Read Chapter 30 – 31 and Considering an IT organization you are familiar with, describe how the same ERM techniques from this week’s use case could be used to mitigate risks. If you do not think the same ERM techniques can be used in the organization explain why or create a proposed set of ERM techniques that could help mitigate risks identified. Be sure from a previous lesson (Google/IBM/Apple). · Brief description of the organization and proposed risks (It must be an · Rationale if the same ERM models and/or techniques can be used in the organization to mitigate risks identified. · If the ERM techniques described from the use case cannot be used, explain why and propose ERM techniques that could be used to mitigate risks identified. Your paper should be 2-3 pages not including the title and reference pages and written according to APA formatting. You must include a reference page for this assignment. If the reference is listed on the reference page there must be a citation in the paper.  Failure to include a reference page for the assignment may result in no credit.

Title: Application of Enterprise Risk Management Techniques in an IT Organization

Enterprise Risk Management (ERM) is the process of identifying and addressing potential risks that could impact an organization’s objectives. This paper aims to explore how the same ERM techniques discussed in Chapter 30-31 of our course material can be applied to mitigate risks within an IT organization. Specifically, we will consider a well-established technology company like Google, IBM, or Apple, outlining the proposed risks, examining if the existing ERM models/techniques are applicable, and suggesting alternative ERM techniques if needed.

1. Brief Description of the Organization and Proposed Risks:
For the purpose of this assignment, let’s consider Google, a multinational technology company. Google’s core focus is on internet-related products and services, including search engines, advertising technologies, cloud computing, and software. The proposed risks that Google might face are:

a) Data Breaches: Google handles massive amounts of user data, making it a potential target for cyberattacks and data breaches. Breaches can result in adverse consequences, including loss of customer trust, legal liability, and financial implications.

b) Intellectual Property (IP) Infringement: Google’s success is largely built on its innovative products and services. However, there is a risk of intellectual property infringement claims, as the company constantly develops new technologies and enters into various partnerships.

c) Regulatory Compliance: Google operates in multiple countries and must comply with a myriad of regulations regarding privacy, data protection, antitrust, intellectual property, and online advertising. Non-compliance can lead to legal penalties and damage to the company’s reputation.

2. Rationale for ERM Techniques Applicability:
In the context of Google, the same ERM techniques from the use case can certainly be used to mitigate the identified risks. These techniques include:

a) Risk Identification: By conducting thorough risk assessments, Google can identify potential vulnerabilities and assess their impact on its operations. This would involve evaluating the likelihood of data breaches, assessing IP infringement risks, and analyzing regulatory compliance requirements.

b) Risk Assessment: By quantifying and qualifying risks, Google can prioritize its mitigation efforts. For example, it can use quantitative methods such as financial impact analysis to prioritize risks related to data breaches, while considering legal implications and potential damages for IP infringement risks.

c) Risk Monitoring and Control: Implementing effective control measures and monitoring mechanisms will help Google prevent, detect, and respond to risks promptly. This might involve implementing network security measures, conducting regular audits to ensure compliance with regulations, and utilizing advanced monitoring tools to detect any potential cyber threats.

d) Risk Reporting and Communication: Google should establish a transparent communication process to ensure that risks are reported to relevant stakeholders, including the executive board, employees, customers, and regulatory bodies. Regular reporting and updates will facilitate effective decision-making and enable prompt action in response to emerging risks.

e) Risk Mitigation: Google should actively work towards risk mitigation by developing and implementing appropriate strategies. For example, it can invest in robust cybersecurity measures, conduct regular IP audits, and establish a proactive approach to regulatory compliance by engaging in active dialogue with relevant authorities.

3. Alternative ERM Techniques:
Although the existing ERM techniques discussed above are suitable for Google and its identified risks, there are alternative ERM techniques that can be considered if the need arises:

a) Scenario Planning: Google can adopt scenario planning to anticipate and prepare for potential risks that may arise in the future. This technique involves developing multiple scenarios and assessing their implications on the company’s objectives and operations. In this case, Google could simulate scenarios related to emerging technologies, global regulatory changes, or advanced cyber threats.

b) Business Continuity Planning: Should an event or incident occur, business continuity planning can help Google quickly recover and resume its operations. This technique involves establishing clear procedures and protocols to be followed during a crisis, outlining backup plans for critical systems, and ensuring effective communication channels.

c) Supply Chain Risk Management: Google relies on a complex network of suppliers, partners, and vendors. Implementing supply chain risk management techniques can help identify vulnerabilities in the supply chain and establish contingency plans. This approach involves assessing supplier reliability, monitoring for potential disruptions, and developing backup options to ensure continuity of operations.

In conclusion, the same ERM techniques discussed in Chapter 30-31 can be effectively applied to mitigate risks within an IT organization like Google. Through risk identification, assessment, monitoring, control, reporting, and mitigation, companies can proactively navigate potential risks and safeguard their operations. However, alternative ERM techniques such as scenario planning, business continuity planning, and supply chain risk management can be implemented to enhance risk management practices further. By adopting a comprehensive approach to ERM, IT organizations can minimize the impact of risks and secure their long-term success.

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