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

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Risk teams across the organization strive to converge on a common risk and control framework, supported by a common issue and remediation process that supports a wide variety of individual taxonomies, processes, metrics and workflows. This is called federation. Building a federated capability involves understanding what is important to the organization – what truly needs to be considered “common” in order to improve business performance, and what can or must remain federated, but rationalized through a roll-up, in the context of the organization as a whole, its strategic objectives, legal obligations and risk appetite.

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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