The document provides details about a presentation on risk assessment and internal controls in IT enabled environments. It discusses:
1. How risk assessment involves identifying threats, vulnerabilities, assets, impact, and likelihood to understand risks. Internal controls can then reduce probability of threats or vulnerabilities.
2. Two case studies - how eBay India assessed risks to critical business processes and IT systems, finding sales systems high risk. And for a law firm, case proceeding and client databases were high risk due to data stored.
3. How risk management involves assessing risks, selecting controls, and accepting residual risks, with the goal of supporting business objectives.
Risk Management Plan In Business PowerPoint Presentation Slides SlideTeam
There might be inherent risk that cannot be avoided and thus a Risk Management Plan in Business PowerPoint Presentation Slides becomes lifeline in such cases. The data compiled and saved in PPT layout not only helps to minimize or eliminate the risk associated but also helps to deal with it effectively at the time of its occurrence. To foresee any risk, a risk assessment matrix is a must and the same is supplied from our end in a structured and professional manner in the presentation template. Line and flow charts in PPT template acts as the oxygen to eliminate risks like strategic, compliance, financial, operational and reputational hazards. The core risk management steps have been addressed carefully in the presentation slide which includes identification, analyzing, evaluation, ranking, monitoring and reviewing of the same. As far as business risk is concerned, a lot of factors come to play like sales volume, input cost and much more, thus every slide in PPT presentation pays special attention to the same. Our Risk Management Plan In Business PowerPoint Presentation Slides ensure thoughts appear extremely balanced. You will display great composure.
Software development life cycle (sdlc) phases.pdfPrayas Gokhale
Software development life cycle (SDLC) is the life cycle of the software product. It comprises of certain defined phases that are interlinked. The requirements are translated into design, the design is used to write the codes. The code is tested and verified before delivering it to customers.
Risk Management Plan In Business PowerPoint Presentation Slides SlideTeam
There might be inherent risk that cannot be avoided and thus a Risk Management Plan in Business PowerPoint Presentation Slides becomes lifeline in such cases. The data compiled and saved in PPT layout not only helps to minimize or eliminate the risk associated but also helps to deal with it effectively at the time of its occurrence. To foresee any risk, a risk assessment matrix is a must and the same is supplied from our end in a structured and professional manner in the presentation template. Line and flow charts in PPT template acts as the oxygen to eliminate risks like strategic, compliance, financial, operational and reputational hazards. The core risk management steps have been addressed carefully in the presentation slide which includes identification, analyzing, evaluation, ranking, monitoring and reviewing of the same. As far as business risk is concerned, a lot of factors come to play like sales volume, input cost and much more, thus every slide in PPT presentation pays special attention to the same. Our Risk Management Plan In Business PowerPoint Presentation Slides ensure thoughts appear extremely balanced. You will display great composure.
Software development life cycle (sdlc) phases.pdfPrayas Gokhale
Software development life cycle (SDLC) is the life cycle of the software product. It comprises of certain defined phases that are interlinked. The requirements are translated into design, the design is used to write the codes. The code is tested and verified before delivering it to customers.
MODULE 1:
Definition of Risk and uncertainty- Classification of Risk, Sources of Risk-external and internal. Risk Management-nature, risk analysis, planning, control and transfer of risk, Administration of properties of an enterprise, provision of adequate security arrangements. Interface between Risk and Insurance- Risk identification, evaluation and management techniques, Risk avoidance, Retention and transfer, Selecti9on and implementation of Techniques. Various terminology, perils, clauses and risk covers.
Risk management is a critical and systematic process integral to various industries, ensuring the identification, assessment, and mitigation of potential threats to organizational objectives. This article provides a comprehensive overview of the risk management process, emphasizing its significance in fostering resilience and sustainable operations. The systematic approach begins with risk identification, involving the recognition and cataloging of potential risks that may impact organizational goals. Subsequently, risk assessment evaluates the likelihood and impact of identified risks, prioritizing them for effective mitigation strategies.
The article delves into risk mitigation, exploring the development and implementation of strategies to reduce the probability and impact of adverse events. The integration of risk monitoring and communication mechanisms ensures that the risk landscape is continually evaluated, and relevant stakeholders are informed in a timely manner. The article also discusses the importance of a feedback loop in the risk management process, allowing organizations to learn from experiences and enhance future risk assessments.
Regulatory compliance and standards, such as ISO 31000, are explored as frameworks that guide organizations in establishing effective risk management processes. Additionally, the article considers the role of technology, data analytics, and artificial intelligence in augmenting risk management capabilities.
