Risk management systems are used widely in today’s world and it’s basically a process that allows mangers of information system to protect the IT systems and valuable data that actually support their organizational mission. Besides the IT arena these systems are also used in financial corporations (Crouhy,2005). Risk management supports the theory of contingency planning and these systems generates reports that are very useful in events that are labeled as emergency situations.
Usually the flow of information depends from organization to organization and it varies with the complexities of the organization. Moreover risk management systems generates electronic reports that are used in merging property claims, values, and provide the reporting capabilities for management in order to control the overall cost of risk. Risk management programs can reduce the factor of controllable risk and formal risk management programs are used by major insurance underwriters (All business, 2009). Risk management systems are used by nearly all the organizations and its basic purpose is to assure system compliance however, banks, insurance companies, investment banks, security and mutual funds organizations widely used these systems and generate useful reports in order to take decisions.
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