CSIA 485 Project #4 Recommendation Memo

Project 1 Case Study: Bank Solution Gap Analysis

CSIA 485 Practical Applications in Cybersecurity Management

31 October 2015

INTRODUCTION:

This analysis document will determine the gaps in information technology security at Bank Solution which was founded in 1973 by First Presidential Bank. This assessment includes the issues, challenges and risks for this bank as well as the security strategies to eliminate issues and the relation between the proposed solutions of issues with the case study of Bank Solution. The assessment focuses on case study and investigates the rationale of Bank Solutions, the risks and challenges it faces and the risk management strategies that may mitigate the risks that are being encountered by the Bank Solutions.

The current situation of Bank Solution is that it has covered a large distance in order to gain success; the bank started from a very low level and after the hard work of decades to reach the current level where the financial institution has become appealing to the public whose gain significant interest. The executive members of Bank Solutions want it to remain an attractive option for purchase and for this purpose the operating and regulatory risks were to be determined for which an outside consultant was to be hired in order to develop ways to immigrate those risks (Blery, Michalakopoulos, 2006).

ISSUES AND CHALLENGES:

The consultant hired from an external company, should conduct a meeting with the management team of Bank Solutions in addition to conducting an assessment of challenges and the risks that Bank Solutions is facing. The consultant should as well as assess the risk management plan and strategies in order to mitigate those challenges or risks. Risk assessment is indeed an important exercise within the institution. It is necessary to identify as well as prioritize all the risks that may be dangerous to the bank and its technologies. Bank Solutions assessment for risks and challenges includes information technology, information technology system, as well as all the relevant policies. In order to find the risk and issues at Bank Solutions, we need to conduct in-depth study of management processes and planning activities of the bank. It may include flowchart that represents the relationship between operation and the data flow diagrammatically. Apart from this, all procedures and policies relevant to the safety and security of the bank need to be considered. The hardware and software that makes up the critical system of Bank Solutions also has to be reviewed in order to find out the challenges and issues that Bank Solutions is facing. Procedures and policies that involve public contact is another factor that helps in calculating the challenges and the risk (Buckley, 1997).

The key issues and challenges for Bank Solution involve the identification of the information assets it owns. They need to prioritize information assets as well. The recognition and prioritization of the system assets is another key challenge. One of the most important issues encountered by the Bank Solutions is to identify all the threats. These threats may target the assets. These treats may include the hacking of computer systems that is a big threat to the Bank. Keeping in view the impact that they may cause on the organization of the Bank Solutions control needs to be taken to mitigate all the risks.

As Bank Solutions was established in 1973, for next 15 years it remained at modest levels of growth. It was so because it lacks the facilities and could not compete with the technologies used by the other similar organizations. In 1994 was the first time Bank Solutions debuted as market presence. From 1995 to 2008 the bank faced unprecedented growth. So the slow success process for the Bank Solutions is a challenge faced. In addition, it has improved the competition skills to much a bigger extent but it still has to improve the technologies and management of the bank which is a challenge for Bank Solutions to achieve for the sake of success of the bank. Bank Solutions is a solid middle sized company and it possesses a lot of growth potential (Blery, Michalakopoulos, 2006).

It is a challenge for the management team of Bank Solutions to achieve the optimal growth needed to achieve success. Another key challenge that Bank Solutions may face is that employees of bank such as Douglas and a few others are almost ready to retire which will become a challenge for management to fill vacancies with new hires eligible to conduct their duties. Someone with skillsets comparable to Douglas will qualify for his position; someone who will continue to work for the success and prosperity of Bank Solutions. Another significant issue that Bank Solutions focuses is that not to only maintain relevance that is has achieved by the clients but to attract new clientele. Another challenge it faces that it has to achieve the precautionary measures for emergency crises and various other emergency situations. In addition to this all the loan issuing systems of the Bank needs to be highly monitored and carefully driven. The above issues, challenges and risks were encountered when strategies and history of Bank Solutions were revised. The main task to achieve is to minimize or eliminate all the risk factors and challenges for the purpose of new strategies and risk management plans should be devised that may help in achieving the task (Buckley, 1997).

