Viable IT Risk Management System by Viable System Model (VSM): Action Research for Managing IT-related Risk in the Banking Service

Ali Akbar Arghand ()
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Ali Akbar Arghand: Science and Research Branch of Islamic Azad University

Systemic Practice and Action Research, 2022, vol. 35, issue 6, No 1, 747-763

Abstract: Abstract In recent years, some standards and frameworks proposed the risk management structures for managing and controlling IT risk that is the main component of enterprise governance of IT. Unfortunately, these frameworks have a retrospective view of threat analysis and less pay attention to future threats in the business environment, and do not propose adaptable solutions. At the same time, the current risk framework is not based on a strong scientific system modeling. In this research, the researcher proposed the Viable System Model (VSM) as an adaptable and comprehensive framework that is based on scientific modeling with the systematic approach for managing and controlling IT risk in today’s complex business environment. This research did in a systematic action research methodology in the banking context in Iran. The results showed that by applying the VSM as a framework for managing IT risk, adaptability of IT risk criteria according to the future threats can be achieved by this framework. A comprehensive risk management framework (retrospective and prospective view) with a systematic approach could be achieved by this system modeling.

Keywords: Viable IT Risk Management system; VSM; Enterprise Risk Management (ERM); IT governance; IT risk; Banking services (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s11213-021-09587-4

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