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hi
hope you are wellim attempting a tutorial question on the ffg
please can you direct me to where i can find the answers , my text book doesnt‘provide much on the below additional control procedures for each of the following risk areas:
1. Aggressive pricing strategy from competition
2. Breaches of security
3. Clients may claim for compensation in the event of a failed system’thank you
1 The company must have procedures to constantly monitor competitors’ prices and offers and to report aggressive action to the board or responsible person.
Eg look regularly at Website prices; go round shops noting prices.
2 This very vague. Does it mean physical security, IT security or industrial espionage.
For IT, the company’s IT system should monitor unauthorised attempts at access and any that are successful. Physical security can be monitored using CCTV, alarms etc.
3 First don’t let the system fail so careful review of software upgrades and good hardware security and maintenance. Protection against viruses, other malware and hackers (firewalls) is essential. For critical applications have a mirror back-up system in a remote location that can be quickly switched to.
Contractual terms with customers/clients should have clauses limiting system failure claims. If the system does fail insist on evidence of loss and refer to the contract.
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