Risk Assessment Report on Bank of America

Abstract

Bank of America is a global company, serving clients in 150 countries with base operations in 40 countries. In the United States alone, more than 50 million consumers and small business use the banking centers and ATM's. Bank of America has over 30 million online banking users. Their services include investment and corporate banking as well as investing and equity execution transactions. They consider themselves a powerful source for creating economic value in the communities. I chose Bank of America as the subject of my Risk Assessment Report because I am long-time customer. Most of my banking needs are performed through the convenience of online banking. Not only do I use the electronic bill pay system, I also transfer money back and forth to various outside accounts. The thought of theft or not being able to access my account for any reason could be devastating for my family. Therefore, it is important to know what type of identity theft crimes or fraud crimes I may be exposed to from the use of online banking as well as the preventative measures that have been put in place by Bank of America. My Risk Assessment Paper will identify the possible risk exposure when using online banking and also the type of information that requires protection. Potential risks include fraud, processing errors, system disruptions and other unanticipated occurrences. The paper will follow a basic qualitative method. It will include cause-consequence analysis by determining the source and the outcome. Secondary resources available on the online library of UMUC, eBooks and print sources are used to conduct the research process of the risk assessment.

Risk Assessment Report on Bank of America

Introduction

The purpose of this report is to expand the boundaries of our knowledge by exploring some relevant facts and figures related to the Risk assessment of Bank of America. Information technology has become the backbone of most organizations. It replaces physical infrastructure and allows the necessary information to be processed through computer generated software's. The organizations, especially Banks, that use information technology, are both more efficient and more effective in their service provision and thus are more likely to strengthen its competitive position. A risk assessment usually focuses on financial risks. It has been seen that organization, especially financial institution, that are based on IT system are more vulnerable to operational as well as financial risk. In order to avoid such situations, it is necessary for an organization to integrate effective risk management strategy into existing IT systems (Ware, 2011).

For the purposes of this assignment, we will follow the standard risk assessment methodology used within the U.S. federal government. In this report, the author will consider legitimate, known threats that pertain to the Bank of America. Based on the information gathered, presumed vulnerabilities of the organization are computing and networking infrastructure will be identified. Moreover, based on the identified threats and vulnerabilities, the author will describe the risk profile of Bank of America, including recommendations to mitigate the ...