Explain how technova should conduct a comprehensive risk

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Problem

TechNova Solutions (Pty) Ltd is a South African technology company specialising in cloud-based data management and analytics platforms. Over the past three years, the company has expanded rapidly into new markets, acquiring smaller competitors and launching innovative products. However, a recent internal audit uncovered several risks affecting different parts of the business: A reliance on a single third-party data centre provider, with no contingency in case of service failure. Increasing cyber-attack attempts, with some security vulnerabilities detected in their legacy systems. Regulatory changes in Europe are introducing new data privacy requirements that TechNova's current processes do not fully comply with. Employees raised concerns about lack of clear risk management communication, and departments operate in silos with inconsistent risk evaluation practices. Get the instant assignment help. The Board is considering moving from traditional risk management to an integrated ERM framework. You are hired as a Risk Consultant to assist TechNova in strengthening its risk management approach. Based on the scenario above: Explain how TechNova should conduct a comprehensive risk analysis using the concepts of risk probability, risk impact, and risk exposure. Illustrate how a risk factor chart and a business impact analysis could support their risk analysis process.

Reference no: EM133986638

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