Risk CDT - Modelling and Measuring Risk in the Context of the Business Use of Information and Communication Technology (ICT)

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This is a project within the multi-disciplinary EPSRC and ESRC Centre for Doctoral Training (CDT) on Quantification and Management of Risk & Uncertainty in Complex Systems & Environments, within the Institute for Risk and Uncertainty. The studentship is granted for 4 years and includes, in the first year, a Master in Decision Making under Risk & Uncertainty. The project includes extensive collaboration with prime industry to build an optimal basis for employability.

The University of Liverpool (UoL) and Rizolva are seeking to appoint a suitably experienced and qualified individual to undertake a three year doctoral research programme. The PhD will be focused on Modelling and measuring risk in the Context of the Business Use of Information and Communication Technology (ICT).

With the increasing dependence of society, businesses of all types, and public organisations on the application of ICT, and the unprecedented speed and rate of change in the business environment and technology, the stake for organisations has never been this high when approaching and implementing information systems. “Risk” in this area is immense and possibly catastrophic, and relatively poorly understood due to its changing nature and lack of visibility and sensory impact. The recent examples of major ICT risk, including some of major hacking incidents, and £300M ICT investment for a planned new core banking platform for the Co-operative bank which was suspended after fears that the bank could collapse, are awakening calls for attending this key issue for the industry.

What is unclear is the degree of risk for businesses of all types, shapes and sizes they are exposed to as a result of the use of such ICT components. Advanced research is required to assist organisations in assessing the risk in their decisions for adopting and implementing ICT solutions.

This research project is defined in collaboration with Rizolva, an ICT consultancy and knowledge platform system. The prime objective of the project is briefly defined to be:

“To develop an advanced predictive risk modelling toolkit that can provide a better degree of statistical significance and mathematical accuracy in predicting outcomes for the business use of ICT. The model must elaborate upon proven risk techniques around risk identification, assessment, weighting, scoring, sizing and valuation by determining the correlation in disparate risk items and their characteristics across different lenses and dimensions of social, economic, political, organisational, reputational, technical and business consequences”.

The project is expected to develop and expand the scope, depth and dimensions and risk factors associated with business ICT with a focus on developing a comprehensive approach to technical risk assessment given growing concerns on security, privacy, confidentiality and broader information security risks.