HI6035 IS Governance and Risk

Governance framework

A governance framework is much required for modern governance and associated legal operations (Katsamunska, 2016). It should be there to direct how people interact with the firm, with the regulators and the stakeholders to closely guide and thereafter monitor operations. It acts as a support to entity management and compliance (Cunningham, Menter and Wirsching, 2019). Governance framework is a need of every organization as it effectively delineates power along with the management roles within any firm (Katsamunska, 2016).

Governance in smart cities

There has been changes in governance and it can be said that developed countries are coming up with infrastructures relying on smart governance and sustainable development (Pereira et al., 2018). Cities are being developed on the basis of smart city model and e-governance is already in use to strengthen democracy (Castelnovo, Misuraca and Savoldelli, 2016). Smart governance is the term that is hyped up these days and it is certainly an important dimension of smart cities.

Literature review of structure compliance risk

Changes in governance can prove to be effective on condition that these take into consideration IT risk management perspectives. In the governance structure risk management is much important and it can be said this way as well that IT governance and IT risk management are highly interlinked (Kakanda and Salim, 2017). E-governance is highly reliant on IT infrastructure and thus it is obvious that higher level of technical knowledge is required when handling risks.

Compliance risk assessment

Compliance risk assessment is certainly the focal point for all regulators and every organization is encouraged to take up necessary steps to check on the compliance risk (De Smet and Mayer, 2016). This is the risk related to legal or regulatory sanctions, loss of finances or damage done to reputation when failing to adhere to laws, rules, codes of conduct and other such similar standards (Deloitte, 2021). Compliance risk assessment helps businesses to figure out the major internal risks so that it can work on these and prevent itself from running into losses.

Compliance risk in the organization

Businesses or organizations have to check on compliance risk as not doing so will result in detrimental effects that can range from financial penalties and even go as far as imprisonment (Kocziszky, Veres and  Kobielieva, 2017). When speaking of compliance risk in an organization it is the potential exposure of the firm to financial forfeiture, legal penalties and material loss that occur due to failure from acting in accordance with the industry laws. Within an organization this can be corruption, workplace health and safety and so on (Kocziszky, Veres and  Kobielieva, 2017).

Understanding of GRC-IS

GRC in the acronym for Governance, Risk and Compliance and is a combined concept that effectively describes various organizational activities ranging from an annual audit to the establishment of internal control procedures for monitoring (Papazafeiropoulou and Spanaki, 2016). It also involves setting up of roles and associated responsibilities in business processes. There is lack of proper scientific research in the context of in the context of combined governance, risk and compliance but certainly it can be said that GRC implementations have already started to emerge (Miller, 2017).

Cloud security issues in the workplace

Governance frameworks are required in today’s business environment to handle the dynamics involved in the business processes (Brandis et al., 2019). For instance, in case of cloud computing there are issues related to security that have to be checked on with the help of governance frameworks and complying to rule and regulations. Data breaches, insufficient identity, access management, credential management and system vulnerabilities are some common security related challenges in cloud environment (imperva, 2021). Thus, here as well there has to be governance that is nothing but properly developed rules and associated protocols. The businesses or the organizations that are operating in a cloud environment should put in extra efforts to enhance data security, manage various risks and lastly keep the things running smoothly (Carcary et., 2016). The even major concern is securing meta data that is generated by the use of cloud services. Therefore, compliance and governance can be said to be much important when working in cloud environment. Organizations should not make any compromises when considering compliance or governance related issues.

References

Brandis, K., Dzombeta, S., Colomo-Palacios, R. and Stantchev, V., 2019. Governance, risk, and compliance in cloud scenarios. Applied Sciences, 9(2), p.320. Available at: https://www.mdpi.com/2076-3417/9/2/320/pdf

Carcary, M., Renaud, K., McLaughlin, S. and O'Brien, C., 2016. A framework for information security governance and management. It Professional, 18(2), pp.22-30. Available at: https://www.computer.org/csdl/api/v1/periodical/mags/it/2016/02/mit2016020002/13rRUwInvFq/download-article/pdf

Cunningham, J.A., Menter, M. and Wirsching, K., 2019. Entrepreneurial ecosystem governance: A principal investigator-centered governance framework. Small Business Economics, 52(2), pp.545-562. Available at: https://link.springer.com/article/10.1007/s11187-017-9959-2

Castelnovo, W., Misuraca, G. and Savoldelli, A., 2016. Smart cities governance: The need for a holistic approach to assessing urban participatory policy making. Social Science Computer Review, 34(6), pp.724-739. Available at: https://journals.sagepub.com/doi/abs/10.1177/0894439315611103

De Smet, D. and Mayer, N., 2016, October. Integration of it governance and security risk management: A systematic literature review. In 2016 International Conference on Information Society (i-Society) (pp. 143-148). IEEE. Available at: https://ieeexplore.ieee.org/abstract/document/7854200/

Deloitte, 2021. Compliance risk assessments. [ebook] Available at: <https://www2.deloitte.com/content/dam/Deloitte/nl/Documents/risk/deloitte-nl-risk-compliance-risk-assessments.pdf> [Accessed 15 April 2021].

imperva, 2021. Top 10 Security Concerns for Cloud-Based Services. [Blog] Available at: <https://www.imperva.com/blog/top-10-cloud-security-concerns/> [Accessed 15 April 2021].

Kakanda, M.M. and Salim, B., 2017. Corporate governance, risk management disclosure, and firm performance: A theoretical and empirical review perspective. Asian Economic and Financial Review, 7(9), p.836. Available at: http://www.aessweb.com/pdf-files/AEFR-2017-7(9)-836-845.pdf

Katsamunska, P., 2016. The concept of governance and public governance theories. Economic alternatives, 2, pp.133-141. Available at: https://www.unwe.bg/uploads/Alternatives/Polya_1_br2_2016_en.pdf

Kocziszky, G., Veres Somosi, M. and Kobielieva, T., 2017. Compliance risk in the enterprise (Doctoral dissertation, НТУ" ХПІ"). Available at: http://repository.kpi.kharkov.ua/bitstream/KhPI-Press/34528/1/Kocziszky_Compliance_risk_2017.pdf

Miller, G.P., 2017. The law of governance, risk management, and compliance. Wolters Kluwer Law & Business. Available at: https://books.google.com/books?hl=en&lr=&id=_hffDgAAQBAJ&oi=fnd&pg=PT21&dq=+The+law+of+governance,+risk+management,+and+compliance&ots=pJChEcmcss&sig=QTGrHz6j0SD_XQ0TpX41HZbbItI

Papazafeiropoulou, A. and Spanaki, K., 2016. Understanding governance, risk and compliance information systems (GRC IS): The experts view. Information Systems Frontiers, 18(6), pp.1251-1263. Available at:  https://link.springer.com/article/10.1007/s10796-015-9572-3

Pereira, G.V., Parycek, P., Falco, E. and Kleinhans, R., 2018. Smart governance in the context of smart cities: A literature review. Information Polity, 23(2), pp.143-162. Available at: https://content.iospress.com/articles/information-polity/ip170067

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