MAN6301 Project Risk Management

Victorian Government mainly offers various services as well as information to public based on various services in a single place. Apart from that, the Government mainly stores different information regarding events, services related to the VIC. However, the Government also stores all types of relevant information of events, different services present in Victoria. Apart from that, it also discussed of different facilities that mainly includes both website and application of Victorian Public Services that mainly stored in the information system of VIC Government. It also discussed that both data stores and information security in information system of VIC Government and different policies of framework as well as security techniques mainly prepared and developed to prevent and secure all types of threats and security of information system.

2. Security Risk and Concern in Victoria Government

The Victorian Government mainly introduced different norms and policies to protect all data as well as information that mainly stored in the information system (McNeil, Frey & Embrechts, 2015). The Government is mainly related with all types of legal and sensitive information of public sector. It also discussed that all types of concern and risks are not contrasting than other information system used in both public and private sectors. The identification and evaluation of all associated issues and risks of VIC Government assists all employees to reduce and manage the impacts of system (Kerzner, 2013). Some of the important factors that mainly pointed out in the picture are listed below:

VIC Government: Victorian Government is one the significant administrative authority that mainly functional in Victoria, Australia. It also collects and stores all types of significant and sensitive information of different public sectors and agencies. It also employs different types obligations detailing the data security (Kendrick, 2015). All sensitive information mainly consists of different personal information that mainly obtained from Government and other public sectors. The Government also applied different types of security practices and measures as well as different management framework regarding different risks connected with information system.

Internal Risks: Some of the internal risks become vital threats of information system and sensitive data becomes the source from the functional and operational area of Victorian Government. The internal risks that mainly related with VIC Government becomes deliberate for the negative impact of information that stored in information warehouse. Some of the information risks includes Software Failure, Malicious code, Network failure, Hardware failure, Misuse of system, Data losses, Data Theft, Social Engineering as well as Unauthorized access. All the internal risks that mainly associated with information system needed more attention as they rise within the VIC Government.

External Risks: All types of risks that mainly related with information system are characterized on the basis of different types of generating sources. All the external risks of VIC Government are mainly characterized as threats which mainly generated outside of operational and functional environment of the Victorian Government. Some of the risks that mainly related in project include data misuse, hacking, malicious code, financial frauds, SQL injection, intrusion, DdoS etc.

System Requirement: It also identified that all types of risks management strategies and the proper information system are the two important requirements based on developed picture of the VIC Government. In addition to this, it also highlighted that data integrity, data confidentiality become the basic requirement to provide proper stream of information that also reduce the percentage of associated risks. Apart from different frameworks and policies, VIC Government become vital in both external and internal risks that mainly affects the information system. However, to manage as well as secure all types of risks, different strategies of risks identification, management and mitigation are mainly getting identified.

Risk Exposure Area

Kerzner (2013) discussed that, all assessment of different identified risks that mainly assists to develop and evaluate all risks management strategies and framework of VIC Government. The identification of proper exposure risks provides better evaluation of the both potential and impact of risks regarding information system. Depending on identified risks for VIC Government, exposure of risks are get characterized in 4 important domain that includes all high, medium, low etc. Below table provide the proper picture of exposure of all identified risks

Comparison between Deliberate and Accidental Threats  

All types of threats and security risks become one of the unavoidable and necessary parts of the information system. Some risks that are mainly identified as deliberate and accidental in criteria based on the information system of VIC Government.

Deliberate Threats: In this type of threat, Jouini et al., (2014) mainly discussed that the information system as one of the wilful modifications and destruction, manipulation as well as creation of negative effect. Deliberate action also discussed that any person willingly tries to create any negative impact in the organization. Apart from that, Hopkin (2017) also pointed out that all deliberate threats of the information system are become the important source of the outside of VIC Government. This type of risks are more easier in order to do identification of security framework and management application that mainly developed for information system based on all activities and vulnerabilities associate with deliberate risks. This type of risk also includes different types of financial frauds, SQL injection, DdoS, unauthorised access and different others. 

Accidental Threats: It is mainly defined that the accidental risks to information becomes threats that mainly occurs without the knowledge of risk owners. Apart from that, Lopes and Oliveira. (2014, March) also pointed out that accidental risks creates some negative impact based on information security. Apart from that, Haimes, (2015) also claimed there are no technology that mainly prevents all types of accidental threats to get occurred.

According to various researchers, it is mainly discussed that the organization mainly experienced numerous data losses incidence because of accidental threats. Some of the threats include programming errors, malware attacks, programming errors, viruses are some of the common accidental threats. 

All risks that mainly linked with the VIC Government are mentioned in a table format:

Rank and Justification of the Threats 

Rank First – Accidental Risks: In organization, accidental risks are mainly identified to have occurrence frequency more than deliberate risks. It also showed that the accidental risk in information system mainly happens because of negligence, occurrence and causalities that mainly done by internal person of any organization. Verner et al. (2014) mentioned that internal risks of information system also can be prevented by gathering information, proper guidance as well as training and also taking acknowledgment of employees. Herbsleb and Moitra, (2001) discussed about the example of doing the unauthorized access, misuse of information can get prevented by following the proper application of verification as well as password protected system to the employees. Hence, the accidental risk is mainly marked in second position these are mainly done unintentionally by any person that causes threats to the system.