Challenges inherent in the risk management process, including uncertainty, complexity, and evolving threats, are critically examined. Strategies for overcoming these challenges are discussed, emphasizing the importance of adaptability and a proactive organizational culture.
Ultimately, the risk management process is viewed not as a standalone function but as an integrated and dynamic component of organizational governance, contributing to informed decision-making and the achievement of strategic objectives.
MODULE 1:
Definition of Risk and uncertainty- Classification of Risk, Sources of Risk-external and internal. Risk Management-nature, risk analysis, planning, control and transfer of risk, Administration of properties of an enterprise, provision of adequate security arrangements. Interface between Risk and Insurance- Risk identification, evaluation and management techniques, Risk avoidance, Retention and transfer, Selecti9on and implementation of Techniques. Various terminology, perils, clauses and risk covers.
Risk management is a critical and systematic process integral to various industries, ensuring the identification, assessment, and mitigation of potential threats to organizational objectives. This article provides a comprehensive overview of the risk management process, emphasizing its significance in fostering resilience and sustainable operations. The systematic approach begins with risk identification, involving the recognition and cataloging of potential risks that may impact organizational goals. Subsequently, risk assessment evaluates the likelihood and impact of identified risks, prioritizing them for effective mitigation strategies.
The article delves into risk mitigation, exploring the development and implementation of strategies to reduce the probability and impact of adverse events. The integration of risk monitoring and communication mechanisms ensures that the risk landscape is continually evaluated, and relevant stakeholders are informed in a timely manner. The article also discusses the importance of a feedback loop in the risk management process, allowing organizations to learn from experiences and enhance future risk assessments.
Regulatory compliance and standards, such as ISO 31000, are explored as frameworks that guide organizations in establishing effective risk management processes. Additionally, the article considers the role of technology, data analytics, and artificial intelligence in augmenting risk management capabilities.
Challenges inherent in the risk management process, including uncertainty, complexity, and evolving threats, are critically examined. Strategies for overcoming these challenges are discussed, emphasizing the importance of adaptability and a proactive organizational culture.
Ultimately, the risk management process is viewed not as a standalone function but as an integrated and dynamic component of organizational governance, contributing to informed decision-making and the achievement of strategic objectives.
Social media Risk Management Presentation Sample (Animations don't work in sl...Alexander Larsen
An introduction to social media, the types of risks it can cause, some business solutions to mitigating the risks and protecting your company reputation, as well as how it can be used as a tool for successful business continuity and risk management functions.
Management des risque etude de cas 1 - MOSAR/MADS Ibtissam El HASSANI
MOSAR Méthode Organisée Systémique d’Analyse des Risques
La méthode MOSAR est proposée par Pierre PERILHON. Elle s'appuie sur la méthodologie d'analyse des dysfonctionnements des systèmes (MADS).
Méthode pour analyser et neutraliser les risques techniques dans les installations humaines, aussi bien au stade de leur conception que sur des installations existantes.
La méthode MOSAR s'articule autour d'une vision macroscopique des risques et une vision microscopique des risques.
La vision macroscopique :
consiste à réaliser une analyse des risques principaux.
La vision microscopique :
consiste à réaliser une analyse détaillée de tous les dysfonctionnements techniques et opératoires apparus au cours du premier module. Au cours de cette phase, des outils particuliers et spécifiques sont mis en œuvre (AMDEC, HAZOP, Arbre des causes, Arbre des défaillances, etc.).
Management des risques ibtissam el hassani-chapitre3 : MADS/MOSARibtissam el hassani
Management des risque MOSAR/MADS Ibtissam El HASSANI
MOSAR Méthode Organisée Systémique d’Analyse des Risques
La méthode MOSAR est proposée par Pierre PERILHON. Elle s'appuie sur la méthodologie d'analyse des dysfonctionnements des systèmes (MADS).
Méthode pour analyser et neutraliser les risques techniques dans les installations humaines, aussi bien au stade de leur conception que sur des installations existantes.
La méthode MOSAR s'articule autour d'une vision macroscopique des risques et une vision microscopique des risques.
La vision macroscopique :
consiste à réaliser une analyse des risques principaux.
La vision microscopique :
consiste à réaliser une analyse détaillée de tous les dysfonctionnements techniques et opératoires apparus au cours du premier module. Au cours de cette phase, des outils particuliers et spécifiques sont mis en œuvre (AMDEC, HAZOP, Arbre des causes, Arbre des défaillances, etc.).
A look at Nike's approach to Corporate Social Responsibility as a Crisis Management Tool. This case study is designed to draw attention to the ethical quagmire that is CSR. Particularly the arguements that it looks good on paper but not in reality. It will also look at some theoretical approaches to divising a CSR strategy.
