Risk Management

Correct Answer: Immediately update the risk register and organize a risk management meeting to discuss and implement prevention and mitigation measures.

The best course of action in such a situation is to 'Immediately update the risk register and organize a risk management meeting to discuss and implement prevention and mitigation measures'. This is an essential practice in risk management, where newly identified risks are promptly reported and discussed to develop adequate control measures, hence maintaining integrity, confidentiality, and security. The other options are not ideal because: 'Ignore the risk as the chance of a data breach happening is very low' is very unprofessional and against the best practices of cybersecurity. Ignoring a risk can potentially lead to devastating consequences. 'Contact the client and let them know you identified a potential risk but have not planned any solution yet' can create unnecessary panic and also shows a lack of professionalism. 'Recommend the client to take measures against the potential risk instead' is passing on the responsibility of managing the risk which is not apt since the party developing the platform should be the one handling such issues.

Correct Answer: Re-assess risk assumptions, update the risk register and adjust project schedule accordingly.

The best action in this scenario is to 'Re-assess risk assumptions, update the risk register and adjust project schedule accordingly.' Any change such as a reduced launch window should prompt a review of the project risks and assumptions. Your risk register needs updating, along with the project schedule to accommodate the new deadline. 'Continue with the current project schedule.' is not the best action, as the project is likely to miss the new shorter deadline without any adjustments. 'Accelerate all project tasks to meet the new deadline.' is incorrect as not all tasks may need acceleration, plus this decision could lead to rushed and poor quality work. 'Inform staff about the change but make no adjustments to the project schedule.' is incorrect. While communication is key, changes must be made to the project schedule to accommodate the new launch window.

Correct Answer: Conduct a detailed risk assessment to determine the likelihood and potential impact of the risk, and develop a plan to mitigate or eliminate the risk.

The best course of action is to conduct a detailed risk assessment to determine the likelihood and potential impact of the identified risk, and then develop a plan to mitigate or eliminate it. This approach allows for a thorough understanding of the risk and its potential consequences, enabling the development of an appropriate response strategy. Immediately shutting down the trading system until the software glitch is fixed, regardless of the potential financial impact, may be an overreaction and could result in significant financial losses and disruption to the bank's operations. It is essential to assess the risk and weigh the costs and benefits of different mitigation strategies before taking drastic actions. Documenting the risk in the risk register but taking no further action unless the software glitch actually causes financial losses is not a proactive approach to risk management. It is important to address potential risks before they materialize to minimize their impact on the organization. Waiting for the risk to cause financial losses before taking action could result in significant damage to the bank's reputation and financial stability.