Provide a reflection of at least 500 words (or 2 pages double spaced) of how the knowledge, skills, or theories of this course have been applied, or could be applied, in a practical manner to your current work environment. If you are not currently working, share times when you have or could observe these theories and knowledge could be applied to an employment opportunity in your field of study. 

 

Answer:

Let me describe a particular scenario or theory in which risk management knowledge, theories, skills, and information security come into play or can be implemented.

We are now discussing the business-to-business collections process, in which we contact the customer for collections when the things purchased from us have exceeded the 30-day credit limit or have become past due. We must ensure that no other websites open on the agents' system besides those required for business so that no one can abuse it. We must also ensure that all systems are correctly updated and running and that all applications are functioning correctly so that business-critical work timings are not disrupted. All of this is classified under the heading of information security. In addition, all of the agents have been fully taught IT policies in accordance with the company's needs.

Now we will look at risk management, knowledge, and skills. All agents should attend proper refresher classes so that knowledge gaps can be filled and skills can be improved to ensure 100 per cent accuracy and TAT on every call.
It should be possible to connect with the appropriate party. We must adhere to the 80-20 RULE, which states that if we concentrate on the TOP20 Overdue Paying Customers, we will obtain the more considerable amount sooner and invest it in additive manufacturing.

If we add or sum today's Past Due amount and the amount that will be due until month-end, and then subtract the total promises accepted until month-end, we can figure out how much money will be coming in till month-end and how much past due we will be heading until month-end.
The total danger we envision is Cash Flow issues; if a corporation is ready to file for bankruptcy or is experiencing Cash Flow issues, these are the few risks it faces.

To mitigate this RISK for cash-strapped buyers, we can offer them a payment plan to at least get a portion of the money and invest it back into further manufacturing. Apart from offering them a payment plan, we cannot do much more.

Another critical risk element is the quantity of money on the customer's account that has not been used. According to US government rules, any unapplied or unknown money that has been lying on any account for more than four years belongs to the government. The most exciting and challenging aspect is identifying the Unknown or Unapplied amount and refunding it to the customer or asking the consumer to apply that Unapplied or Credit amount to future purchase orders.

As a result, risk, skills, knowledge, and information security are all intertwined. Everything that helps in running a business is covered in the above theory, and as a Business Analyst, we must track the data of incoming and outgoing, promised to pay, overdue, credits, debits, and PD percent on a weekly and monthly basis, so that we can look at the business's trend and make changes for improvement based on the trend and forecasting.
 

References

Sweller, J., van Merri?nboer, J. J., & Paas, F. (2019). Cognitive architecture and instructional design: 20 years later. Educational Psychology Review, 31(2), 261-292.

Radianti, J., Majchrzak, T. A., Fromm, J., & Wohlgenannt, I. (2020). A systematic review of immersive virtual reality applications for higher education: Design elements, lessons learned, and research agenda. Computers & Education, 147, 103778.