This isn't an attack on Nike, but is looking at the reports against the company and their "reported" responses as food for thought.
Social Media Crisis Management: Three Case StudiesElisha Tan
Social media has drastically changed the landscape of crisis management. With close to 23% of the time spent on the internet on social networks and Google providing three-quarters of a billion search results a day, the internet is a giant public library where users have the ease of discovering and spreading information around.
What does this mean to companies facing a crisis? It means that when information released is not contained and acted upon quickly, it can spiral out of control.
This ebook looks at three case studies and explore what we can learn from them for maximum effectiveness in social media crisis management.
The Significance of IT Security Management & Risk AssessmentBradley Susser
The Significance of IT Security Management & Risk Assessment
An overview of IT Security Management, which is comprised of standards, policies, plans, and procedures as well as risk assessment and the various techniques and approaches to minimize an organization’s financial impact due to the exploitation of numerous organizational assets.
The 7 Steps to Prevent IT-Caused Outages- A Comprehensive ApproachProtected Harbor
Discover a comprehensive roadmap to fortify your IT operations against unexpected downtime through systematic risk assessment, strategic redundancy planning, and the implementation of cutting-edge monitoring and response protocols. Our whitepaper outlines seven crucial steps to safeguard your IT infrastructure, helping you proactively identify and address potential weak points, ensuring robust resilience and reducing the risk of disruptive outages. By adopting our proven methodology, organizations can enhance its ability to withstand IT-caused outages, ensuring uninterrupted services, improved customer satisfaction, and safeguarding your reputation in today's highly competitive digital landscape.
An IT risk assessment does more than just tell you about the state of security of your IT infrastructure; it can facilitate decision-making on your organizational security strategy. Some of the benefits of conducting an IT risk assessment are:
The process for identifying existing flaws in the IT ecosystem that threatens the data and network security of an organization is called IT Risk Assessment.
Risk management is one of the main concepts that have been used by most of the organisations to protect their assets and data. One such example would be INSURANCE. Most of the insurance like Life, Health, and Auto etc have been formulated to help people protect their assets against losses. Risk management has also extended its roots to physical devices, such as locks and doors to protect homes and automobiles, password protected vaults to protect money and jewels, police, fire, security to protect against other physical risks. Dr. C. Umarani | Shriniketh D "Risk Management" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd37916.pdf Paper URL : https://www.ijtsrd.com/computer-science/computer-security/37916/risk-management/dr-c-umarani
Certified in Risk and Information Systems Control™ (CRISC™) is the most current and rigorous assessment which is presently available to evaluate the risk management proficiency of IT professionals and other employees within an enterprise or financial institute.
CRISC help enterprises to understand business risk, and have the technical knowledge to implement appropriate IS controls.
This CRISC Certification training course accredited by ISACA is ideal for IT professionals, risk professionals, control professionals, business analysts, project managers, compliance, professionals and more.
To know more about CRISC Certification training worldwide,
please contact us at -
Email: support@invensislearning.com
Phone - US +1-910-726-3695,
Website: https://www.invensislearning.com
SBIC Report : Transforming Information Security: Future-Proofing ProcessesEMC
This report from the Security for Business Innovation Council (SBIC), sponsored by RSA, contends that keeping pace with cyber threats requires an overhaul of information-security processes and provides actionable guidance for change.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdf
case studies on risk management in IT enabled organisation(vadodara)
1. WICASA BARODA
Presentation on: Case Studies on Risk assessment and internal controls in IT enable
Environment
Presentation at: National Convention ICAI BHWAN Baroda
Presentation @: 12 July 2013
Presentation By: Ishan Parikh(WRO0349134)
Contact number: 9067408930
1
2. Risk assessment and internal controls in IT
enabled Environment
1
2
Risk assessment:
Well memorized definitions
The auditor should obtain an understanding of the accounting and internal
control systems sufficient to plan the audit and develop an effective audit
approach. The auditor should use professional judgment to assess audit risk and
to design audit procedures to ensure that it is reduced to an acceptably low
level.
Internal Control System:
ICS means all the policies and procedures (internal controls) adopted by the
management of an entity to assist in achieving management's objective of
ensuring, as far as practicable, the orderly and efficient conduct of its business,
including adherence to management policies, the safeguarding of assets, the
prevention and detection of fraud and error, the accuracy and completeness of
the accounting records, and the timely preparation of reliable financial
information.
3
IT enabled Environment:
IT enabled environment is a Area that is constitution of different Computers and
its peripheral devices and work together to fulfill organization’s objectives.
