Essay: Risk Management at Rural Payments Agency
The Rural Payments Agency case highlighted that the risk management that was employed pertaining to following a standard practice. In the case the internal reporting mechanism were standardized to reduce risk. Additionally the company also took opinions and assurance from external sources along with the gateway reviews to determine how the risk at the company could be managed for the purpose of project management. The actions that were recommended by the external sources provided the Rural Payments Agency with the specific recommendations with which they could better manage risk but no long terms effects or influences were highlighted.
The risk management initiatives by the Rural Payments Agency pertained to taking action against the risks that existed in the delivery timetable for the SPS that was currently not being met by the Rural Payments Agency. However the company did not forecast as to how the behaviour of the customers would impact the operations of the business and how the implementation of the new information technology based processes and infrastructure would affect their aims and objectives. The company did not properly estimate the extent to which the IT could increase the risks of their operations or impact their business processes. The main reason for this was the insufficient investment by the company to make the business ready for the technological changes.
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