Foundations of IT Risk Management

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Don’t allow your assets to be vulnerable. Get ahead of threats and vulnerabilities that could impact your organization with RiskOversight.

I have one guy on my team who can get the risk listing set up and administer that test to as many folks in the organization as he wants. All those results are populated automatically in the AuditBoard platform, the heat map is generated, and we can present to our executives directly in the software.

Gary Brendle

Director of Risk Oversight and Audit Operations

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Top Benefits of Establishing an IT Risk Management Program

Increased Collaboration

Effective IT Risk Management creates an ongoing dialogue for business leaders to discuss, vet, and ultimately achieve consensus on what the business’ top IT risk areas are — with input and approval from the board.

Enhanced Visibility

Unified risk data in a centralized system of record allows organizations insights into IT risks due to integrated risk data and insights.

Integrated Risks

Produces an IT risk profile, aligned with the overall ERM program, that informs the risk management action plan.

What Is IT Risk Management?

IT risk management is a crucial way to defend against any worst-case scenario of data loss and get ahead of threats and vulnerabilities within an organization. Risk management involves managing risks throughout the organization, from identification and analysis to prioritization and mitigation of such risks. IT risk management focuses specifically on managing the risks related to IT functions, including application, cloud, and infrastructure risks. IT risk management is an ongoing process that can be conducted in conjunction with an overall enterprise risk management group or on a more granular level, such as a single department or IT-related project. IT risk management also provides executive leadership and the board with insight into the top IT risks that pose the greatest threat to the organization’s overall business objectives.

3 Fundamentals of Integrated IT Risk Management

3 Fundamentals of Integrated IT Risk Management

Who Needs IT Risk Management?

Everyone! IT risk management impacts the entire organization, from independent contributors all the way to the board of directors. Everyone uses an IT system in order to execute their job responsibilities. As a result, everyone adds to the human risk in IT security and should take steps to manage their own risk. However, the overall management of IT risks is often driven by the information security and IT teams and overseen by the board of directors and senior management. It is a crucial part of the IT and security teams’ function to ensure their top risks are identified and monitored. This is accomplished through IT risk management.

What Is the Purpose of IT Risk Management?

The purpose of IT risk management is to ensure vulnerabilities and shortfalls are identified, evaluated, and managed properly. As part of IT risk management, organizations should perform an IT risk assessment. An IT risk assessment includes an analysis of IT risks where each risk is identified and evaluated for the likelihood of occurrence and impact to the organization. Once identified, organizations can put into place mitigation plans and risk-reducing internal controls for each risk. Since the IT landscape is always changing, IT risk management is a continuous process.

How Can I Manage IT Risk with AuditBoard?

Organizations can manage their IT risks through RiskOversight. RiskOversight integrates and elevates your IT risk management program — including the identification, assessment, response, mitigation, and monitoring of risks — in a highly visual and intuitive way. RiskOversight enables integration of IT risks across your organization and allows users to gain insight into top risks and risk trends. Gain even more insight into your overall IT risk appetite through executive-level dashboards and detailed board of director reports.

Resources

IT Risk Management Resources

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