Quality Projects Ltd risk management plan
Quality Projects Ltd, a project management firm in Asia’s construction industry utilizes COBIT model to deal with its risk exposures relating to information systems. The main purpose is to make sure that there is proper information technology administration. In this case, COBIT is an information technology establishment model, also a reinforcing instrument. The model not only grants managers ease of integrating control measures, but also aids solution of technical issues. Singularly, the model renders capable policy establishment along with beneficial exercise of information technology management throughout the company. Chiefly, the framework stresses on regulatory conformity, besides facilitating the organization to step up the comfort achieved from effective information technology integration (Moeller 22).
Generally, Quality Projects Ltd has operations in three countries - India, Japan and Philippines, with around 2400 employees. For this reason, the company’s information technology specialists in these countries support operations in the locations. The information technology group consists of research and development departments, which are integral to the firm’s operations, where other experts and back offices are often contracted. Moreover, the main purpose of back offices is to back up the company’s information technology resources. Previously, the company engaged in a number of governance programs with several teams from different areas of operation within the company. Therefore, the primary stimulating situation was to start standards of governance along with assurance procedures transverse technology departments. Likewise, creation of technology establishments takes place coupled with assurance plans via a risk management model to ascertain efficient risk oversight (Moeller 40).
Furthermore, the theoretical account to deals with current risk management flaws, for instance, the less developed ways for evaluating and examining conformity. Second, is lack of an exclusive control system, leading to repetition of control measures. Finally, is an ambiguous process for carrying out comprehensive risk assessments. As a result, the modern model enables technology teams to comprehend the fundamental operational exposures and their impact on Quality Projects Ltd. That is to say, dealing with business functions in which risks are not adequately addressed. Also, by taking into account the information technology workers to show regulative obligations. Similarly, adoption of uniform programs takes place for coverage of most of the regulatory prerequisites across countries, along with continuous reporting any forms technology risk exposures. At the same time, use of standard processes in countries guarantee unison and avoid repetition of processes such as reporting (Moeller 43).
Quality Projects Ltd’s management settles on COBIT as a contemporary framework for risk management. Creation of a group of...