1. Call Accounting Risk Assessment
This risk analysis example considered a process that Campton College wanted to implement—a new call accounting system that both administrators and medical students could utilize for billing, tuition, and dorm expense payments; actually, every department of the medical school. Their antiquated system was from the 1990s and they felt it was time to move into the next generation.
In this risk assessment example, first a team was formed to determine which tech company could offer the best system without too much down time for the current system. The company chosen was a widely known call accounting provider – TACS. The challenge was to find a better way for data collection, database improvements, and purging information.
The risk assessment team was challenged with looking at vulnerabilities, threats, and risks and coming up with ways to avoid or minimize risk to the already-valuable assets contained within the current system—the private and secure records as well as accessibility of online interactions, payment histories, and account information.
Campton College was able to determine that over $2 million assets (information) could be at risk including data integrity, private information, access and down time, passwords, and liability costs to the college if private information was accessed.
Not happy with trusting these assets to a switchover right away, the team was able to work with TACS to find ways to mitigate risks such as using compatible software interchanges like Microsoft and an encrypted repository.
Finally, the risk assessment team was able to identity 14 various risks with solutions to those risks that lowered a forecasted 249% risk they had previously determined to a mere 54.3% risk. By lowering the percentage of risk through secure processes, the college was able to introduce a newly updated system.