Preventive controls are put in place to prevent disruptive events before their occurrence. For instance, the HVAC system is meant to prevent overheating equipment. Besides, business impact analysis identifies risks that require immediate mitigation thus improving security in return. In the business continuity plan for the financial organization, there are five preventive controls (Xin et al., 2019). The preventive controls include internal control systems, IT requirements, information security policy, change management, and IT controls (Clark, 2016). Proper implementation of the five measures will ensure that the BCP for the financial institution will achieve its aim of preventing disruptions from occurring and in case they occur it will ensure that operations continue in a time of disruptions and outages.
The financial institution should design and implement a comprehensive, efficient and effective internal control system that determines detective and preventive controls for risks associated with business and its core processes and minimizes operations risks and other risks (Xin et al., 2019).
Other than internal control systems, IT requirement is another preventive control. The financial institution must meet facility management services and IT system requirements to prevent threats that may occur due to failure to meet the set standards (Oncioiu & IGI Global, 2019). The IT requirements that need to be adhered to include those responsible for clearing services and requirements on the workplace and supporting services (Clark, 2016). Meeting IT requirements ensures that the system does not work beyond its capacity to an extent that its infrastructure is compromised and exposes it to risks.
Concerning information security policy, the financial institution should maintain a robust information security policy to protect the disclosure of information to unauthorized users and ensure integrity and data accuracy.
Change management is another important aspect of preventive controls because a change in IT systems and business-related operations increases the possibility of disruptions. As a result, the company should implement a change management procedure that outlines the responsibilities and roles of each worker (Clark, 2016). Also, procedures should be evaluated, approved, and tested.
IT control is a preventive control through integration with the general risk controls of the company. Thus, the financial institution should ensure periodical testing, security relates aspects and connectivity (Allen & Derr, 2016). Through the IT controls, the company can prevent disruptions before they occur.
References
Allen, G., & Derr, R. (2016). Threat assessment and risk analysis: An applied approach.
Clark, R. (2016). Business Continuity and the Pandemic Threat. Ely: IT Governance Publishing.
Xin, M., & Choudhary, V. (April 01, 2019). IT Investment Under Competition: The Role of Implementation Failure. Management Science, 65, 4, 1909-1925.
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