Term Paper on Risk Mitigation
As it has become extremely essential for organizations to incorporate all the components in information security programs. It is essential to implement Vulnerability management in new accounting information systems. Besides, it is also crucial to monitor the application logs of the new systems in order to identify any malicious activity or compromised accounts at the application level.
Over the years, some of the vulnerabilities have been well known in the information security community. Hence, identifying these vulnerabilities and fixing them at the initial level can enhance the security of the new system and prevent any security breaches. Risk management is a plan or can be defined as coming up with an effective strategy that will help to minimize the impact of the most obvious and most probable risk.
The process of risk management is monitored and controlled on a continuous basis to ensure that efficiency is provided with the lowest levels of risk across all areas of business. The application of efficient risk management is a vital approach for identifying and at the same time mitigating the potential risk to the accounting information system. The application of risk management is critical for the successful functioning of the accounting information system.
There are several risks allied with the integration of the new system such as inadequate training resources, the incapacity of the existing network to support the new system requirements, and insufficient design planning. Therefore, these risks can be avoided by implementing an effective risk management strategy. As identified earlier errors are caused by the failure of systems and processes, which might be harmful to the profitability and performance of the company.
Therefore, techniques should be adopted to bring improvement by highlighting inefficiencies, ineffective processes and preventable actions to influence changes with the associated systems. Effective strategies are to be implemented to manage the risk associated with inefficiencies and ineffectiveness of the system for which the following tools can be used.