Question

Assignment: Provide a reflection paper of 500 words minimum (2 pages double spaced) of how the knowledge, skills, or theories of Risk Management and Information Security have been applied, or could be applied, in a practical manner to your current work environment. If you are not currently working, share times when you have or could observe these theories and knowledge could be applied to an employment opportunity in your field of study.

Requirements: Provide a 500 word (or 2 pages double spaced) minimum reflection. Use of proper APA formatting and citations. If supporting evidence from outside resources is used those must be properly cited. Share a personal connection that identifies specific knowledge and theories from this course. Demonstrate a connection to your current work environment. If you are not employed, demonstrate a connection to your desired work environment. You should NOT provide an overview of the assignments assigned in the course. The assignment asks that you reflect how the knowledge and skills obtained through meeting course objectives were applied or could be applied in the workplace.

I am currently working as a Business Analyst

Answer 1

Let me tell you about the detailed scenerio or Theory wherein, knowledge, theories of Risk Management, Skills and Information security comes under picture or where we can it be applied.

We are now talking about business to business collections process, where in we call the customer for the collections when the items purchased from us is beyond 30 days credit limit or overdue. We need to ensure that no other websites should open on the agents system apart from business requirement, so that no one can make misuse of it, also we need to ensure that all the systems should be proper updated and running and all the applications should run properly, so that it does not hamper the business critical work timings. This all comes under Information Security. Also all the agents are properly trained on the policies of IT as per the business requirement.

Now we comes to the Risk Management, Knowledge & Skills part. Proper refresher sessions should be conducted for all the agents so that knowledge GAP can be filled and also skills can be enhanced for 100% Accuracy and TAT should be met on every call.

Right party connect should be there. We need to follow on 80-20 RULE, which means that, if we focus on TOP20 Overdue Paying customers, we can easily get the bigger amount early and then we can invest that amount into further manufacturing.

The Calculation for knowing the forecasting of a business is, if we add or sum up todays Past Due amount and the amount which will be coming due till month End and then we subtract the total promises taken till month end , we can easily make it out that how much amount or money will be coming in till month end and how much past due we will be aheading till month end.

The total Risk we imagine is Cash Flow problems, if any business is about to file a bankruptcy or having Cash Flow problem, these are the few risk any business have.

To overcome with this RISK for cash flow problem buyers is that we can offer them a payment plan so that atleast we are getting some of the amount and we can invest those amount into further manufacturing. We really cant help more than that apart from offering them payment plan.

The other important Risk factor is Unapplied amount lying on the customers account. As per the US Govt. rule, if there is any Unknown or any Unapplied amount which is lying on any account for more than 4 years, it will directly belongs to the government. The best and challenging part is to identify the Unknown or Unapplied amount and refund it to the customer or we can ask the customer to use that Unapplied or Credit amount into their future purchase orders.

Hence, everything is related to Risk, skills, knowledge and Information Security. In the above theory, everything is covered which helps in running a business and as a Business Analyst, we need to track the data of incoming & outgoing, promised to pay, overdue, credits, debits, PD% on weekly and monthly basis, so that we can look at the trend of the business and we can make the changes for improvement to work upon basis of the trend and forecasting.

Thanks,