Rank Second – Deliberate Risks: According to McNeil, A. J., Frey, R., and Embrechts, P. (2015), deliberate risks mainly occur in any information system with the significance of causing negative impact and losses. It also discussed that deliberate risks also have chances to do important harm to both organization and system.  Chance and Brooks (2015) also illustrated that in capabilities of one organization are to do the identification, stop as well as mitigation of all types of deliberate risks based on information system that causes organization losses in market positions, public image as well as important negative impact. Financial fraud is one type of important deliberate risks that occurs when any risk owner originated deliberate action to any employee due to improper financial transaction based on personal benefits. In addition to this, Kendrick, (2015) discussed that DdoS attacks may not causes any direct impact to financial transaction but it also limit  both the availability and operation of data that mainly impacts large financial losses.

Challenges faced by Victoria Government 

The VIC Government is one of the public sectors that mainly operate with different events and function. Alike with different other information system, this particular system mainly use as well as utilize with the help Victorian Government that mainly associated with different types of threats and risks that causes different negative impact on the organization. Apart from that, it also discussed different risks management and mitigation strategies that mainly get implemented in information system and also get developed based on evaluation and analysis techniques of risk impacts. On the other hand, it is also discussed about the VIC Government that mainly developed required risk management system and strategy to reduce and mitigate all negative effects of risks. All decisions related to VIC Government is mainly based on the selection of supply of in-house development based on outsourcing of different risks that associated with information system.

It also discussed that the Victorian Government is one of the governmental association that mainly works based on personal and professional information. Hence, it also discussed that the Victorian Government mainly shows lack age in the employees knowledge and understanding which helps to provide considerable information as well as supports to mitigate all identified risks of Victorian Government.

However, it is advised that the Victorian Government is needed to farm out a team that mainly helps to manage as well as mitigate all threats based on information system. Furthermore, it is mainly discussed that the concerned process mainly allows the Victorian Government to decrease the work load as well as budget to manage the associated risks in expert hand.

Difference between Risks and Uncertainty

According to different researchers, based on all theories as well as concepts of internet security as well as risks both are inter-related. It also discussed that, Pieters et al., (2014) are get defined that risks of information security of both threats and events have the potentiality to cause financial losses. All the risks are mainly observed and identified as treat type depending on causing of impairment and high occurrence frequencies. Apart from that, it discussed that risks are mainly controlled supported by effective and appropriate risk management strategies. In the VIC Government case, DdoS attack mainly considered as significant risk.

On the other side, Haimes (2015) discussed that uncertainty of any types of activities and events are not be predicted before from the occurrence. The types of uncertain threats also causes negative impact and financial losses based on the VIC Government Information System. Hopkin (2017) debated that the types of events are not be predicted with the negative impact caused in any organization which is described as uncertainties. In this VIC Government case, the environment condition mainly includes floods, earthquakes and types of natural calamities are considered as types of uncertainties.

Risk Control and Mitigation

The Victorian Government Information System mainly required to follow proper risk management plan that is consists of 2 different types of significant approaches are mainly discussed in below parts:

Risk Assessment Stage: in this particular stage, all the associated risks based on the information system are needed to be recognized (Chance & Brooks, 2015). The proper identifications of associated risks cause serious impact based on risk frequency that are estimated in risk analysis module. By completing the risk analysis, it is needed to be prioritizing depending on the impact caused on the information system of the Victorian Government.

Risk Control Stage: Pritchard and PMP (2014) discussed that based on proper identification and evaluation of different security risks are mainly got associated with the Victorian Government that needed to develop a proper mitigation plan to restrict the occurrence of risks on the information system. After the completion of verification stage, a proper mitigation strategy is considered and developed to do regular monitor of all associated uncertainties.

Conclusion

It is mainly concluded that the VIC Government information system is mainly associated with different types of risks that will be in both accidental and deliberate in nature. Based on the detailed analysis, it also get identified that depending on the severity of risks deliberate risks are get ranked in first position than accidental threats. Apart from that, it also discussed that the discovery of risk exposure of VIC Government are mainly allowed to provide risk analysis that mainly involved with VIC information system. It also discussed that the risk management strategy is mainly taken in to consideration to aid the Victorian Government for doing the identification as well as mitigation of both types of risks related with this particular information system.

References

Chance, D. M., & Brooks, R. (2015). Introduction to derivatives and risk management. Cengage Learning.

Haimes, Y. Y. (2015). Risk modeling, assessment, and management. John Wiley & Sons.

Herbsleb, J. D., & Moitra, D. (2001). Global software development. IEEE software, 18(2), 16-20.

Hopkin, P. (2017). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.

Jaeger, C. C., Webler, T., Rosa, E. A., & Renn, O. (2013). Risk, uncertainty and rational action. Routledge.

Jouini, M., Rabai, L. B. A., & Aissa, A. B. (2014). Classification of security threats in information systems. Procedia Computer Science, 32, 489-496.

Jouini, M., Rabai, L. B. A., & Aissa, A. B. (2014). Classification of security threats in information systems. Procedia Computer Science, 32, 489-496.

Kendrick, T. (2015). Identifying and managing project risk: essential tools for failure-proofing your project. AMACOM Div American Mgmt Assn.

Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Lopes, I., & Oliveira, P. (2014, March). Understanding Information Security Culture: A Survey in Small and Medium Sized Enterprises. In WorldCIST (1)(pp. 277-286).

McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative risk management: Concepts, techniques and tools. Princeton university press.

Pieters, W., Lukszo, Z., Hadžiosmanovi?, D., & van den Berg, J. (2014). Reconciling malicious and accidental risk in cyber security.

Pritchard, C. L., & PMP, P. R. (2014). Risk management: concepts and guidance. CRC Press.

Verner, J. M., Brereton, O. P., Kitchenham, B. A., Turner, M., & Niazi, M. (2014). Risks and risk mitigation in global software development: A tertiary study. Information and Software Technology, 56(1), 54-78.