Mitigating Challenges Through IT Risk Management

May 04, 2015 by Alex Collins

risk_management

If your company implements any type of IT service, then it should be taking advantage of IT risk management. Being that technology-related regulatory standards change on a regular basis, it's important to note that IT risk management activities must evolve as well. And while cost factors may influence your decision to deploy IT risk management, an integrated risk management policy can reduce both overhead expenses and unforeseen IT events.

Understanding How IT Risk Management Affects Your Business
Years ago, managed IT services weren't something that most businesses bothered with. In fact, it was only a couple of decades ago that a large number of businesses performed all of their activities on paper. As technological practices have changed, though, so have the challenges. Today, most businesses use information technology during their daily operational processes. This means that IT risk management should be used to identify and manage risks. It also should be used to mitigate those risks and transform them into operative advantages.

What Does an IT Risk Management Framework Look Like?
Your IT risk management framework should be comprehensive and detailed. It should include all departments and all employees as well as all of your company's standards and policies. There are four basic steps to the IT risk management process:

  • Identifying risks

  • Managing risks

  • Mitigating risks

  • Optimizing risks


Does IT Risk Management Involve lots of Analytics?
The approach your company takes toward IT risk management should include three basic steps: define risks, alter them or get rid of them. Analyzing the effectiveness of your risk management program is essential to its overall success. Everything from strategic governance to data protection needs to be monitored and analyzed to ensure they are aligned with your organizational goals.

How Does an IT Risk Management System Mitigate Challenges?
Implemented risk management practices into your organization's IT strategy and policy will create greater transparency. Employees - even those working remotely - will understand that IT risk management practices are in place, that IT activities are being recorded and monitored, and that the risk of IT infiltration is mitigated. IT risk management also deters external entities from hacking your network. From firewalls to three-step authentication processes, there are many security settings your risk management plan can include. An experienced All Covered IT specialist will be able to explain the various risk management options your company can benefit from.

The Takeaway
When your business develops an IT risk management policy, it needs to be integrated with other policies you already have in place, including enterprise risk management, regulatory mandates and internal audits. By properly aligning all of these risk management practices, your business will notice an increase in customer satisfaction and a decrease in downtime; this ultimately results in higher profit margins.

The All Covered Difference


All Covered is here to work with you to set up, configure and monitor your data infrastructure. Our goal is to protect your company’s data by keeping pace with threats. Contact us today at (866)446-1133 for more information or to schedule a consultation.