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Essay / Research Paper Abstract
This is a 5 page paper that provides an overview of IT risk management. The risks associated with outsourcing in particular are emphasized. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: KW60_KFbiz074.doc
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Unformatted sample text from the term paper:
entry into business so considerably that more and more entrants appear in each competitive market each and every day. For this reason, the competitive strategies of the past are no
longer sufficient to generate a lasting competitive advantage; to keep up, organizations must utilize every resource at their disposal to the utmost degree. This has led to a trend in
outsourcing, wherein organizations are struggling to maximize competitive advantage by reducing costs through outsourcing certain business-related tasks to external entities who specialize in those services. Naturally, outsourcing entails some risks,
and the organization that hopes to profit from outsourcing will need to identify these risks and prepare to mitigate them. Overcoming the inherent dangers of outsourcing in an organization
is fundamentally an exercise in risk management. For these reason, to address the main topic, it can be profitable to explore the general concepts involved with risk management on the
whole. For instance, businesses running risk management strategies often focus on what is known as business continuity as the singular most important goal; business continuity refers to the ability to
keep the business up and running during times of crisis without diminishing output or revenue (Ainsworth, 2009). If continuity of services can be attained, then a business can weather any
disaster. In order to facilitate business continuity, many organizations have turned to the strategy known as scenario based planning (Cooper et al., 2005). In scenario based planning, an organization identifies
potential scenarios that might represent risks for the organization, and which are likely to occur, and then develop plans based on these hypothetical scenarios that will translate to real life
crisis situations (Cooper et al., 2005). Central to scenario based planning is the basic risk management process, which contains a number of essential steps that are carried out regardless
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