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IT risk management
IT risk management is the application of risk management methods to information technology in order to manage IT risk. Various methodologies exist to manage IT risks, each involving specific processes and steps.
An IT risk management system (ITRMS) is a component of a broader enterprise risk management (ERM) system. ITRMS are also integrated into broader information security management systems (ISMS). The continuous update and maintenance of an ISMS is in turn part of an organisation's systematic approach for identifying, assessing, and managing information security risks.
The Certified Information Systems Auditor Review Manual 2006 by ISACA provides this definition of risk management: "Risk management is the process of identifying vulnerabilities and threats to the information resources used by an organization in achieving business objectives, and deciding what countermeasures, if any, to take in reducing risk to an acceptable level, based on the value of the information resource to the organization."
According to the NIST, "Risk management allows IT managers to balance the operational and economic costs of protective measures with mission goals by securing IT systems and data."
The American National Information Assurance Training and Education Center defines risk management in the IT field as:
While specific methods may vary, risk management processes generally include establishing context, conducting risk assessments, and managing risks. Risk management methodologies from standards such as ISO/IEC 27005, BS 7799, NIST SP 800-39, and Risk IT emphasize a structured approach to these processes. The following table compares key processes across leading frameworks:
The first step in the ISO/IEC 27005 framework is context establishment. This step involves gathering relevant information about the organization and defining the criteria, scope, and boundaries of the risk management activities. This includes complying with legal requirements, ensuring due diligence, and supporting the establishment of an information security management system (ISMS). The scope can encompass incident reporting plans, business continuity plans, or product certifications.
The key criteria include risk evaluation, risk acceptance, and impact assessment, influenced by:
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IT risk management
IT risk management is the application of risk management methods to information technology in order to manage IT risk. Various methodologies exist to manage IT risks, each involving specific processes and steps.
An IT risk management system (ITRMS) is a component of a broader enterprise risk management (ERM) system. ITRMS are also integrated into broader information security management systems (ISMS). The continuous update and maintenance of an ISMS is in turn part of an organisation's systematic approach for identifying, assessing, and managing information security risks.
The Certified Information Systems Auditor Review Manual 2006 by ISACA provides this definition of risk management: "Risk management is the process of identifying vulnerabilities and threats to the information resources used by an organization in achieving business objectives, and deciding what countermeasures, if any, to take in reducing risk to an acceptable level, based on the value of the information resource to the organization."
According to the NIST, "Risk management allows IT managers to balance the operational and economic costs of protective measures with mission goals by securing IT systems and data."
The American National Information Assurance Training and Education Center defines risk management in the IT field as:
While specific methods may vary, risk management processes generally include establishing context, conducting risk assessments, and managing risks. Risk management methodologies from standards such as ISO/IEC 27005, BS 7799, NIST SP 800-39, and Risk IT emphasize a structured approach to these processes. The following table compares key processes across leading frameworks:
The first step in the ISO/IEC 27005 framework is context establishment. This step involves gathering relevant information about the organization and defining the criteria, scope, and boundaries of the risk management activities. This includes complying with legal requirements, ensuring due diligence, and supporting the establishment of an information security management system (ISMS). The scope can encompass incident reporting plans, business continuity plans, or product certifications.
The key criteria include risk evaluation, risk acceptance, and impact assessment, influenced by: