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IT Risk Management Strategy

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IT risk management by definition is to balance economic and operational costs related to using protective measures to achieve nominal gains to support an organisation’s operations. It includes hardware and software failure, human error, spam, viruses and malicious attacks, as well as natural disasters such as fires, cyclones or floods. This risk is present in almost every business and data has become the new gold for organisations. Possession or a lack of it can make or break a company and would be a major setback.

A very real and recent example of data loss is where a supermarket chain lost credit card information and personal details of almost 40 million customers across the United States. Business owners have legal obligations in relation to privacy, electronic transactions and staff training that influence IT risk management strategies.

The IT scope has evolved from just being hardware, networks and storage of information to include a company’s operations from data storage to administrative tasks and everything in between. An organisation’s dependence on IT has increased the risk. The storage of data has moved from independent servers to the cloud, making it easier to access from anywhere, the downside is that data is accessible to people who aren’t part of the company. Employees create a risk when they are not able to work for a certain length of time on projects risking and creating operational threats such as malfunctioning IT systems, improper records etc. These factors are ubiquitous and prevalent, and create a risk probability that dents the projects profitability. A common counteractive measure is the use of managed IT services or outsourcing IT, reducing the risk a company has to face and also increasing the profits.

Every organisation has its own challenges and these risks can be managed to a large extent.

First by prognosticating the discovery of each risk and assessing for severity, in order to be able to understand and prepare.
Then by mitigating, putting counteractive measure in place to ensure the impact of the risk is at its minimum.
Lastly by evaluating and assessing the counteractive measures and their effectiveness in warding off or minimising risk. This would help finding out what actions should be taken to improve, change or stick with the current plans. The cost effectiveness of the measures should be taken into account.

It is important to have strategies in place, in advance, to manage threats. They are as follows:

Transferring the threat to another party
Avoiding the threat
Reducing the negative effect of the risk or probability of the threat, or even accepting some or all of the potential or actual consequences of a particular threat

Having IT risk management strategies particular to a company’s requirements is the need of the hour and the sooner such strategies are implemented the better.

Home Business Steps Report on Work-At-Home Problems

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Let us heed the warning from the Federal Trade Commission that many Work-at-Home offerings are scams especially the ones that claim big money for little work or no work at all. This makes my hair stand on edge. Why? Because I can smell from a mile away that something is wrong. That is why we pause to have a chance to report to you about a recent scam as we do not want you to be a victim to this like what happened to us before.

The company sold to consumers their “Six Figure Program” for $27 that is supposed to include a website. The buyers found out they had to pay an extra $100 to set up their websites so now this company is banned to stop them from continuing this purportedly deceptive practice. In addition, the court froze their assets. I hope they return the money to the consumers who lost in this scam.

FTC advises that people who want to get onto a business opportunity to read the contract

carefully and check out the claims on what the sellers earned because they are required to provide a statement on their earning claims. Make sure of any refund policy and to make a list of references available.

The Federal Trade Commission also recommends the following:

Read or listen to the sales presentation critically.

Talk to those who bought the opportunity to see if the sellers’ disclosure corresponds with their experience.

Get professional advise to read the paper work before you sign on the dotted line.

Determine if all the required documents are provided by the owners. If not, don’t buy into it.

Look into the record of the seller. Google him and check with the state attorney general’s office, the local consumer protection agency and the Better Business Bureau to see if the offer is legal.

The trouble with the last one, especially with the Better Business Bureau, is that if the business has no record then they are reported as no record and so they may be deemed as legitimate. Besides, not only with the Better Business Bureau, scammers are known to provide false testimonials.

Regarding refund policy and cancellation guideline. The sellers can tell you to the high heavens about their satisfaction guaranteed-or-money-refunded till they are blue in the face. When the time comes for the cancellation or a refund, you may be faced with a hard time. So keep a record of all the paper work; copy or print them so you will have a leg to stand on when time comes that you need it.

Or do what I do. I use a virtual credit card that is only good for a one-time payment so that if they take time to settle things they will not continue charging your credit card while they investigate the veracity of your claim. They may do this even if they say in the sales presentation that your money will be refunded, no questions asked. If you want to know more on how to do this, just put it in the comment box below. So be careful out there.

Conclusion

What you should do if you have been scammed is to report your experience to the authorities. You can report them to your state attorney general’s office. Then there is the consumer protection agency in your state or county. Lastly but not least, report any unfavorable incident to Better Business Bureau as well as to the Federal Trade Commission.

Enhance Competitiveness in Team Building Activities

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In this globalized world, competitiveness is the key behind the success of any organization. Today’s highly dynamic global market demands competitiveness not only in products, but also in services and most importantly in teams as well. Most of the companies stress on team cohesiveness and interaction and a competitive spirit is kept on the sidelines. However, it can be the single most differentiating factor behind the effectiveness of your team and the rest of the corporate domain. Motivation, discipline and adequate support are the key ingredients for team competitiveness. Team building experiences and activities are a good platform for increasing that spirit.

Four ways to enhance competitiveness in team building activities:

1. Set the tone

Set the tone beforehand while conducting a team building activity. While the majority of the participants view activities as all fun and pleasure, make them understand that competitiveness is also a major component in the team building exercise. Setting up a definition which is specific will help the participants align more with the company’s mission, vision and values.

2. Initiate the initiative

Exhort the participating team to take the initiative in every team building exercise. You can even reward teams who take the first initiative; People who have killer spirit usually take the initiative in any projects, work or tasks. Once participating teams are induced to take the initiative, they will automatically get the courage to take the initiative. There are many team building activities practiced by reputed institutions that design activities which foster taking initiatives.

3. Set expectations

To inculcate the spirit of competitiveness, it is preferable to set clear cut expectations. Setting up crystal clear prospects will allow the teams to narrow down their focus and concentration. This will improve your team’s productivity and competitiveness. Setting expectations is also one of the basic fundamentals of effective teams. This will also enhance the consistency of purpose and encourage efficient utilization of vital resources like people, time and money.

4. Teach to handle conflicts

Excessive competitiveness can give rise to increased conflicts. It is up to you to teach the participants the best ways to manage conflicts, both internal and external. This is important as in the spirit of competitiveness. You can teach your team to stay cordial and manage criticisms through the help of team building activities. Put them in a situation that challenges their team spirit. It is best to arrange an off-site team building program and give the employees an opportunity to interact and bond. Trekking could be a nice team building program in Lonavla. In the backdrop of scenic locations, let the employees come together and face a challenge as a team.

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