IT risk is an area that needs to be taken very seriously for the simple fact that unforeseen risks can end a business.

It is important that a framework exists to identify, analyse, and recommend actions for risks in the event that they occur. This can either be encompassed within a company wide framework, or be IT specific. There are a number of IT risk frameworks that can be used, such as ITIL or COBIT, but the core of IT risk management is that you:

  • Identify the risks and their causes.
  • Rate the risks according to factors such as severity (damage), impact (how many people it will affect), and probability (of occurring).  This enables you to categorise them according to how dangerous they are to your business.
  • Identity what to do if the risk eventuates.
  • Work out what you can do now to remove a risk, minimise the chance of the risk eventuating, or minimise the severity and impact.
  • Monitor the risks on a regular and ongoing basis, and change your strategy to deal with them as required.

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