Information Technologies & Risk Management in Business

The main goal of IT is to help businesses achieve the organization’s mission and goals. Each business line creates an IT system that supports its business function. Thus, the higher the automation of the organization’s processes, the higher the probability of something going wrong in automation tools, for example, information technologies. In the case of the implementation of IT risk, a risk event related to IT, potentially, like a house of cards, such an event triggers the implementation of risks from other categories of business risks.

The first strategy is to identify risks in advance. The project’s risks are determined during the fixation of the project requirements and are reflected in the charter or the concept of the project. The Project Charter is a document that contains basic information about the project: customer needs, criteria for successful implementation. The second strategy is to take into account the experience of previous projects. For example, the coordination of the design of the site pages is always a personal story, and an employee needs to put extra time into resolving issues.

Moreover, it is important to consider the specifics of the customer’s internal infrastructure. The most obvious example is the security requirements, which can significantly delay the project’s start date. The fourth strategy is to always remember about the purchase of server equipment or about the approval of hosting. Suppose customers usually remember about the purchase of hosting (Reich et al., 2020). In that case, they may forget about server equipment in projects and not budget the cost of equipment licenses, as well as the time to agree with the equipment supplier and its delivery. The fifth strategy is to lay the implementation of the integration of the project with the internal systems of the customer. This is often forgotten because usually in the customer’s organization, not specially hired people are allocated for the project, but current employees who have another, main job.

By way of conclusion, the main thing in working with risks is to convey to all project team members the need to work with risks. First of all, the specialist need to try to prevent the occurrence of risks, analyze the past experience and the reasons for the occurrence to compile a list of possible risks in new projects, prevent unforeseen risks. The key point of risk management is their constant monitoring and prevention, ideally coordinated with the duration of project development cycles.

Reference

Reich, R., Sahami, M., Weinstein, J. M., & Cohen, H. (2020). Teaching computer ethics: A deeply multidisciplinary approach. In Proceedings of the 51st ACM Technical Symposium on Computer Science Education (pp. 296-302).

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