To get more mileage from this idea, consider all of the ranges of values for transactions and study the feasibility of checking the ranges of those values before transactions are committed, approved or otherwise confirmed. For a bank, for example, how likely is it that a retail customer will make a deposit more than 100 times his average deposit amount over the last few years? For online merchants, how likely is it you really want a transaction for just pennies to complete? (Ignore 0.00 and 1.00 transactions, as these may have legitimate purposes.) Consider amounts, quantities and other places where simple checks can pause what might turn out to be a runaway process that could require costly cleanup.
2. Don't Neglect a Thorough Risk Point Inventory
It goes against human nature to want to spend a lot of time thinking about failure, catastrophe and negative events, but to protect well against all sorts of eventualities, you have to first identify and consider their presence and potential impacts. This point may cause you to scratch your head in the context of the United example. "Did they not think about a booking engine error like this?" you might ask. The answer: if the firm did, it didn't do much about it.
Commentary: 3 Reasons Asking Risky Questions Reduces Risk
Consider all of the steps of a transaction in your business. You should have workflow and process maps available for all systems. At what point can problems occur? What types of problems occur there? What are some cost-effective ways to mitigate some of those concerns?
Better yet, make this type of review an ongoing concern. Build these types of checks into the approval process for new systems and workflows, and meet at regular intervals to keep your analysis up to date.
3. Don't Forget About Synchronizing Teams
The effects of mistakes in IT go beyond IT, yet many IT shops forget this fact or ignore it altogether. Integrating well with all teams in the organization that face any customer is a must, a mandatory minimum.
Case Study: How British Airways Made Money From IT
Let's go back to the airline example for a moment and look at how PR works. The premerger United Airlines and Continental Airlines both publicly confirmed that they would honor any price they sold, whether or not it was a mistake. Premerger United Airlines spokeswoman even Robin Urbanski even told The Wall Street Journal in 2010, "That is the right thing to do."