Managing IT risk is part of running any business these days. Regardless of what business you’re in, understanding IT risk can help you increase network security, reduce management costs and achieve greater compliance. Corporate leaders who fail to identify, assess and mitigate IT risk are setting themselves up for serious security breaches and financial losses down the road.
Business leaders’ profound lack of involvement in the risk assessment process, coupled with the lack of quality information being provided to the audit committee, shows a gap in the communication and articulation of risks between executive management and IT.
It’s critical to the IT risk management process that executives not only be informed of risks, but that they assist in the quantification and definition of the business impact these risks impose. They need to sign off on the risk position adopted for the organization’s assets. Only when the IT department and senior management are aligned in the identification, assessment and remediation of IT risk will a company be able to achieve higher levels of security and compliance.
To assist in bridging the gulf between IT and business executives on this important issue of IT risk management, Lynx has defined the following simplified process model to aid in the decision-making workflow regarding IT risk posture. To learn more, download our free white paper, Demystifying IT Risk To Achieve Greater Security and Comliance.