What is IT Risk Management?
IT risk management is a subset of enterprise risk management (ERM), designed to bring IT risk in line with an organization’s risk appetite. IT risk management (ITRM) encompasses the policies, procedures and technology necessary to reduce threats and vulnerabilities, while maintaining compliance with applicable regulatory requirements. In addition, ITRM seeks to limit the consequences of destructive events, such as security breaches.
Typically, ITRM focuses on risk identification and analysis, risk evaluation and prioritization, and risk mitigation. Because infrastructure, business priorities and threats are constantly evolving, IT risk management should be treated as a continuous process.
How Does IT Risk Management Work?
Today, businesses grapple with a variety of risks. Those include cyber, privacy, operational and compliance risks, as well as risks to corporate reputation and the bottom line. While the appetite and tolerance for risk vary from company to company, every organization must develop a risk management strategy. For IT teams, it’s about aligning IT risk with operational and…
