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Nikolay Pasko

My mission is to create value in this world applying technology to real-life goals. I value confidence, professionalism and team integrity. Good grasp of techology and business.

Nikolay Pasko is the Chief Executive Officer of KL TECH, a company focused on helping entrepreneurs resolve business challenges through IT solutions and assisting in the creation and launch of products from the idea stage to market entry and scaling.12

His professional profile indicates a strong emphasis on innovation and technology-driven strategies to support business growth. Under his leadership, KL TECH aims to bridge the gap between entrepreneurial ideas and successful market implementation.1

For more detailed insights into his professional background and contributions, you can refer to his LinkedIn profile, where he elaborates on his expertise and the services offered by KL TECH.1

Highlights

Apr 6 · linkedin
Mar 25 · linkedin

The rise of technological advancements has led to an increase in the use of IT in project management. As a result, companies have invested heavily in IT projects to ensure that they remain competitive in the market. However, like any other project, IT projects have some inherent risks and challenges that need regular monitoring to ensure that they achieve their set goals. Failure to regularly monitor IT projects can result in cost overruns, missed deadlines, and poor quality of deliverables. External audits, therefore, play a critical role in ensuring that IT projects remain on track and achieve their set goals. This paper will discuss the importance of an external audit in IT project management and provide examples of things that might go wrong with IT project management and how costly it could be unless detected in early stages.

External audits provide an independent, unbiased assessment of IT projects, and ensure that their implementation adheres to industry standards and best practices. Properly conducted external audits reduce the risk of fraud, ensure compliance with regulations, and promote transparency and accountability. The following are some reasons why external audits are essential in IT project management:

  • Identify Risks and Prevent Cost Overruns
  • Ensure Compliance with Industry Standards and Regulations
  • Provide Recommendations for Improvement

What problems the audit helps to address and how important that it?

  • Poor Scope Management In 2016, the city of Denver’s airport underwent a $1.4 billion IT upgrade. However, the project implementation was delayed by more than a year, which resulted in an additional cost of $220 million.

  • Inadequate Planning In 2012, a Canadian federal IT project, known as the Phoenix Pay System, was launched to replace the existing payroll system, which was costly and outdated. However, due to inadequate planning, the system suffered from problems, and it took almost a year to stabilize. The project required an additional $1.2 billion to fix the problems.

  • Cybersecurity Risks Cybersecurity risks are some of the most devastating risks that could impact IT projects. Cyberattacks lead to data breaches, reputational damage, and financial losses. For instance, in 2017, Equifax, a credit-reporting firm, suffered a data breach that impacted 143 million clients. The breach resulted in a loss of $4 billion in market value for the company.

Related Questions

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Nikolay Pasko
Nikolay Pasko, photo 1
Nikolay Pasko, photo 2
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Location

Vanadzor, Lori Province, Armenia