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Introduction to Risk Management

11. What is IT Risk Management?

After talking so much about IT risk management, we could not close the module without discussing it properly. Risk management is a cyclical process that comprises the following items: first, the identification of risks, which means determining the context and framework of risks as well as the process of identifying and documenting the risk. The second phase of this lifecycle is risk assessment, which means the effort to access and prioritise the risks, that is, asserting the probability and impact information and classifying these risks in a way that makes it easier to answer them. The following is the response and risk mitigation that the search and implementation of financially feasible ways to address the identified and evaluated risks. Finally, risk and control monitoring and reporting is where control efforts, risk management, and the current state of risk are monetized and the results are reported to management. The environment and context of risks are constantly changing. So risks are not statistical entities. So to say that managing risk is a cyclical process and that monitoring is essential means that we will always be performing all other lifecycle activities to ensure that the best information is always available to the right people to make our decisions. Like every life cycle, the process repeats itself with refinement, adaptation, and a focus on continuous improvement and maturity. The more the risk management lifecycle is repeated, the more effective the risk management effort will be, and the organisation will see more consistency in the results they achieve.

12. What are the characteristics of a risk management program?

It should be clear why risk management exists in any company and how risk management adds value to the company as a whole. But now we must ask ourselves: How then should risk management be carried out in a way that brings out those benefits that the company expects to get? To implement risk management correctly, assuming the company does not have a formal risk management process, a risk management programme is required. This programme must meet the various characteristics, and here are some of them. During the course, we will deal in detail with each stage of the risk management life cycle. But at this initial moment, we will see in a microwave the characteristics that an efficient and effective risk management programme must meet. First, it must be understandable what the purpose of the entire programme is, and each programme activity should be clear and understandable to the entire enterprise. We speak here for the whole company. Because each employee should be responsible for supporting risk management in the performance of their duties. The level of detail needed should be in accordance with the purpose for which the programme is proposed. A risk management programme should also be complete. There is no point in a programme that does not cover the entire risk lifecycle. There is no point in correctly identifying risks, assessing their probability and impact, and implementing the appropriate control mechanism if there is no proper risk monitoring. To know if the control mechanism is effective and whether safety objectives are being achieved. The next feature is that it is auditable. The outlet of the risk and the efficiency of the control mechanism adopted are necessary to allow for the transparency of the entire process. An independent 30-part study must be reviewed so there is no conflict of interest. Our risk management programme should always be justifiable. That is, our risk management activities must follow a logical line of justification for actions. Risk management is never going to be accurate, so it is extremely important that the rationale for each piece of information is clear enough to justify the measures taken. It should be compatible with compatible as well. Here we mean that our policies, laws, and regulations should be the basis for risk management. Our activities must be compatible with the environment in which the business operates. This programme should also be monitored. It is important to differentiate between auditing and monitoring. Risks are extremely dynamic, so a single action only guarantees a temporary, short-term result. Risk management, to be efficient, must be based on sound processes and continuous operations, so that risks are always monitored and up-to-date, representing the most correct information. For managers and the company, this programme must also be mandated. This is a point we have already discussed. It means that without the support of top management, there is no risk management. Managers must, in addition to demonstrating commitment to risk management, encourage it as a future action in the company and make it a component of following the entire risk management program. Only compelling risk management will be consistent, without obligation. It would be like creating a law and letting people decide whether or not to follow it. It should also be updated. We are not only discussing risk monitoring here, but also the environment in general. The entire risk management programme must take into account ongoing and anticipated changes in the company's strategy, changes in business processes, changes in infrastructure and technologies, and possible laws that impact the company. An outdated programme is a dead program. Finally, a risk-management programme must be managed. There must be a governance structure for the risk management programme that brings consistency to the program. This involves overseeing the activities on the planet, supporting the progress of the process, and ensuring that adequate resources are available in sufficient quantities for execution to occur in a fluid manner. With resources, we are seeing adequate terms for money and other people.

