Essay: Organization Design of IT Risk Management Function

Sample Essay

  1. I. Introduction
    1. A. Overview

The rapid development and growth of technology nowadays continue to affect the way businesses around the world conduct and manage their day-to-day business affairs. Interestingly, financial institutions are also experiencing the same challenge despite the fact that their products and services are relatively different compared to the business sector. Globalization, alongside with technology, is an on-going phenomenon that continues to impact and revolutionize the different institutions and organizations’ business management processes and means of conducting business (Wilson, 1998).

According to Wilson, (1998), all major financial institutions nowadays are being forced to continuously upgrade their technologies, to innovate their products and services that they offer as well as extend their customer reach to international markets particularly in developing countries, and utilize resources through off-shoring or outsourcing strategies. Apparently, the main effect of the globalization phenomenon is that it is forcing all types of firms, from small to large scale firms, to amend their current strategies and processes, and to restructure their organizations. Without these necessary changes, these organizations will simply be ineffective and inefficient in responding to the continuously evolving needs of their clients (Wilson, 1998).

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