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Risk Management Programs
Risks are ubiquitous and attribute in the functioning of organizations in today’s turbulent and competitive environment. Every business will work hard to manage its operations and transactions with an aim of adding value to the business. Intellectual property and financial security are the key aspects of the business agenda. This proposed paper ventures into the fundamental strategies used in risk management particularly in the field of technology.
Every organization has a mission either to increase the shareholder value or to deliver high-quality goods or services.
The group of actions integrated within the wider context of an organization’s structure and operations aimed at reducing aspects that may reduce the functionality of a business is risk management (Peltier, 2013). Risk management is vital because organizations encounter numerous eminent or unprecedented adversities that affect their ability to deliver high-quality services or increase the business value. More importantly, the progress made in technology today makes risk management difficult with risks such as hacker intrusions, malicious software, and others (Peltier, 2013). Therefore, organizations must create measures that reduce risks and threats and affirm successful completion of their strategic goals.
A complete risk management program aims to protect the organization from the multifaceted nature of the competitive market. The choices in risk management can differ from one organization to another depending on the internal and external setting in which the organization operates. Nevertheless, there are several fundamental risk management protocols an organization must withhold in the current technology. First and foremost every risk management program has to have context definition identifying the areas of risk that an organization must consider. These fields of risks might relate to the specific combination of market, product or supply process as well as external references like intrusions. The primordial criterion in prioritizing risks include the potential for the risk to affect the organization (Peltier, 2013). Every risk has potential in inflicting an adverse effect to the organization. Organizations will invest in the development of effective risk identification strategies that assist the organization to identify swiftly and respond to any risk in its operations.
The progress made in technology in the contemporary period makes organizations cautious especially when dealing with technology. The chances of an organization’s intellectual property getting attacked are very high in the current date. Risk management programs deploy planning in their strategies. These strategies include disaster planning that guarantee the survival of the organization in the event of a disaster (Hillet al., 2014). Every serious organization will deploy disaster planning strategies including data backups and recovery protocols. These measures allow the organization to recover quickly from unprecedented events. For example, an organization might fall prey to a hacker’s tactics that mandate the modification of its information systems. Risk management programs offer an outline of the protocols the organization will execute in the event of such an occurrence through risk planning. Planning for risks requires an estimation of the likelihood of an event occurring and the seriousness of the consequences. These strategies allow the organization to create effective countermeasures that guarantee consistent performance (Pritchard & PMP, 2014).
The fundamental part in the development of a risk management program is developing a system that can protect the intellectual property of the organization from technology-based attacks. These measures include the implementation of security systems and protocols that reduce the chances of a risk occurring. The security protocols also provide guidelines for the steps an organization should follow in the event of a security breach. The persistence of residual risk related to technological vulnerabilities is high and in most cases unavoidable both for reasons inherent to the context of the organization’s operations. Therefore, the organization has to secure its assets (Hillet al., 2014). Advances in the world are turning crime from blue collar to the white collar where the suspects use advanced strategies to infiltrate the organization and steal their intellectual and financial property.
Sherry Roberts is the author of this paper. A senior editor at Melda Research in cheap reliable essay writing service if you need a similar paper you can place your order for a custom research paper from cheap assignment services.
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