DBBL can monitor and control the door access and for visitor management and perimeter monitoring. DBBL is equipped with a 32-bit Windows- based GUI point-and-click interface. This security interface animates whenever activity occurs on the security system, be it a door opening or a person entering the datacenter. CCTV System: DBBL is using CCTV systems to monitor the building premises. Cameras and software are being used to monitor and record all type of activities. Building Management System: DBBL’s Building Management System is managing the building site with and collects, organizes and distributes in real-time critical alerts, surveillance video and key information and provides a unified view of complex physical infrastructure environments from anywhere on the network. It covers company-wide multi-vendor physical infrastructure: racks, power, cooling, security, and environment. It can also detect water inside the datacenter and generates alarm. Disaster Recovery and Business Continuity Plan: The continuity of the business and services are vital for both the customers andemployees. It is acknowledged...
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...global partnership between businesses and universities. It brings together the world’s leading firms and academics, all of whom are devoted to delivering today the tools, education and insights needed for the complex service solutions of tomorrow. About the Cambridge Service Alliance Founded in 2010 by BAE Systems, IBM and the University of Cambridge’s Institute for Manufacturing and Judge Business School, the Cambridge Service Alliance brings together world-leading organisations with an interest in complex service systems to: • Conduct insightful, yet practical research to improve the design and deployment of high-performance complex service systems. • Create and develop industrially applicable tools and techniques that deliver competitive advantage. • Provide an unparalleled network of academics and industrialists that share experience, knowledge and insight in how better to design and deploy high performance complex service systems. • Develop and deliver public and member-only education programmes to raise the skill levels of organisations. Joining the Cambridge Service Alliance Industrial members The founding industrial members are BAE Systems and IBM. The Cambridge Service Alliance will bring together up to eight further companies prepared to make significant and long-term contributions to support the Alliance. Benefits of joining include: • Challenging yet practical insights into the design and delivery of high-performance complex service...
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