Risk management involves the process of identifying, assessing, and prioritizing risks. The process calls for an economical and coordinated utilization of resources to monitor, control and minimize the probability and impact of disastrous occurrences or to maximize the possibility of opportunity realization. Risks results from the uncertainties of life caused by human imperfect knowledge in respect to the future occurrences. A risk can be anything that is likely to cause harm or even benefit a person. However, in the business world the term risk or peril is used to refer to the possibility of undesirable occurrence (VON GREBMER, 2007, pp. 45). The peril may take the forms of financial loss, project failures, legal liabilities, accidents, credit risk and terrorism attacks. It is important to note that people are always aware that a peril will occur but the time and the extent of the occurrence is unknown to anyone. For instance, a manager to a firm knows that there is a possibility of fire tragedy occurring and causing a loss (VON GREBMER, 2007, pp. 67). However, the time and the extent of the damage are not known. The fact that risk might occur and cause harm means that people must be prepared for all the uncertain events that might occur. Therefore, the need to manage perils becomes a crucial requirement in the day to day activities of a firm. Risks occur in all fields including: health sector, farming, entrepreneurship, and even in the information technology industry. Different perils demands different strategies to manage (KHATTA, 2008, pp. 47). This paper will address the risk and peril management in the information technology sector. To start with, a brief analysis of the information technology industry is provided. This is followed by a discussion regarding integrated risk management as well as safety management. Finally, the paper provides detailed process of peril administration.
Information technology refers to the use of telecommunication equipment and computers to store, retrieve, transfer and manipulate data; usually in the business context. The expression is often assumed to be a substitute for computer networks and computer hardware. However, it also encompasses various information transmission technologies and techniques such as telephones and televisions (WATKINS, 2010, PP. 45). Various industries are often linked to information technology such as computer software, hardware, semiconductors, electronics, telecom equipment, internet, computer services and e-commerce.
Since time immemorial, human beings have been retrieving, storing, manipulating and transmitting data in different forms and medium. All through, people have enjoyed the benefits of the sector in personal and business life (DOBSON & HIETALA, 2011, pp. 38). However, these benefits are accompanied by risks as well.
Information technology risk refer to any uncertainty related computers and computer technology. Theoretically, this expression is new in the industry because it did not make a lot of sense in the past. The term have become common in the sector following the increasing awareness that data security is basically one of the most serious issues that ought to be accomplished by IT department in a firm. Generally, risk in any field is the outcome of the occurrence of an event that might not be under control of individuals.
Integrated Risk management The current information technology operating environment demands an integrated risk management approach. Nowadays, it is not sufficient to manage IT risk at the personal level. Firms from all corners of the world are enjoying the benefits of a comprehensive strategy to handling all their risk. Currently, IT firms are faced with numerous…
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