Question

list a significant process risk that it must manage.

Answer 1

Process risk is the potential for losses related to a business process. It is usually considered a type of operational risk as most processes are part of the day-to-day operations of a business.Following are some of the proces risks in an organization.

Infrastructure Risk

Information Technology Risk

Human Error

Process Quality

Lets talk about information technology risk..

There are a number of different ways that information technology risks can have an extensive impact on a business.If your business relies on information technology (IT) systems such as computers and networks for key business activities you need to be aware of the range and nature of risks to those systems.Technology risks threaten assets and processes vital to your business and may prevent compliance with regulations, impact profitability, and damage your company’s reputation in the marketplace.  Information technology (IT) risk can result from human error, malicious intent, or even compliance regulations.

It’s also important to identify and verify events such as data breaches, network failure, electronic fraud, and other suspicious activities before they result in fines and expenses,

The IT risk can be again classified as follows.

Artificial Intelligence Risk

Audit Risk

Asset Management Risk

Compliance Violations

Data Quality

Innovation Risk.

These are some of the IT risks.As the modern age is the age of information technology this list will never be exhaustive.

Some of the solutions for IT risks can be listed as below

IT risk assessment

IT audit co-sourcing

Penetration testing

Cloud computing risk assessments

Information privacy and data protection