Risk Management in IT Governance

What is Risk in IT Context?

Risk is the potential for loss, damage, or disruption caused by IT-related events. These events could stem from external threats (e.g., cyberattacks) or internal issues (e.g., process failures).

Types of IT Risks:

Risk Assessment Process

Risk assessment helps identify, analyze, and prioritize risks to focus resources effectively.

1.1. Identify Risks

1.2. Analyze Risks

1.3. Prioritize Risks

Understanding Risk Tolerance

Risk tolerance defines the level of risk an organization is willing to accept to achieve its objectives.

2.1. Risk Appetite vs. Risk Tolerance

2.2. Factors Influencing Risk Tolerance

2.3. Establishing Risk Tolerance Levels

Based on the above factors, there are 4 possible ways that we can mitigate risk.

Proceed with Risk.

Dont proceed with Risk.

Proceed with Degree of Risk.

Increasae benefits so to neturalize Risk. ( This requirment Stake holder Approval )

 

 

 

 

 

 

 


Revision #2
Created 16 December 2024 11:09:06 by Admin
Updated 16 December 2024 12:25:16 by Admin