IT Risk Is Not About IT – It’s About the Business

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In many ways, a well-defined risk appetite is both the beginning and the end of good risk management. It always comes back to appetite, and how much risk the organization is willing to take on. Remember: It’s not IT teams that own the risk, it’s the business. Even when we are looking at a granular technical risk on a server or an application, for example, it’s about the business process that technical component is supporting and the real impact or magnitude of a loss that is of interest to the business.

Information technology risk teams know well that the scope of IT risks can be very broad – ranging from technical security risk, to IT operations risk, through to operational risk and enterprise risk. IT risk teams typically have deep skills in risk identification and analysis of information technology components, and many are also quite skilled in making recommendations on risk treatment options. But their scope and point of view is typically limited to technology applications and infrastructure. As the enterprise becomes increasingly complex, and extends out with deep interlocks to customer and supplier eco-systems, IT risk teams' core competencies need to evolve.

When IT risk teams are effective, they’ve formed partnerships with other risk stakeholders across the organization – business leaders, the chief risk officer, internal audit, information and physical security teams, business resilience groups and vendor management. They understand how IT is linked up the stack to the business, press to get risk appetites defined, and are able to translate risk appetite into acceptable thresholds that IT operational teams can work with. 

Here are four critical core capabilities, identified by Yo Delmar, vice president of GRC solutions at MetricStream, that IT risk teams need to develop in order to be truly effective in working with the business.  

 

Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
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