13. Key Points

Well, we have completed the first module of Introduction to Risk Management. In this first module, we solve fundamental concepts that are extremely important for us to understand the followingmodels Well, at the end of the module, we hope that each student is able to answer the questions that have been asked and that they are clear about the reason for each answer. The first question was: Why study risk management? We have seen that this is one of the certifications with the greatest financial return for the IT market and a trend for the future. Exactly. As a result, all of us studying risk management will have a fantastic opportunity to add value to the companies in which we work, and, more importantly, to society as a whole. Then we saw what it was for. Where we have seen that there is an organisational imperative, it is not an end in itself and only exists as it creates value for the business. So a professional must always understand the business of the company in which he works, and this should be the main focus of all his deliveries. We then discussed how it helps the company understand its strategy, and we saw that it should fundamentally question its strategy and always know how to respond. If we are doing things in the right way, if we are doing the right things, if we are doing it well, using the resources in an efficient way, and if we are achieving the expected benefits, then we saw that IT governance allows the company to achieve strategic alignment, value delivery, risk management, resource and performance optimization, and compliance. Then we enter into the concept of risk, and we see that it is a challenge to achieve goals that is farmed by the sun of probability plus the impact of certain events happening. Following we saw that risk governance has thespecific role of defining the strategy for riskmanagement and its main objectives are to establishand maintain a common risk view, to integraterisk management in the company, to make riskconscious business decisions and ensure that risk managementcontrols are implemented and operate correctly. When it comes to how much to spend to respond to a risk, we have seen that the basic rule is never to spend more than the cost of the risk impact. If this occurs, the question of how to determine which control mechanism the company should invest in must be addressed. We have seen that every control must be traceable back to a specific IT risk that the control is designed to mitigate and that the selection of the contract should follow the prioritisation that will be performed during risk management. Finally, we have seen that It risk managementis a life cycle that begins with riskidentification through risk assessment and risk response andmitigation, and finally risk monitoring and reporting thatends restarting the entire cycle interactively. Do not worry if the concepts or ideas are not yet fully understood. We will dive deeper into our area of risk management. And the idea here is for you to have this bank Mac reviewed and understand the purpose of risk management as well. It fits within the company.

14. Thank You!

This concludes the first model of introduction to risk management, and we already have enough knowledge to actually enter the risk management lifecycle. Next, we go to module two of the training, which is the IT risk education, where we will understand in detail the process of discovery, recognition, and documentation of the risks that an organisation faces. Indeed, we will understand the difference between capacity, appetite, and risk tolerance. What is the risky future of a company? How to communicate risks What are the elements that make up the terminology related to risk management? What are risk factors for information security? The roles involved in the risk management process, the risk identification methods, and the risk identification process itself What are risk scenarios, and how much risk is required? I really hope you are enjoying it as much as I do, and I look forward to every module too. We'll get it there.

IT Risk Identification

1. Module Overview

Welcome to the ISAACA Risk Management Series Preparatory Course. This is the second module of a total of five modules. In the first module, we learn the full context and fundamental concepts of risk management. And in this second module, we will learn about it. Risk identification. Some topics that we will address will actually mean "risky education." What is the difference between risk capacity, appetite, and tolerance? What is the company's risky future? What elements make up a risk? What is the terminology for risk identification? What are the risk factors? What is a vulnerability assessment? What are the key principles for reducing information security risks? What roles are involved in the risk management process? What are the methods of identifying risks? What is the risk identification process? What is a risk scenario? What is the Risk Register? The next modules are the continuation of phase one of the risk management lifecycle. Module three will deal with risk assessment. Module four, with response and mitigation And module five is on risk assessment, control, monitoring, and reporting. good training for everyone. You.

2. What does "IT Risk Identification" mean?

To begin the module. The best question is: What does risk identification mean? The identification of risks, as the name suggests, means recognising the existence of risks to which the organisation is exposed. At this stage of the risk management lifecycle, we first discovered the risks, which literally means knowing something was existing.It's known that the discovery process uses multiple sources, but basically any meeting can serve to identify new risks, regardless of the subject that will be discussed at the meeting. Recognizing risk entails verifying the true threat to the organization, taking into account existing controls and vulnerabilities that affect access assets, and finally, documenting is an important part of the process because it gives substance to the risks identified and allows the risk-based, commonly referred to as the "risk register," to be used throughout the organisation as well as in the subsequent phase of the risk management process. Risk assessments are a formal and structured process that is carried out to identify, recognize, access, and document new risks. The assessment needs to be discussed fairly smoothly, and the whole heat assessment part is the subject of the third train module. But from a macro viewpoint, it means identifying the assets and threats that can impact those assets, checking for existing contracts that mitigate or eliminate the impact on the assets to verify what are the actual existing vulnerabilities for which there are no implemented controls, and finally, identifying the consequences qualitatively and quantitatively. Risk identification is the first of the four processes that operate in the risk management lifecycle and is followed by the risk assessment phase. In an organisation whose risk management already operates regularly, identification of risks is often initiated by the process of monitoring and reporting on risk and control, which can alert employees to the risks of changes in the environment. This process is the foundation of our risk management. Only from a complete, recent, and accessible risk register can the knowledge of risk be actively used for decision-making; it will only identify risks that will be evaluated and responded to appropriately. It is of no use if the risk is assessed with mastery. The company's risk view is flawed if there are many risks noted on file or properly documented for future use.

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