In Step 2, you looked at your organization's business processes and the technology that supports them. Some opportunities for improvement should now be apparent. Every organization has limited resources to invest, and so it is important to prioritize the problem areas that you identified. One way to prioritize issues is by their potential impact to key organizational business processes. You will do this by conducting a risk assessment. A risk assessment can be used as a tool for identifying and quantifying the factors that have the potential to impact critical business goals. See Business Process Risk Assessment.
A risk assessment exercise typically requires several steps: identification of the business risks, assessment of the likelihood and impact of the risk, and the identification of mitigation strategies to control the risks. See Business Risk Mitigation to get more details.
Use the risk assessment worksheet, Appendix F, to list and rate the business risks as to the relative consequences and the likelihood of not meeting business objectives. If there is an existing work-around or mitigation strategy that reduces the seriousness of the risk, please make a note. A mitigation strategy may involve a process work-around, realignment of resources or an investment in IT infrastructure. You might also want to review the risk matrix in Appendix G, for additional information on performing your risk assessment.
You will now use the risk assessment and level of risk you determined through your risk analysis to prioritize the organization's business risks. The risks that pose realistic and severe threats to the business will typically have the highest priority. However, mitigation efforts should be considered as you make your list of priorities. The organization may not view a risk as a high priority if they have an acceptable mitigation strategy in place. Post the risk assessment (Appendix F) in your assignment folder.
In the next step, you will familiarize yourself with emerging technologies in preparation for making recommendations to the CEO.
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