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With the advancement of technology, computer tools have become indispensable in risk management for the purposes of lowering setup time and cost control. Many people believe that using automated tools in risk management is expensive, but this is not the case because they improve effectiveness, build confidence, and ensure that risk management programs are efficient (Barh, 2014). A criterion is utilized while selecting the proper risk management tool, which may include compatibility with the system and risk assessment capability, among other things. Also, there are conditions like whether to make or to buy the evaluation tools to ensure that high quality software's are designed (Barh, 2014). While these tools may be effective, they can only identify threats that are known. More so, they cannot place value on assets and therefore they can only give a priority of vulnerabilities and not risks.
One of the automated risk assessment tools is the Open Risk and Framework tool (ORICO) which is an application for performing gap analysis, risk analysis and also auditing IT risks. It was developed for IT GRC as part of management and analysis project for security officers whereby it's useful for the general risk and administration teams (Jing et al., 2015). It is an open source and does not charge download more so, the application is a piece of software that can be modified in such a way that, you can personalize it using your code (Duwe & Rocque, 2017). Therefore, it is suitable for industrial organizations for its purposes; it can also be applied in full risk assessments for all assets for compliance purposes.
The advantages of ORICO are the fact that it is an open source and free to download which makes it easy to access and also cost effective. The ORICO tool also has features that give very accurate results and therefore managers can make their decisions in tracking progress, analyzing the project risks, managing the budgets and controlling the resources. However, it is limited to few organizations due to its features that mostly allow it for security purposes. Also, it's hard to know the vulnerability of the assets being tested (Duwe & Rocque, 2017).
Another risk assessment tool is GLPI, it is used to capture asset inventories for easier compliance activities, and therefore it can be utilized for GRC programmers and risk management. It is an open source and therefore readily available and gives insight into the inventory changes. This enhances the auditing and analysis of the inventory for accountability for the risk assessment. It has plugins that allows one to access the asset information, manage human resources and monitor other activities (Jing et al., 2015).
The advantages are cost friendly because it is an open source, it is also easy to install as well as the functioning and therefore fast in managing risks because it's easy to access. Furthermore, it is convenient to use the GLPI especially when the network is stable, more so, it is entirely accurate since it easy to follow up the inventory visually. The disadvantages are, they do not have enough resources to manage risk to great organizations. Therefore, it is hard to expand their business and maintain high quality standards.
The STREAM software is also a risk management tool that manages the compliance of ISO and cyber security. It is effective for the risk management, analysis of supply chain risks, and business continuity by linking the cyber security. GRC is quite affordable because of the availability of free GRC, and therefore one can easily access the GRC programs. Also one can easily configure their needs, and this has encouraged many organizations to use the software such as Phoenix IT services, NHS Wales and Linux Telecom (Duwe & Rocque, 2017).
The main advantages of STREAM software are easy to access, fast and also reliable to the managers in risk assessment, it is also flexible and scalable (Duwe & Rocque, 2017). Additionally, the availability of reliable information due to linking up the cyber security gives the confidence and also encourages productivity because the project managers can monitor the compliance of the project. On the other hand, the STREAM software is faced with a serious drawback, as a result of engagement with a third party which makes them unable to expand their network (Jing et al., 2015). Also, some risks may not be identified on time which may affect the business. The third party involvement causes the cost to rise and cause increased redundancies because of limited collaboration.
There are many risks in any project most of which can be dealt with through the use of various risk assessment tools. However, the risks are also difficult to detect, and therefore strategies have to be implemented by the risk management team to identify those risk at the right time for effective risk management. Also with the growing demands, more techniques are required for better analysis, mitigation, and evaluation of the risks to minimize the risks (Barh, 2014). For instance, to encourage uniqueness, the computer tools are put in place for customer service and also the use of cloud technologies for users' services which are based on subscriptions where users interact via a portal on their mobile phones or computers. Therefore with the tools, it will be easy to unsubscribe from the risk management services after the project is completed.
Bahr, N. J. (2014). System safety engineering and risk assessment: a practical approach. CRC Press.
Duwe, G., & Rocque, M. (2017). Effects of automating recidivism risk assessment on reliability, predictive validity, and return on investment (ROI). Criminology & Public Policy.
Jing, Y., Ahn, G. J., Zhao, Z., & Hu, H. (2015). Towards automated risk assessment and mitigation of mobile applications. IEEE Transactions on Dependable and Secure Computing, 12(5), 571-584.
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