Muftasoft TM

This page is read only. You can view the source, but not change it. Ask your administrator if you think this is wrong.
====== ICT Risk Management ======


**IT Risk Identification**

Collect and review information, including existing documentation, regarding the organization’s internal and external business and IT environments to identify potential impacts of IT risk to the organization’s business objectives and operations.

[[https://www.hhs.gov/sites/default/files/ocr/privacy/hipaa/administrative/securityrule/nist800-30.pdf|Risk Management Guide for Information Technology Systems]]

Identify potential threats and vulnerabilities to the organization’s people, processes and technology to enable IT risk analysis. 

[[https://blog.netwrix.com/2018/01/16/how-to-perform-it-risk-assessment/|How to Perform IT Risk Assessment]]



Develop a comprehensive set of IT risk scenarios based on available information to determine the potential impact to business objectives and operations. 

[[https://www.nap.edu/read/11183/chapter/6|Risk Identification and Analysis]]

Identify key stakeholders for IT risk scenarios to help establish accountability.

[[https://www.healthknowledge.org.uk/public-health-textbook/organisation-management/5b-understanding-ofs/managing-internal-external-stakeholders|Identifying and managing internal and external stakeholder interests]]

Establish an IT risk register to help ensure that identified IT risk scenarios are accounted for and incorporated into the enterprisewide risk profile. 

[[https://www.safran.com/blog/how-to-communicate-risk-to-project-stakeholders|How to communicate risk to project stakeholders]]

Identify risk appetite and tolerance defined by senior leadership and key stakeholders to ensure alignment with business objectives. 

[[https://www.coso.org/Documents/ERM-Understanding-and-Communicating-Risk-Appetite.pdf|Understanding and Communicating Risk Appetite]]

Collaborate in the development of a risk awareness program, and conduct training to ensure that stakeholders understand risk and to promote a risk-aware culture. 

[[https://www.researchgate.net/publication/333721650_The_Determinants_Factors_of_an_Effective_Risk-Aware_Culture_of_Firms_in_Implementing_and_Maintaining_Risk_Management_Program|The Determinants Factors of an Effective Risk-Aware Culture of Firms in Implementing and Maintaining Risk Management Program]]

**IT Risk Assessment**

Analyze risk scenarios based on organizational criteria (e.g., organizational structure, policies, standards, technology, architecture, controls) to determine the likelihood and impact of an identified risk.

 

[[https://nvlpubs.nist.gov/nistpubs/Legacy/SP/nistspecialpublication800-30r1.pdf|Guide for Conducting Risk Assessments]]


Identify the current state of existing controls and evaluate their effectiveness for IT risk mitigation. 

[[https://www.nap.edu/read/11183/chapter/7|Risk Mitigation]]


Review the results of risk and control analysis to assess any gaps between current and desired states of the IT risk environment. 

 

Ensure that risk ownership is assigned at the appropriate level to establish clear lines of accountability.

[[https://na.theiia.org/standards-guidance/Public%20Documents/PP%20The%20Three%20Lines%20of%20Defense%20in%20Effective%20Risk%20Management%20and%20Control.pdf|
THE THREE LINES OF DEFENSE IN EFFECTIVE RISK MANAGEMENT AND CONTROL]]

[[https://hbr.org/2012/06/managing-risks-a-new-framework|Managing Risks: A New Framework]]



Communicate the results of risk assessments to senior management and appropriate stakeholders to enable risk-based decision making. 

[[https://www.ncbi.nlm.nih.gov/books/NBK214634/|Toward Improved Risk-Based Decision-Making]]



Update the risk register with the results of the risk assessment.

[[https://www.projectmanager.com/blog/guide-using-risk-register|Guide to Using a Risk Register]]



**Risk Response and Mitigation**

Consult with risk owners to select and align recommended risk responses with business objectives and enable informed risk decisions. 

[[https://resources.infosecinstitute.com/category/certifications-training/crisc/crisc-domain-overview/risk-response-and-mitigation-in-crisc/|What is Risk Response and Mitigation?]]

[[https://fliphtml5.com/thlf/kavg/basic|RISK RESPONSE AND MITIGATION]]

Consult with, or assist, risk owners on the development of risk action plans to ensure that plans include key elements (e.g., response, cost, target date). 

[[https://opentextbc.ca/projectmanagement/chapter/chapter-16-risk-management-planning-project-management/|
Risk Management Planning]]

Consult on the design and implementation or adjustment of mitigating controls to ensure that the risk is managed to an acceptable level. 

[[https://www.mitre.org/publications/systems-engineering-guide/acquisition-systems-engineering/risk-management/risk-mitigation-planning-implementation-and-progress-monitoring|Risk Mitigation Planning, Implementation, and Progress Monitoring]]

Ensure that control ownership is assigned in order to establish clear lines of accountability. 

[[https://www.oecd.org/daf/ca/corporategovernanceofstate-ownedenterprises/40096845.pdf|IMPLEMENTATION GUIDE TO ENSURE ACCOUNTABILITY AND TRANSPARENCY IN STATE OWNERSHIP]]

[[https://medium.com/@warrentanner/heres-how-you-get-employees-to-take-ownership-over-their-work-ebe1f7ebf508|Here’s how you get employees to take ownership over their work]]

Assist control owners in developing control procedures and documentation to enable efficient and effective control execution. 

[[https://courses.lumenlearning.com/suny-finaccounting/chapter/internal-control-structure/|Internal Control Structure]]

Update the risk register to reflect changes in risk and management’s risk response.

[[https://pmbasics101.com/risk-register/|Risk Register Example and All You Need to Know About It (+Template)]]


Validate that risk responses have been executed according to the risk action plans.

**Risk and Control Monitoring and Reporting**

Define and establish key risk indicators (KRIs) and thresholds based on available data, to enable monitoring of changes in risk. 

[[https://cio-wiki.org/wiki/Key_Risk_Indicator_(KRI)|Key Risk Indicator (KRI)]]

Monitor and analyze key risk indicators (KRIs) to identify changes or trends in the IT risk profile. 

[[https://www.linkedin.com/pulse/key-risk-indicators-kris-significance-management-khan|https://www.linkedin.com/pulse/key-risk-indicators-kris-significance-management-khan]]


Report on changes or trends related to the IT risk profile to assist management and relevant stakeholders in decision making. 

[[https://web.actuaries.ie/sites/default/files/erm-resources/295_The%20Reporting%20of%20Organizational%20Risks%20for%20Internal%20and%20External%20Decision-Making.pdf|The Reporting of Organizational Risks for Internal and External Decision-Making]]

Facilitate the identification of metrics and key performance indicators (KPIs) to enable the measurement of control performance. 

 

Monitor and analyze key performance indicators (KPIs) to identify changes or trends related to the control environment and determine the efficiency and effectiveness of controls.

[[https://www.metricstream.com/insights/Key-Risk-indicators-ERM.htm|The Power of Key Risk Indicators (KRIs) in Enterprise Risk Management (ERM)]]

Review the results of control assessments to determine the effectiveness of the control environment. 

[[https://linfordco.com/blog/internal-control-environment/|Establishing an Effective Internal Control Environment]]

Report on the performance of, changes to, or trends in the overall risk profile and control environment to relevant stakeholders to enable decision making.

[[https://resources.infosecinstitute.com/category/certifications-training/crisc/crisc-domain-overview/risk-and-control-monitoring-and-reporting-in-crisc/|What is Risk and Control Monitoring and Reporting?]]