Risk Management of an IT Governance Framework

Question

Explain the plans taken by an IT organization for the Risk Management of an IT Governance Framework?

Answer 1

IT Governance Framework:

XYZ, a real estate software, runs on Linux. It is developed by abc consulting pvt ltd.This company is started  2 years ago and is running with 20 consultants, system developers and analysts working on client projects. The prototype of XYZ won first prize in the Multimedia Systems Corridor Business Software Innovation Competition recently. They also applied for a grant of $1million dollars from the Sarawak Ministry of small to medium enterprises to develop and commercialize XYZ. The office has PCs and also laptops. The antivirus is downloaded in each system but according to employees choice. The internet connection is wireless which is provided by their neighbor who is a 18year old boy. They want to establish a connection develop XYZ successfully. They are internet connection providers to business.Though they do not have enough experience they are ready to mingle for the sake of this project. The main problems of abc consulting pvt ltd are as follows. They issued swipe cards to the employees which they could not collect from some of the terminated employees. They normally use google docs for their work and in some cases when it is busy they have to wait. They are using general chat engines like yahoo for their business purposes.

Business Continuity Plan:

As they want to expand their business they have to follow the following suggestions so that they will not face any problem in the future. They have to own or purchase a private chat engine so that the secret information will not be leaked. They have to use other documents also simultaneously so that when one is busy they can go with the other. They need to have their own high speed internet connection.

Disaster Recovery Plan:

To recover from disaster they have to strictly follow some things so that they can be fine soon. They have to purchase or own a anti virus software and install that to all computers and laptops. As soon as the employee resigns they have to collect the swipe cards. Now they have to check the records so that they can deactivate the access to the resigned employees and check if any of the data is misused

Summary:

Based on the study on the observations, we can say that risk management is  a process which is done in several steps such as risk identification, risk assessment and finally solutions to minimize it to acceptable levels. Here is a table which describes some of the threats with priority level and suggested recommendations. We also have to consider cost effective methods or economical process. The risk scale describes the level of risk based on many factors depending on an organization.