IT Governance-Management of IT Risk (4 of 16)

So you’ve become a CIO, you’ve worked at creating policies, processes and strategy and you just became the “golden boy” in the eyes of the Board of Directors; so what’s next.

Simply this, you now must learn to manage risk of the policies, processes and strategy. Technology risks can range from security related issues such as viruses, malware or other cybersecurity attacks, to ensuring high-availability of critical customer-facing technology systems such as ERP systems. Effective IT risk management requires organizations to possess a thorough inventory of all technology applications, components, and systems so that risk can be monitored in a coordinated fashion. In order to do this, automated tools, physical inventories and financial reconciliation of existing fixed assets must be monitored accordingly.

IT risk management also requires that the organization create the appropriate countermeasures and controls for known risks. Yes, you must look into the crystal ball and predict what could go wrong, plan for it, put together strategies to mitigate the issues before they ever happen. Doing so ensures that risk is correctly identified and mitigated in assuring IT’s value to the business operations.

If you are not skilled in developing a risk management program, there are competent consultants that can come in and work with you and your staff over a 10-13 week. To put together a comprehensive risk management plan that helps to assure the success of future technology projects.

Next Topic Dealing with IT Governance: Business Process Mapping and Harmonization

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