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Corporate Governance Issues- IT Risk Management
[Author’s name]
[Institute’s name]
Corporate Governance Issues- IT Risk Management
Purpose
The core purpose of this briefing report is to efficiently present the potential risks to the main shareholders. This form of consideration is important to provide useful information to the members of the corporate board of the organization of Red Clay Renovations. Timely identification of all the risks is important to offer better practical measures in the future ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"HNklSQgG","properties":{"formattedCitation":"(Institute, 2006)","plainCitation":"(Institute, 2006)","noteIndex":0},"citationItems":[{"id":137,"uris":["http://zotero.org/users/local/qLzeF6Hj/items/D6YRLE56"],"uri":["http://zotero.org/users/local/qLzeF6Hj/items/D6YRLE56"],"itemData":{"id":137,"type":"book","title":"Information Security Governance: Guidance for Boards of Directors and Executive Management","publisher":"IT Governance Institute","URL":"https://books.google.com.pk/books?id=2qHlvk543xwC","ISBN":"978-1-933284-29-3","author":[{"family":"Institute","given":"I. T. G."}],"issued":{"date-parts":[["2006"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Institute, 2006). Consideration of specific examples of the types of risk incidents is imperative to illustrate prospective impressions.
Summary of Facts
Background
At the first stage of situation analysis, it is important to attain a brief idea of the operations of Red Clay Renovations Company. The organization of Red Clay Renovations marked its strong position by actively focusing on a residential building. It is noteworthy to mention that the facets of structures and information technology are playing an important role to achieve prioritized objectives. The significant approach of IT governance by proper corporate infrastructures is important to meet the standard of necessary corporation between all the departments ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"ktW3dRZr","properties":{"formattedCitation":"(Juiz & Toomey, 2015)","plainCitation":"(Juiz & Toomey, 2015)","noteIndex":0},"citationItems":[{"id":136,"uris":["http://zotero.org/users/local/qLzeF6Hj/items/WWB5GG89"],"uri":["http://zotero.org/users/local/qLzeF6Hj/items/WWB5GG89"],"itemData":{"id":136,"type":"article-journal","title":"To govern IT, or not to govern IT?","container-title":"Commun. ACM","page":"58-64","volume":"58","issue":"2","author":[{"family":"Juiz","given":"Carlos"},{"family":"Toomey","given":"Mark"}],"issued":{"date-parts":[["2015"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Juiz & Toomey, 2015). The current scenario of the organization explicitly reveals that information technology is one critical phenomenon that can never be ignored.
Current Status
A detailed analysis of the annual report of the company helps to identify all the aspects of risks. This form of evaluation is mandatory to determine the actual business positioning of the organization. The current position of the organization indicates that various approaches are adopted by the company to effectively deal with all cybersecurity concerns. An appropriate illustration of different potential risk events in the case of the future domain is vital for the decision-makers to make decisions according to the actual requirements of the Red Clay Renovation Company. The influences of anticipated risks can be observed mainly in the forms of financial, reputation, client trust, etc.
Key Considerations
The annual report of the company indicates three major forms of potential risks that can be detrimental to the current cybersecurity system of the organization. The problem of cyber-attacks is one major risk that prevails for the company. It is important for the management to keen examine this specific phenomenon and adopt some useful practical measures. It is a critical reality for the company that cyber-attacks can affect the overall domain of the business. The increased reliability of different IT products eventually accelerates the chances of cyber-attacks. This specific risk can be turned as the worse event for the company if it eventually releases the private information of clients to the public. The overall reputation and well-being of the organization are at stake due to the theft of important data through cyber-attacks.
The probability of disruptions in computer systems of the company is another significant form of risk for the business. This form of consideration is mandatory because this specific approach is actively linked with key business processes that operate through the application of computer systems ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"rzFiX2XK","properties":{"formattedCitation":"(NYSE, 2015)","plainCitation":"(NYSE, 2015)","noteIndex":0},"citationItems":[{"id":138,"uris":["http://zotero.org/users/local/qLzeF6Hj/items/8EWU7TPK"],"uri":["http://zotero.org/users/local/qLzeF6Hj/items/8EWU7TPK"],"itemData":{"id":138,"type":"webpage","title":"Cybersecurity in the Boardroom","container-title":"NYSE Governance Services","author":[{"family":"NYSE","given":""}],"issued":{"date-parts":[["2015"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (NYSE, 2015). This particular risk is directly associated with the financial prospects of the company. The threat of disruption in the computer systems can negatively impact the payment systems of current business dealings and other forms of corporate transactions. The paradigm of risk also exists in case of the company’s liability on third party equipment recommendation. It is critical for Red Clay renovations to critically investigate the approach of smart home materials manufactured by third parties. This type of risk can ultimately affect customers’ trust in the services provided by Red Clay Renovations Company.
Options
In a nutshell, it is important to propose potential solutions that can be helpful to successfully overcome these risks specifically in the scenario of the Red Clay Renovations Organization. Application of suitable information technology security processes is the ultimate solution for the company to eliminate the prospect of these risks in the future. Prevention of the cybersecurity space is a critical step to attain the objective of customers’ confidence in the services provided by Red Clay Renovations Company.
References
ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Institute, I. T. G. (2006). Information Security Governance: Guidance for Boards of Directors and Executive Management. Retrieved from https://books.google.com/books?id=2qHlvk543xwC
Juiz, C., & Toomey, M. (2015). To govern IT, or not to govern IT? Commun. ACM, 58(2), 58–64.
NYSE. (2015). Cybersecurity in the Boardroom. Retrieved from:
https://www.nyse.com/publicdocs/VERACODE_Survey_Report.pdf
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