With the multitude of IT challenges to hand, organizations sometimes don’t know where to turn when it comes to Risk Management. Enterprises are well aware they face ever increasing known risks from data breaches to employee fraud and the generalized cyber-sphere, not to mention exploding new entrants like social media. Organizations can ill afford to not only consider IT Risk Management, for IT Risk alone, but as a crucial cog in the ERM for the enterprise, and a platform for leveraging competitive advantage. Mike Lane weighs in on optimal ways to manage enterprise Governance, Risk and Compliance by incorporating IT Risk consideration as a key ingredient in strategy.
From the days of being seemingly perpetually tied to the ‘support service’ tag, IT has engineered itself into the ‘must have’ for any business. Through the last few decades the dependency of the enterprise on IT has grown unabated, fueled by exponential advances in technology and its pervasive entrenchment into everything the business does. This of course has provided extensive opportunity for return on investment, but unfortunately also brings with it considerable risk to the enterprise.
Enterprise risk management (ERM) for any organization is an essential cog in the business engine room, forming a critical component of the Governance of the enterprise. ERM comprises all of the risks of the organization including Financial, Operational, Human Resources, and IT. When it comes to IT specifically, what is particularly important for organizations to remember is that the use of information and technology is enterprise wide, not limited to one or more functions. IT doesn’t simply perform at the tactical or operational levels, but also shapes and delivers strategic direction and execution.
IT enables organizations to take on more than ever before – more products, more markets, more customers, more challenges and more opportunities…and inevitably, more risk.
Mike Lane weighs in on optimal ways to manage enterprise Governance, Risk and Compliance by incorporating IT Risk consideration as a key ingredient in strategy. Login to continue reading or register to download this ebook.