MasterCard Risk Assessment Essay Example | Topics and Well Written Essays - 500 words

MasterCard Risk Assessment - Essay Example BRAM (Business Risk Assessment and Mitigation) program addresses all the illegal and damaging activities that are affiliated to the use of MasterCard. The program offers and delivers appropriate compliance standards required for safeguarding the use of the company’s services. Risk management usually promotes cost cutting in terms of insurance costs and operational costs that any financial organization often deals with when it comes to identifying and curbing fraud within the MasterCard financial systems (King, 2001). The BRAM (Business Risk Assessment and Mitigation) program was developed by the MasterCard Company in order to minimize the industry and economic risk that comes with the use of MasterCard branded and affiliated cards. One of the economic risks posed on the system include the loss of clients who are not satisfied with the system operation, which subsequently leads to revenue loss for the firm. Addressing end user reliability of the MasterCard system is a vital objective for the MasterCard Company. System reliability can be achieved via ensuring there is constant testing and regular monitoring of the network system. The program warrants compliance through mandating and encouraging access control measures for the network system. Implementing and maintaining a strong security policy aids in protecting the clients information by boosting data security through the management of network systems utilized by the company and safeguarding then from unauthorized access (Gibson, 2004). Additionally, the set policies should limit any form of compromise that would arise even within the company itself, for example, selling of insider information. The payment card industry has common industrial risks for all the companies that deal in payment systems using cards, that is, ensuring constant information security and availability of services or resources to subscribes at all times and places. The BRAM