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Project Info
| Project Name: Financial E-Services Platform | Group Members: |
|---|
| Author: | HATOON ABDULLAH |
| Version: 1.0 | ROSE SAEED RAKAN AL RAKAN |
| Date: 20/9 | YARA FARIS FAIHAN ALBUGAMI |
| | SHOUG FAWAZ ABDULLAH ALOMRAN |
| | d |
Top 10 Risks
| ID | Description of Risk | Category | Probability (0.1-1.0) | Impact Loss/Cost (KSAR) | Risk Exposure (P × I) | Main Drivers (Causes) |
|---|
| R1 | A worm (more damaging type of virus) that spreads in the system stealing crucial credit card information. | Technical (Security) | 0.3 | 37542 | 11,262.6 | Lack of proper cybersecurity protocols in the system, possibly on the maintenance and testing team. Also no proper training/awareness for employees against malware. |
| R2 | The platform experiences prolonged outage or becomes unavailable | Technical | 0.15 | 900,000 | 135'000 | The failure of servers or infrastructure, insufficient failover or disaster recovery |
| R3 | Platform can't handle peak user load or transactions, leading to failures or slow responses | Technical | 0.35 | 600,000 | 210,000 | Inadequate scalability, performance testing or capacity planning |
| R4 | Requirements changes after majority of project management process has been done, and even partially integrated. | Project | 0.6 | 76,000 | 45,600 | There are many reasons why requirements could change, to list a few, the companies business needs could change, or maybe stakeholders actually got a feel of the low-fidelity prototype and returned feedback that they didn't particularly enjoy it. Another reason potentially is the uncontrolled scope creep. |
| R5 | Project exceeds the its allocated funds | Project | 0.4 | 450,000 | 180,000 | Miscalculated expenses, additional resources, unanticipated implementation costs |
| R6 | The project is delayed and cannot be completed within the planned schedule. | Project | 0.5 | 300000 | 150,000 | Underestimated task durations, delays in third-party integrations, limited resources, and unexpected technical difficulties. |
| R7 | After planning implementation, a certain company deems our platform unfitting to their overall business strategy. | Business (Strategic) | 0.4 | 1,126,260 | 450,500 | This could be a flaw that happened during and before the requirements engineering process. Before developing anything, business/strategic goals should be well-defined and understood by all stakeholders. A decision like this is clearly unplanned and shows poor communication. |
| R8 | The platform fails to comply with applicable financial or data protection regulations. | Business (Compliance) | 0.3 | 100,000 | 300,000 | Changes in regulatory requirements, incorrect interpretation of regulations, inadequate compliance reviews, or failure to implement required controls. |
| R9 | Fraudulent transactions occur because KYC or AML controls fail to detect suspicious activity. | Business (Financial) | 0.25 | 120,000 | 300,000 | Inadequate transaction monitoring, inaccurate customer verification, weaknesses in fraud-detection rules, or failure of KYC/AML processes. |
| R10 | Users or partner organizations lose trust in the platform following service failures or incorrect financial transactions. | Business (Reputation) | 0.3 | 800000 | 240,000 | Extended service disruptions, incorrect transactions, unresolved user complaints, or repeated system failures affecting users and partner organizations. |