RISK ASSESSMENT REPORT

Risk Assessment on Bank of America

Risk Assessment on Bank of America

Introduction

Bank of America is one of the world's biggest economic organisations, assisting one-by-one buyers, little and middle market enterprises and large companies with a full variety of banking, asset administration and other economic and risk-management goods and services.

This report summaries risk management in Bank of America and considers risks inside the early phases of a development lifecycle in relative to IT projects. Different Risk procedures are analysed and then deductions on risks inside the early phases of a task are made. Planning inside the context of IT tasks is advised with quotation to development forms and hard and supple schemes methodologies (Freer, 2007).

 

Risk Assessment and Management

Hyde, and Mitchell, (2000) concludes that risk evaluation is the articulation of risks in periods of their prospect and seriousness. Risks should be concentrated on from the start of a task, at conceptual phases and then observed nearly as tasks proceed. Insight in to early task components expected to intimidate task achievement will help task mangers and other stakeholders to better forecast the prospect of their tasks success. Many organisations round the world quantify risks of new IT infrastructures founded on risk administration methods rather that just advancing on a project (Zack, 2001).

This is due to the catastrophes initiated by IT flops in the past. A classic demonstration would be the London Ambulance services effort to automate ambulances at critical time span round London, which disintegrated when conveyed online, no risk evaluation or contingency was evolved to organise and determination risks. Poor obligations are engaged in most task failures.

The obligations need to be addressed utilising risk evaluation and administration techniques (Boehm, 2003). Risk administration methods and methodologies can be applied inside organisations to battle risks at the early phases of the lifecycle, for demonstration at the initiation and assortment phases, risk investigation recognises risks and then at the evaluation phases of IT task, risks administration can be admonished and advanced for the future (Kowalczyk, 2007).

 

Proactive and Reactive Approaches to Risk Management

Risk evaluation and risk evaluation at the initiation phases can take pattern in two distinct ways. Firstly risks can be recognised by the administration in a reactive kind, this is when risks are only combated when they have turned in to difficulties and the stakeholders take this in to account at this stage (Freer, 2007). Thus when risks become difficulties then they are combated against, a clear handicap it that at the initiation phases of a task it would not have countermeasures in location to battle risks and thus no contingency (Jiang, 2002). Conversely to this, risks can be recognised and considered in a proactive kind where promise risks are assessed and contingency designing is conveyed out before the risk ever becomes a problem (Lee, 2003). Proactive risk administration is the aim inside IT tasks but it is occasionally tough to approximate occurrences of risk let solely evolve countermeasures.

 

Qualitative and Quantitative Risk Approaches

As established previous a proactive approach to risk ...