what is IT risk management?

Answer 1

To understand risk management, let us first understand what is a risk and what is not a risk?

Consider the following statement, "I run a risk of collision when I drive on a crowded street as my brake pads are completely worn-out". Is it a risk? No, it is not. In fact the collision is certain, unless of course you are driving on an absolutely empty freeway - which you are not in this case! It is a problem and needs a fix.

Now consider the following statement, "I need to attend a critical negotiation meeting at customer location at 11:00 hours sharp. It takes 25 minutes to reach under normal traffic conditions. I can start for that meeting only at 10:30 hours due to an important assignment. I run a risk of reaching late and lose on initial negotiation advantage".

Is this a risk? Yes, it is. The element of uncertainty makes it a risk. And you can possibly explore mitigation strategies like going on a motorcycle rather then using a car. At this stage, it is also important to recall the exact meaning of word mitigate, "to moderate or lessen a quality or condition in force or intensity".

Risk has two key elements - a) an uncertainty and b) an impact in terms of potential loss (if it happens).

In IT, typical risks are project schedule slipage, infrastructure outage (e.g. mail or application - SAP), people leaving in a middle of critical task, etc. In general, risk management is a continuous process. Risk management process involves following key steps:

1-Identify risks
2-Assess each risk
3-Rank all risks according to their severity
4-Plan for risk mitigation and contingency on the basis of outcome of step 3
5-Monitor each risk
6-Control deviations (if any) from risk mitigation plan

Answer 2

Risk Management includes monitoring risks, recognizing new risks, and assessing risk process within an organization/company/offices. In Australia, MiSAFE is providing risk management services.

Answer 3

Information Technology Security Risk Management (ITS-RM) Program is intended to provide IT departments with the information and tools they need to properly manage the security risks associated with their information technology assets.

Answer 4

Wow, those are all some very, very powerful concepts! i think of my favorites are worker dry humping, and twiddling with King Kong's ding dong in Hong Kong! you need to additionally comprise issues alongside with: Stampedes-this could stick to if there's a warm replica device restoration guy and all of the undersexed women people interior the place of work flock to confirm out his %. and buns of steel. Beotch slapping-this could stick to while somebody has left approximately 2 drops of coffee interior the pot and did no longer see in good shape to make yet another pot. (it is a severe offense, and it does take place on a huge-unfold foundation). Crab infestation-this could stick to after any form of place of work party held at an off-internet site area, on account which you be attentive to somebody (i.e. me) could have some carnal kin with the bartender or waiter or despite the fact that interior the coat room of the eating place. Oh, and enable's no longer forget tsunamis (Chicago is a hotbed of tsunami activity), persistent halitosis, and wooded area fires. i think of that should approximately cover it!

Answer 5

Basically this is a position where you determine the best possible methods for preventing tragedies in the business environment. I don't mean murder and suicide either. I mean actualy business tragedies such as data loss, fires, things of that nature.

The position generally is responsible for defining offsite backup plans and recovery plans in the event of database downtime etc.