Actual work where 2 students given their post on this:Explain in your own words why you believe planning is important. Select one of the following businesses: a large bank, a government agency, or a h
Planning
Planning is defined as setting up activities that will ensure that goals and objectives are met (Allmeninger, 2017). Banks are ideal for any given society. Banks offer services to individuals who wish to save and play an essential role in financing businesses. For banks to be effective, various systems are ideal to ensure that processes run effectively and efficiently.
Mission-critical System refers to the system whose failure would lead to the crippling of businesses. Mission-critical encryption is needed more due to the advancements in technology (Fowler & Sitnikova, 2019). Reasons for encryption include the rise of cloud computing. To a greater extent, cloud computing may leave data vulnerable for third parties to increase the risk of interception. Credibility is also assured with the use of encryption safeguarding personal information at all times. The core banking system is mission-critical and cloud systems which are vital to the banks and their operations.
Core banking accrues lots of advantages to banks. The core banking system ensures that staff at the bank are more competent as the system is automated, ensuring that work is conducted effectively and efficiently at all times. The core banking system automation ensures that human intervention is minimized at all times (Campos et al., 2020). In reducing the intervention, errors are limited, and activities conducted efficiently without interference. Core banking ensures that fraud and theft are prevented using real-time banking facilities. Automation of actions ensures that the operational costs are limited. Human labor is scarce, and decisions are made in terms of reporting and analytics.
If the core banking system is lost, a lot of disadvantages would be accrued to the banks. With the loss in its operations, they would be lots of transactions delayed initially facilitated by the core banking systems. Failure of the Systems will make it hard for the bank's daily operations to be conducted at any given time. Failure of the system would lead to catastrophic failure to the bank (Gebeyehu, 2019). Profits of the bank will be profoundly affected. Information in the bank may also be prone to risks. The system safeguards data, and its failure would automatically mean that information would no longer be safe. Proper security protocols are thus ideal in ensuring that the core banking systems are operational to maintain the effectiveness and efficiency that are associated with the system.
Cloud systems are also another essential system ideal in banks. Cloud services ensure that at all times, information is safeguarded. Safeguarding information assures lots of advantages, especially in matters of security. Cloud storage ensures that the business's continuity is achieved at all times (Hon & Millard, 2018). Failure of the cloud systems would have consequences for banking activities. Third-party access may have negative consequences, especially on shareholders. Cloud storage is adequate for banks, and it is clear that if compromised will have adverse effects on the bank.
The various systems are ideal for banks. Security is essential for the survival of any given business entity. Entities should thus understand the effectiveness of the multiple systems and aim at safeguarding the various systems for the effectiveness and efficiency of any given enterprise.
References
Allmendinger, P. (2017). Planning theory. Macmillan International Higher Education.
Campos, E. M., Ramirez, S., Gutierrez, I., Novelo, J., & Manzanilla, S. (2020). Measuring the Success of Kastle Core Banking Solution at a Financial Institution located in Belize. Journal of MIS@ UB, 4(1).
Fowler, S., & Sitnikova, E. (2019, November). Toward a framework for assessing the cyber-worthiness of complex mission critical systems. In 2019 Military Communications and Information Systems Conference (MilCIS) (pp. 1-6). IEEE.
Gebeyehu, A. (2019). Assessment of Project Implementation Challenges and Conceivable Means of Resolution in Replacing the New Core Banking System in Wegagen Bank SC (Doctoral dissertation, Addis Ababa University).
Hon, W. K., & Millard, C. (2018). Banking in the cloud: Part 1–banks' use of cloud services. Computer law & security review, 34(1), 4-24.
