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ASSIGNMENT INSTRUCTIONS
The concepts being discussed here relate to risk management and business continuity planning from the business perspective. you will discuss these topics from an IT perspective. Provide a response to the following:
Referring to the GGFRT case study, you will identify some risks that the CIO needs to consider. For this discussion, we will focus on risks that the business should be concerned with. Apply what you know about the business environment and come up with and explain 3 risks related to the business environment (not IT-related risks). Explain what impact the risk has on the business, how likely it is to occur, and how it can be prevented or mitigated.
HOW TO WORK ON THIS ASSIGNMENT (EXAMPLE DRAFT/ESSAY)
In the case of GGFRT, the CIO needs to consider several risks that the business may face, which can impact the company’s overall performance. From a business perspective, three risks that should be taken into consideration are economic, legal, and reputational risks.
The economic risk is a significant concern for GGFRT, given that the company operates in a highly competitive market. Any changes in the economy or market conditions can negatively impact the company’s financial performance, and result in reduced revenues, profits, and market share. For example, if there is a recession or economic downturn, customers may reduce their spending on GGFRT’s services, and the company may face challenges in retaining customers. This risk is likely to occur, given the unpredictable nature of the economy, and can be mitigated by diversifying the company’s services, expanding the customer base, and closely monitoring market conditions to make necessary adjustments to the company’s operations.
The legal risk is another significant concern for GGFRT, given that the company operates in a highly regulated industry. The company must comply with various laws and regulations related to data privacy, security, and intellectual property, among others. Non-compliance with these laws and regulations can result in significant fines, lawsuits, and reputational damage. For example, if the company fails to protect sensitive customer data or infringes on a competitor’s intellectual property, it can result in legal action against the company. This risk is also likely to occur, given the increasing scrutiny of regulatory bodies, and can be prevented or mitigated by implementing robust compliance programs, regularly reviewing policies and procedures, and investing in employee training and development.
The reputational risk is another significant concern for GGFRT, given that the company’s success largely depends on its reputation in the market. Any negative publicity or media attention can damage the company’s brand image, resulting in reduced customer trust, loyalty, and revenue. For example, if there is a data breach or a high-profile customer complaint, it can result in negative publicity for the company. This risk is likely to occur, given the increasing awareness and activism around social and environmental issues, and can be prevented or mitigated by maintaining transparency in operations, investing in public relations and marketing, and regularly engaging with customers to address their concerns and feedback.
In conclusion, as an IT perspective, identifying and mitigating risks that the business environment can pose is crucial to maintaining the company’s overall health and growth. By taking a proactive approach to risk management, GGFRT can ensure that it is well-positioned to deal with any challenges that may arise in the future.
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