BUS7011 Risk Management

After completing the module, you should be able to:

 

1. Critically apply and evaluate the concepts and principles of risk management in different IT risk enterprise scenarios.

 

2. Evaluate the strategic importance of risk management within an enterprise.

 

3. Critically assess what is involved in the management of IT risk.

 

4. Critically evaluate a range of risk management tools and techniques to both assess the positive and negative impact of IT risk.

 

5. Incorporate and evaluate in a critical manner risk management for IT risk initiatives in the implementation of business objectives.

 

6. Critically evaluate, and problem solve using the underpinning research of risk management for IT risk.

 

7. Undertake critical analysis and reach reasoned and evidenced decisions, contribute problem-solving skills to find and innovate in solutions.

Imagine that you have been engaged by this organization after they fell victim to this major data breach. Provide the CEO and board of Walmart with a critical consideration of the key concepts and principles of risk management, so that they are less likely to face this crisis again.

The CEO and the board of Walmart are naturally concerned with avoiding any repeats of this unfortunate event, as the latest data breach has resulted in damage to their reputation. This has forced them to look at risk management – particularly IT risk management – with strategic importance. Advise the CEO and the board on:

 

• The different aspects that make up Enterprise Risk Management (ERM)

 

• How operational risk differs from strategic risk

 

• Briefly evaluate some specific strategic risks that apply to this company

 

• An evaluation as to how IT can be used to mitigate these risks

With so much at stake, the CEO and the Walmart board need all the advice you can offer. There are several standards, frameworks and organizations that address risk management in general and IT risk management in particular. Critically assess these options with the CEO and board, taking care to explain how they could be specifically employed within Walmart. Support your discussion with suitable diagrams if needed.