2
3. Requirement of involving of IT in Accounting &
Audit:
Technological Revolution.
Increase in Volumes & Complexities of transactions.
Time & Information became most sought after.
Fall in Prices of Computer Hardware.
Availability of user friendly software.
Though no change in audit objectives
To establish reliability & integrity of information
To assess compliance with policies, laws & regulations
To see that assets are being safeguarded
To appraise economical & efficient use of resources
Accomplishment of established objectives & goals
3
4. IT Security Risk Assessment
Risk Assessment can be understood as the generation of a snapshot
of current risks. More technically, it consists of the following phases:
1. Threats identification: identify all relevant threats
2. Threat characterization: determine the impact and likelihood of the
relevant threats
3. Exposure assessment: identify the vulnerability of the assets
4. Risk characterization: determine the risks and evaluate their impacts
on the business
Figure 1 below illustrates how IT security risk can be seen as a function
of threat, vulnerability and assets value. It also shows that there are
different ways to reduce the risks: countermeasures can either reduce the
probability for a threat to become true. They can reduce vulnerability or
they might help to reduce the impact caused when a threat comes true.
figure 1
Risks that remain after applying countermeasures are called “residual
risks”. Residual risks have to be considered by the management and be
accepted or rejected (in the latter case the risks have to be treated again).
4
5. Let us consider the example of a commercial engineer who possesses
a company laptop. This hardware stores a copy of the price list of products
as well as a database with client data. The commercial engineer is a
frequent traveller and he uses his laptop in public places like restaurants or
the customers’ offices.
In this example:
1. Threats are the loss or theft of the laptop with the impact of
disclosure of company confidential information.
2. Vulnerabilities result from storing confidential plaintext data on the
laptop or leaving the laptop unattended without a screen lock or
appropriate password protection.
3. Assets are the hardware itself (replacement costs in case of theft or
loss) and the confidential data for the company.
To calculate the value of these assets, several questions have to
be answered:
a. What is the cost (money and time) for reconstructing the data
in case of loss?
b. What is the degree of confidentiality of the data stored in the
laptop?
c. What is the potential impact of data disclosure to competing
companies?
5
6. Figure 2 shows the phases of the risk assessment process:
In the example, as a result of the risk assessment the risk that company
information could be disclosed to non-trusted parties has been identified.
This risk has major business impacts for the company.
6
7. Figure 3 below shows the steps required to deal with the risks
connected to the threats and Vulnerabilities of an asset.
7
8. IT Security Risk Management
In order to mitigate the identified IT security risks a risk management
process should be implemented. For each assessed risk, the risk manager
should propose security internal controls.
In general, security standards propose security controls
categorized in the following areas:
Logical controls:
E.g. protection of data, protection of network assets, protection of access
to applications etc.
Physical controls
E.g. alarm systems, fire sensors, physical access control, surveillance etc.)
Organizational controls
E.g. usage rules, administration procedures, process descriptions,
definition of roles etc.
Personnel controls
E.g. sanctions, confidentiality clauses in contracts, training and awareness
etc.
8
9. In our example these security controls could be:
1. Awareness training for commercial engineers (i.e. control of
personnel type)
2. Encryption of confidential data stored on the notebook (i.e. control of
logical type)
3. Only the data actually needed for the trip should be stored on the
notebook (i.e. control of organizational type).
4. Insurance for the case of theft or loss of the hardware (i.e. control of
organizational type)
The security controls should be selected, planned, implemented,
communicated and monitored. IT Security Risk Management is a global
approach to risk: on the basis of the assessed risks the process continues
with the selection and implementation of security controls (“risk
treatment”), the acceptance of risk that cannot or should not be treated
further, the communication of risks and their monitoring.
9
10. More technically speaking, the process of Risk
Management includes:
Risk assessment:
Find out which risks apply to your business and evaluate them.
Management has to decide which risks will be treated or not.
Risk treatment:
Select and implement security controls to reduce risks. Controls can have
different effects, like:
mitigation
transfer
avoidance and
retention of risks
In the example given above, a disk encryption (that would strongly reduce
the risk that competing companies get access to confidential data in case
the laptop is stolen) is a measure of risk mitigation, an insurance covering
the hardware replacement cost is a measure of risk transfer. An example
for risk avoidance is to take on the laptop no more than the necessary
data.
You can and should use multiple security controls to treat risks. It is
advisable to use different types of controls.
Risk acceptance:
Even when the risks have been treated, residual risks will generally remain,
even after risk treatment has been performed or if controls are not
feasible. The management has to accept the way risks have been treated.