RISK ELIMINATING STRATEGIES:

In 1994 when the first presidential sold Bank Solutions, new management and strategies were devised which resulted in favor of Bank Solutions and because of this new management Bank Solutions started to progress. In order to eliminate all the risk factors and the challenges that may threaten progress and success of Bank Solutions management should set new strategies and plans to mitigate all the issues that act as a hurdle in the way to the progress of the bank. The management risk plans must issue the plans to enhance the competing skills for the Bank Solutions (Zhu, et.al, 2004).

Management of the bank should first introduce the latest working techniques and technologies. After the introduction another major step is to train employees so that they could use new technologies efficiently. Modern technology will be of no use if employees aren’t trained resulting in Bank Solutions remaining at same level and showing no signs of growth. Another major task to be achieved is to properly maintain the banks operating and system because all the functions and operations of the Bank rely on the systems. The management team proposing the risk management plans and the plans for mitigating all the issues should also keep under consideration the threats that the Bank Solutions faces. These threats should also be eliminated and for the elimination of which the plans should be proposed.

The threats that the Bank faces may even harm the bank so the elimination of these threats are mandatory for the well-being of Bank Solutions. Apart from this the management should work out plans and strategies that may serve the emergency situations. Apart from this all the Bank Solutions possess high potential of growth and for the management it is the task to remove any hurdle that stops growth potential for the success of the bank. Another issue that must be eliminated from the system of Bank Solutions is to increase the trading region of the Bank. It should spread different areas and cities and even countries. Next, the proposal of plans for monitoring system of loans, management should issue the strict plans for the system of lending so that no harm may cause to Bank Solutions. One of the major tasks to be achieved is to select and replace retired \ employees with potential employees who are eligible and have required skillset to perform duties properly (Stoolmiller, et.al, 1993).

RELATION OF THE STRATEGIES WITH CASE STUDY:

Management strategies as devised by the management team and the consultant is much related with the case study as provided because both discusses the draw backs that are relevant. The case study discusses the pros and cons of Bank Solutions but this paper studies only the drawbacks and the steps to eliminate those drawbacks from the system of Bank Solutions. If Bank Solutions mitigates all issues and risks, it will become an enjoyable and productive work environment.

The rational for proposing such strategies is that the strategies have been proposed in accordance with the risks and issues administered while revising the flow charts, procedure, policies, public interactions of Bank Solutions by the consultant. Estimated strategies have been planned by these strategies and may help to remove all the risk factors and the challenges that are encountered and are being faced by Bank Solution that results in lack of progress of Bank Solutions. The nearest possible estimated plans have been proposed for the sake of removing all the risk factors that may cause damage to the bank or for instance may act as a threat to the progress of Bank Solutions. With the introduction of these new strategies and management policies Bank Solution will travel the path of success that may benefits not only the Bank owner but also the employees (Ehigie, 2006).

CONCLUSION;

This assessment concludes that all possible risk management strategies may help in eliminating risks and issues encountered by Bank Solutions may harm the prosperity of the Bank. Steps have been proposed so that the risks and challenges can be eliminated and Bank Solution may succeed.

References

Blery, E., & Michalakopoulos, M. (2006). Customer relationship management: A case study of a Greek bank. Journal of Financial Services Marketing, 11(2), 116-124.

Buckley, G. (1997). Microfinance in Africa: Is it either the problem or the solution?. World development, 25(7), 1081-1093.

Osayawe Ehigie, B. (2006). Correlates of customer loyalty to their bank: a case study in Nigeria. International Journal of Bank Marketing, 24(7), 494-508.

Stoolmiller, M., Duncan, T., Bank, L., & Patterson, G. R. (1993). Some problems and solutions in the study of change: significant patterns in client resistance. Journal of Consulting and Clinical Psychology, 61(6), 920.

Zhu, J., Tian, Z., Li, T., Sun, W., Ye, S., Ding, W., ... & Chou, D. (2004). Model-driven business process integration and management: A case study with the Bank SinoPac regional service platform. IBM Journal of Research and Development, 48(5.6), 649-669.