Application of HAZOP to evaluate Risk Assessment in the Financial Industry Information System

Abstract

Since the Financial Industry Information System has matured to a large and complex scale, implementation of IT has dramatically increased in recent years. However, this has resulted in many serious system failures caused by the malfunctioning of the interface between systems. Thus, it has become important to have Risk Assessment guidelines for the purpose of improving the stability of the system. In the Financial Industry Information System, there is basically data flow that occurs between multiple business systems. I noticed it was similar to the structure of the batch process in a chemical plant. Therefore, I mainly examined an application of HAZOP that implements a Process Hazard Analysis that has the ability for systematic extraction in a chemical plant. The use of a guide word（ Non/More/Less etc.） is an effective measure as HAZOP would consider a failure made by a procedure in the framework. The frameworks effectiveness is evident as even an inexperienced person has shown the ability to find the potential hazard within the entire system.