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    Build an Effective IT Risk Management Program

    Use a cost-focused approach to IT risk mitigation and management.

    Effective risk management leaves nothing to chance. IT risk cannot be avoided, and every risk has business implications. It is crucial to understand and plan for what can potentially hurt you.

    How it works

    To make intelligent decisions about risks, you need to know what they're worth. This can't happen without creating a risk management program that shares accountability with the business. The more information you have on these programs, the better off everyone will be - this includes determining how much investments are money lost and where it is being wasted or invested in unnecessary procedures.

    It's also essential to assess your future needs before deciding because you don't want any surprises down the line. To find hidden risks effectively, create a structured approach that outlines how IT departments work with business owners and other stakeholders as collaborative team members who share responsibility for managing risk at each stage of an IT project life cycle.

    Outcomes

    • Creates a formalized ongoing program that increases risk management success
    • Identifies and assesses IT's most significant risks before they happen
    • Buy-in from critical stakeholders, including the business senior management team, by having their weigh-in on prioritizing investments in risk response activities
    • Shared accountability for IT risk with business stakeholders