The Importance and Value of IT Risk Management And Business Strategies

Importance and Value of IT Risk Management

• Gives better oversight of assets

• Reduces or minimizes losses

• Identifies threats, vulnerabilities, and consequences

• Prioritizes risk response efforts

• Increased probability of project success

• Improved decision making by senior management

IT Risk Strategy of the Enterprise

• IT Risk Management is part of overall business risk

• Should be guided by an IT Risk Strategy that aligns with business goals and objectives

• Needs formal definitions, documentation, and monitoring

What is the description of Cyber/ Information Risk?

Failure to safeguard privacy, confidentiality, and integrity of info

What is the description of Availability Risk?

Service may be lost. Data may not be accessible.

What is the description of Infrastructure Risk?

IT Infrastructure and systems may be unable to handle current or future capacity. Threat actors may disable or damage equipment.

What is the description of Program/ Project Risk?

IT projects fail to meet objectives, get behind schedule, or go over budget.

What is the description of Talent Risk?

Unable to source or retain qualified talent in order to meet the organizations goals or objectives

What is the description of Third-Party/ Vendor Risk?

Threats inserted by an external entity that might negatively impact the organization

What is the description of Access Risk?

Information may be divulged or made available to individuals/ groups that do not have authorization

Management Support

• Vitally important to have Senior Management Support

• Should be visible and active

  • Risk management will not be successful without it.

Business Goals And Objectives

• Risk Management must align with Business goals and objectives

• Must consider risks across all departments

• Maintain an active dialogue with Senior Management

• Always consider the strategy and vision of the organization