how the skills and knowledge of ERM could be applied in IT

 how the skills and knowledge of ERM could be applied in IT

Every company encounters ambiguities, and the challenge comes in when it is time to establish the amount of uncertainty to undertake. Ambiguities offer perils as well as opportunities with the possibility of scraping away or promoting value. Nonetheless, ERM assists an entity in identifying risks. Besides, it provides an excellent base to comprehend what threats can impact an enterprise and the probability of them occurring. In IT, the management of menaces has become crucial because of how the hardware and software have become more sophisticated. As a result, fraudsters, as well as hackers, have increased making business operations complex. This paper will, therefore, reflect on how the skills and knowledge of ERM could be applied in IT.

Application of ERM in IT

First, ERM knowledge and skills can also be applied before investing in any relevant product like new software or upgrading hardware. ERM asserts that each organization subsists to offer meaning to its members (Fraser, Simkins & Narvaez, 2014). Nevertheless, when creating a new product in IT, avoiding risk is never attained without any difficulty. Threats jeopardize the usual way of executing activities in any institution, but with the use of ERM, things are made more accessible. In the case of the production of a new IT product, ERM can be used to compare the extent and rationality of the IT system to the security requirements of the entity. As a new product is being built and modeled, protection must be incorporated into IT programming. Therefore, ERM can be applied to examine, authenticate as well as build up the security features and roles of a new IT product before the workers in the organization can access it.

Second, ERM can be applied in IT to identify any risks. Risks that are identified in IT result in data loss, insecurity of information as well as threats to privacy. IT is always at peril from malicious activities, user error, or even from human-made calamities. Today, technology has become more vulnerable to these hazards because of the interconnection of computers hence more accessibility and interdependency to a massive number of users (Tohidi, 2011). Furthermore, there is an increase in the number of people who have computer knowledge and therefore hacking is broadening through the internet.

Nevertheless, ERM can be applied to recognize susceptible areas, execute regulatory measures, and improve procedures. Workers are anticipated to abide by the laws, report any issues as well as play a part in solving problems. The aim of this is to save time when testing, processing, and executing solutions since the material, monetary, and labor risks will always be encountered. So, instead of preventing the risks, ERM can be applied to manage them. This can be done through evaluating the impact of any risks identified hence allowing an entity to reduce issues and elevate effectiveness.

Finally, ERM can also be applied to recognize the gravity of the probable threat in IT. In ERM Assessment of risk involves characterizing the system, identifying threat, control analysis, impact and control measures as well as monitoring (Tohidi, 2011). Therefore, through ERM assessment, a person can draft a living manuscript that can establish any susceptibility and control measures for preventing or eradicating any risks. Besides, for a firm to identify potential events of the future, ERM assists in analyzing the IT hazards from technical and operational prospects. Furthermore, a person can create a classifying system to spell out the risk’s extent of impact that can fabricate value for the assets and possessions affected in IT.

Conclusion

In conclusion, risks jeopardize the usual way of executing activities in any institution. Nonetheless, ERM assists any entity in identifying and dealing with risks. ERM provides an excellent base to comprehend what threats and vulnerabilities can impact an enterprise and the probability of them occurring. In IT, ERM can be applied when creating a new product identifying, assessing as well as managing risks. Comprehending the IT risks assists a company in elevating security and attaining its objectives. Besides, proper recognition and mitigation of IT risk helps a firm to avoid information breach and increase capital.