IT Management

IT Risk Management Course

Final Exam
Case study

Introduction:
In the dynamic landscape of digital finance, effective IT risk management is
imperative for sustaining operational integrity and securing sensitive data. This
case study delves into the IT risk management practices of Fortitude Financial
Solutions, a mid-sized financial services firm committed to innovation and
security.

Company Overview:
Fortitude Financial Solutions stands as a cornerstone in the financial services
sector, offering a spectrum of banking and investment products. With a discerning
clientele and a commitment to excellence, the company relies heavily on its IT
infrastructure to deliver seamless services while complying with regulatory
standards.

Challenges:
Fortitude Financial Solutions faces multifaceted challenges in managing IT risks:
a) Sophisticated cyber threats targeting customer data and financial
transactions.
b) Stringent compliance requirements from regulatory bodies such as GDPR,
PCI-DSS, and local financial authorities.
c) Rapid technological advancements necessitating continuous updates and
enhancements to IT systems.
d) Budget constraints limiting investment in comprehensive IT risk
management solutions.
Strategies Implemented:
To mitigate these challenges, Fortitude Financial Solutions has implemented an
array of strategies:
a) Conducted thorough risk assessments to identify vulnerabilities and threats
across its IT infrastructure.
b) Established a dedicated IT risk management team comprising cybersecurity
experts, compliance officers, and IT professionals.
c) Implemented robust cybersecurity measures, including firewalls, intrusion
detection systems, encryption protocols, and multi-factor authentication.
d) Deployed advanced threat intelligence tools for real-time monitoring and
detection of suspicious activities.

Results and Benefits:

The adoption of these strategies has yielded tangible benefits for Fortitude
Financial Solutions:
a) Enhanced resilience against cyber threats, minimizing the likelihood and
impact of potential breaches.
b) Improved regulatory compliance by aligning IT practices with industry
standards and legal requirements.
c) Strengthened customer trust and confidence in the organization's ability to
safeguard sensitive information and financial assets.
d) Reduced operational disruptions and downtime through proactive risk
mitigation and incident response measures.

Your task (100% in total):

1) Identify Risk Register:

a) List 5 potential positive risks and 3 negative risks associated with the
project.(20)

2) Develop a Risk Probability Impact Matrix:(40)

a) Plot the identified risks on a probability/impact matrix.
b) Assign numeric values for the probability and impact of each risk on meeting
project objectives.
c) Calculate the risk factor for each risk.

3) Identify Risk Response Strategy:(20)

a) Develop response strategies for negative and positive risks identified in the
Risk Register.
b) Describe specific tasks required to implement each strategy.
c) Include time and cost estimates for each strategy.
4) Evaluate Risk Monitoring and Control Mechanisms:
4)Discuss the importance of ongoing risk monitoring and control mechanisms
in IT risk management.(20)
a) Identify key performance indicators (KPIs) that can be used to assess the
effectiveness of risk management strategies.
b) Describe how Fortitude Financial Solutions can establish a framework for
continuous improvement in IT risk management practices.
c) Propose specific actions that the company can take to enhance its risk
monitoring and control mechanisms, considering emerging threats and
evolving regulatory requirements.

Note:

1)You MUST submit one PDF file with all answers and risk tables in it. Please make your
answers as full as possible. SHORT ANSWERS or answers that are not demonstrating the way
of your thinking will not be accepted and automatically graded as 0.
2)presentation which is the summary of the pdf file.

Good-luck!