Within the enterprise risk management framework, an important aspect of
IT governance is assessing and managing IT risks. The high level of
by modern businesses on IT, digital data handling, intellectual capital
the Internet / the company website (which may also be the online store)
the importance of being able to spot risks and get effective protection
them. In order to plan and implement ways of minimising risks they first
to be identified and assessed.
Key Risk Areas
Managing the risks to aspects of your organisations IT framework
involves focusing on 4 key areas including:
- Risks to your data. Compliance with UK and EU law
regulations i.e. the Data Protection Act 1998 and the incoming GDPR,
industry specific / market related regulations, and protecting your
sensitive data. You need to manage multiple risks in this area e.g.
(cyber criminals and insiders), loss and damage to data (viruses and
error), practice in handling, storing and processing data - this
physical filing as well as digital filing systems (both are covered by
DPA). Ensuring that security, confidentiality and privacy are
keeping on top of the risks on an ongoing basis.
- Risks to your organisation’s IT Infrastructure and
security. Again these risks could be cyber criminals (outside
within the organisation), human error, malicious programs etc.
- Risks to your critical business functions. All
are at risk of serious incidents or disasters. Risks to the critical
functions therefore need to be assessed and plans made to ensure
continuity, and to enable a speedy recovery i.e. a disaster recovery
This is part of good IT governance and is important for the
survival, for the stakeholders, and for compliance e.g. with the UK
Act 2006 174(1), Principle 7 of Part I of Schedule 1 of the Data
Act 1998, and the Civil Contingencies Act 2004.
- Risks to your IT Management. These risks could
many different areas including risks to the various parts of your IT
risks to the IT operational performance, risks to IT projects and
/ success, and risks to IT staff’s effectiveness and efficiency
lack of training, HR issues, issues with individual managers or staff
Effective IT Risk Management is therefore the process that enables
to balance protective measures for their systems, data and networks with
operational aspects of the organisation in a way that minimises IT
weaknesses, contributes to value addition, and helps the organisation to
its aims and objectives and maximise ROI.
The Benefits of Risk Management
As well as making your organisation less vulnerable, more robust and
demonstrable and effective risk management can mean:
- Better stakeholder trust and confidence and trust
- Minimising of losses and interruptions to operational efficiency by
systems and controls in place
- Competitive advantage from being able to quickly take advantage of
and grow in a safe way.
How We Can Help You
- Risk Management Training and Consultancy
- Help with working towards nationally and internationally
standards and establishing recognised IT risk management frameworks.
- BS ISO 31000 - the international standard for risk management
and guidelines to equip your organisation with the knowledge and tools
conduct effective risk analysis and risk assessments.
- COBIT 5 framework - Control Objectives for Information and Related
(COBIT) for the governance and management of your enterprise IT can
your organisation with the means to reconcile control requirements,
issues and business risks.
- ISO27001 - the international standard of best practice for or an
security management system (ISMS).
- Management of Risk (M_o_R) - a best practice methodology for
from the Cabinet Office. Helps with identifying, assessing and
risks, and establishing effective risk management frameworks. For more
If you are a UK business looking for help with any (or all) of your IT requirements, click here.