identify potential risks and create a strategic risk management plan to successfully manage risk.
All successful initiatives require identifying potential risks and developing a risk plan to manage those risks. For this assignment, you will continue working on the technological implementation initiative you started in the Topic 3 assignment. Of key importance will be the identification of all process risks, so evaluating legal, compliance, audit, and operational risk factors associated with the new business process that is supported by the technology is essential. Failure mode effect analysis (FMEA) is used during design to prevent failures. Failures are any errors or defects, especially ones that affect the customer, and can be potential or actual. Effects analysis refers to studying the consequences of the failures. The purpose of the FMEA is to take actions to eliminate or reduce failures, starting with the highest priority actions.
Part 1
Create a business process map that indicates how users will interact with the technology. The map should include each of the following:
Flow objects: events (circles), activities (rectangles with rounded corners), and decisions (diamonds)
Connecting objects: mainly comprising arrows indicating sequence flow (filled arrows) and message flow (dashed arrows)
Swim lanes
Artifacts: data objects, groups, and annotations
Part 2
Create a failure mode effect analysis (FMEA) using the business process map. Evaluate the process from the legal, risk, compliance, audit, information system, and process owner perspective. The FMEA should include all of the following:
Potential risks
Likelihood of identified risks
Impact analysis of identified risks
Explanation of risk response strategy for each risk