IT risk management has become and emerging problem because the traditional risk management best practices are not being able to do much. Improvements in currents risk management best practices will be more yielding for stake holders. It will increase their value by improvements in five steps. These are:
The most common risk involved with information technology is potential loss of information. Therefore, there is need for essential best practices for risk management strategies to create awareness in employees. Recovery of lost data can be a major challenge. There are 6 categories of risk involved here:
Decision makers need to assess and qualitatively plot values on graphs to assign remediation priorities. The data lost and inability to access information must be evaluated qualitatively to help in implementing risk management strategies.
There are some specifically designed tools which are recommended for use in ensuring best practices in managing IT risks. Managers and key personnel must have knowledge about these tools.
Investing in processes, technology and reformation is a requirement to achieve mitigation of risks. IT budgets can be a problem to manage which adds to the problem of IT risk management. There are best practices which ensure that organizations maintain effective and efficient IT risk management investments. By providing IT as a service management, implementing service level agreements, utilizing and reducing cost, and implementing automated IT operations to reduce costs.
Companies must develop a risk heat map which shows potential impact of the six IT risks mentioned above. Then as a best practice organizations must have a plan of approach in a systematic manner to ensure IT risk management.
In order to implement these five steps to risk management, there are steps risk assessment best practices which must be considered.
Further reading: Corporate Governance | Audit | Performance Improvement
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