Thus, risk acceptance should always be a management decision.
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11. IT security risk management is a part of
business management
In order to establish risk management, you will need a supporting method.
Risk management methods vary from simple step-by-step approaches up
to complex methods requiring the support of automated tools:::::::::
The first step towards dealing with IT security risk management is to assess
the importance of your organization’s information assets. This assessment
is done in two steps:
1
Determine the importance of the business processes for the
organization and the environment respectively. This importance may vary
from ‘high’ to ‘low’:
Processes with high importance are the most valuable assets for the
organization (e.g. the production processes) or the environment (e.g.
if your organization does air traffic control). Disruption or congestion
of such processes results in unacceptable damage1.
Processes with medium importance represent a moderate value for
the organization. Disruption or congestion of such processes results
in significant damage.
Processes with low importance are of minor value for the
organisation. Disruption or congestion of such processes results in
minor damage only.
2
Determine the dependency of the business processes on
information systems:
High dependency: Disruption of information systems results in severe
hindering or even congestion of the dependent processes.
Medium dependency: Disruption of information system results in
significant but not severe hindering of the dependent process.
11
12. Low dependency: Disruption of information system results in only
minor hindering of the dependent process.
Figure below illustrates the criticality as the combination of IT systems
dependency and the importance of a business process.
12
13. Case Studies on Risk assessment
and internal controls in IT enabled
Environment
1. EBay India
2. Any Advanced law firm
13
14. EBay Inc. is an American multinational internet consumer-toconsumer corporation, headquartered in San Jose, California. It was
founded in 1995, and became a notable success story of the dot-com
bubble; it is now a multi-billion dollar business with operations localized in
over thirty countries now in India too.
Business processes and their importance for the business:
Business process
Production
Finance
Human Resources
Marketing
Importance for the
business
high importance
High Importance
Low importance
High importance
14
15. Risk assessment process in EBay A online Store:
Business Process
IT System
Production:
high
importance
Finance:
high
importance
Production
Web Services:
high
dependency
Production
Database: high
dependency
Production File
and Print:
medium
dependency
Production /
Specific
Applications:
high
dependency
Finance and
Controlling
applications:
low
dependency
Marketing File
and Print:
low
dependency
E-Mail:
medium
dependency
high criticality
Company sells its
products mainly through
an online store
high criticality
It stores sales
data (including
personal data)
medium
criticality
Function needed to
process orders,
receipts,correspondence
with customers
high criticality
A set of programs
used to access,
manage and maintain
the production
environment
medium
criticality
medium
criticality
IT
Infrastructure:
high
dependency
high criticality
high criticality
Human
Resources:
low
importance
Marketing:
high
importance
low
criticality
Comments
It stores data to proceed
the internal cost
performance ratio
no
criticality
It is used by the
marketing unit to
produce their
information material
no
criticality
low
criticality
low
criticality
medium
criticality
The company has a
centralized Emailsystem. This is an
indispensable
internal and external
communication channel
Consist of hardware,
local network, operating
systems, system
software which is
needed to operate the
information systems
15
16. Amarchand & Mangaldas & Suresh A Shroff & Co or AMSS in short, is the
largest law firm in India with headquarters in Delhi and Mumbai. It has
offices in 7 cities Viz New Delhi, Ahmedabad, Hyderabad, Kolkata,
Mumbai, Bengaluru, Chennai and Pune. The firm now has nearly 575
lawyers with about 70 partners.
Business processes and their importance for the business:
Business process
Consultancy
Case Proceeding
Finance
Human Resources
Importance for the
business
high importance
High Importance
Low importance
Medium importance
16
17. Risk assessment process in AMSS a Biggest Law Firm of India:
Business Process
IT System
Case
Proceeding
Database:
high
dependency
Consulting
Database:
high
dependency
Finance and
Controlling
application:
low
dependency
E-Mail:
high
dependency
IT
Infrastructure:
high
dependency
Consultancy:
high
importance
Case
Proceeding:
high
importance
Finance:
Low
importance
Human
resources:
medium
importance
high criticality
Comments
It stores information
related to the cases
(including personal
data)
high criticality
It stores information
related to the clients
(including personal
data)
no
criticality
It stores data to
proceed the internal
cost-performance ratio
high criticality
high criticality
low
criticality
medium
criticality
high criticality
high criticality
low
criticality
medium
criticality
The company has a
Centralized mail
system. This is an
Indispensable internal
and external
communication channel
Consists of hardware,
local network, operating
systems, system
software which are
needed to operate
the information
systems
17