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Managing Risk and Opportunity

Table of Contents

Introduction.

Body.

Introduction of business/ market context

Identification of two risk categories.

Conclusion.

References.

Introduction to Technology Risk Management and Opportunities

Before starting the critical analysis over the chosen topic which is the technology risk management and opportunities, two articles were to be selected from Australian news media, and then the topic will have to be evaluated in the context of those articles. Therefore, the Australian new media platforms which are selected are ZDNet which is the Australian analysis and research company which businesses with technology professionals. While the second article is taken from tech day which contains the world of technological news (Horowitz & Allen, 2018). Both of these articles were selected keeping the topic of assessment in the mind. Therefore, one article targets an organization that harnesses AI from mainframe risk management and the second article covers the five ways by which AI is unable by businesses to implement with the recommendation about how to manage this risk and its opportunities (Floridi & Cowls, 2019). Further in the essay, the business and market context will be explained with the relation to the theme which is risk management and opportunities. The broad risk environment will be identified with key stakeholders and risk management partners. Moreover, two specific risk categories will also be identified in the cases from both articles.

Body of Technology Risk Management and Opportunities

Introduction of Business/ Market Context

There are a lot of technology risks faced by several organizations regularly including information security incidents, password theft, service outages, and more. Therefore, there are some risk management techniques as well as stakeholders who play their role in managing such risks and converting them into opportunities for the businesses. According to both selected articles from Australian news media platforms, the key stakeholders include the organization named CA technologies, its general manager of mainframe Ashok Reddy while the risk management partner for this organization is the trusted access manager for Z of CA technologies. In other articles about risks management and opportunities, the key stakeholders are, Booz Allen who is playing the part of risks management partner along with its organization Booz Allen Hamilton.

CA technologies tend to implement AI as the new and modern mainframe solution through which the customers will be provided with insights that will wish to predict and remediate the issues of performance on an automated basis. AI in this organization will also protect the privacy of its customers, will lower up the costs, and would remain agile. This is a broad risk environment in which AI has been implemented in CA technologies to deal with privacy-related risks and has turned into the opportunities. To deal with the rising risks in the organization, CA mainframe operational intelligence has used machine learning and sort of automation to track the patterns. CA technologies keep on releasing the risk management tool based on AI including CA data content discovery and the CA compliance event manager.

In the second article, there is not one targeted organization or a business but in fact, the author is talking about the organizations of both public and private sectors who have limited the opportunities and potential of AI technologies along with the risk inherent. The role which is played by the stakeholders and the risk partner is that Booz Allen who is the director of AI strategy and training and its linking organization. This is one key stakeholder that analyzes the reasons behind the inability of the businesses to adopt AI in both the public and private sector organizations. The reason which is identified behind this cause is different in terms of application and risk management but proved to be a huge opportunity for the businesses too if they understand the importance of risk management inside their business processes. These reasons include the governance and ethics, data security, culture and talent, transparency, data, and infrastructure readiness. Thus above the key stakeholders are identified along with the introduction of businesses of selected cases about risk management and opportunities.

Identification of Two Risk Categories

Before identification and discussion of the risk categories about the case, it should be understood what a risk category is. A risk category is a combination of the major causes of the risks and what are the factors which have led to the presence of risk in any organization (Sadgrove, 2016). The risk managers or project managers use some common factors to assess the risk categories for the cases they are allotted with like schedule or cost etc.

For the first article in which the organization CA technologies have gone through the implementation of AI through machine learning for many reasons including the privacy of their customers. The major risk categories for this case are the issues that would be arising in the past in the organization when the performance of employees could not be predicted or remediated (Fisher & Holten, 2017). Moreover, the lowered privacy of the customers was another cause of the risk which is a part of the risk category. Increment of costs and lower level of agility of the business processes in CA technologies is another cause of risk in an organization. therefore, one of the two risk categories have been identified with the context of one article taking from an Australian media news platform (D’Souza & Mishra, 2018).

The other article is another case which is identifying the risk categories very clearly and recommending the organization belonging to public or private sectors about what are the real cause or risk categories that they are still not able to implement the Artificial Intelligence in their operations (Brynjolfsson & Mcafee, 2017). There are some causes identified by Booz Allen who is Director of AI strategy and Training leading to the risks which are hard to be managed. These risk categories are explained in the form of points including, governance and ethics which requires all the individuals on all the level of an organization to understand how the business runs and how to tackle with the business problems. This needs the implementation of some ethical rules. Moreover, other causes of the risks are, culture and talent where all the people within an organization are not able to keep up with the culture of the other and without AI, managing such issues becomes a problem for the company (Brundage, Avin, 2018). Data security is another cause of risk and its management can be done if AI is implemented in an organization. AI can protect the systems of the organization from the accidental and malicious interference.

Conclusion on Technology Risk Management and Opportunities

It is concluded that the Australian new media platforms which are selected are ZDNet which is the Australian analysis and research company which businesses with the technology professionals. While the second article is taken from techday which contains the world of technological news. Both of these articles were selected keeping the topic of assessment in the mind. Keeping both selected articles into consideration, the key stakeholders are identified along with the risk management partner which helped the business or organization mentioned in the case the most with managing the risks and its opportunities. Moreover, the risk categories are defined which are defined as the real causes which lead to the risks and can be an issue for an organization. The risk managers or project managers use some common factors to assess the risk categories for the cases they are allotted with like schedule or cost etc.

References for Technology Risk Management and Opportunities

Brundage, M., Avin, S., Clark, J., Toner, H., Eckersley, P., Garfinkel, B., ... & Anderson, H. (2018). The malicious use of artificial intelligence: Forecasting, prevention, and mitigation. arXiv preprint arXiv:1802.07228.

Brynjolfsson, E., & Mcafee, A. N. D. R. E. W. (2017). The business of artificial intelligence. Harvard Business Review, 1-20.

D’Souza, A., & Mishra, A. K. (2018). Adoption and abandonment of partial conservation technologies in developing economies: The case of South Asia. Land use policy, 70, 212-223.

Fisher, M., Holden, S. T., & Katengeza, S. P. (2017). Adoption of CA technologies among followers of lead farmers: how strong is the influence of lead farmers?.

Floridi, L., & Cowls, J. (2019). A unified framework of five principles for AI in society. Harvard Data Science Review, 1(1).

Horowitz, M. C., Allen, G. C., Kania, E. B., & Scharre, P. (2018). Strategic competition in an era of artificial intelligence. Center for a New American Security.

Sadgrove, K. (2016). The complete guide to business risk management. Routledge.

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