Creating Sustainable Advantage Through IT Risk Management

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Presentation transcript:

Creating Sustainable Advantage Through IT Risk Management A Summary with added material of a lecture given by Jan Hertzberg and Ron Markham on 22 Oct. 2008

Sustainable Advantage Sustainable Advantage is one of the most important attributes to a business Two perspectives of IT risk management IT’s role in managing organizational risk Managing risk in an IT function

IT’s role in managing organizational risk There are many different IT needs based on the maturity of the entity and the role of IT IT presents many opportunities to expand and better the business With these opportunities come many risks as well

IT’s role in managing organizational risk (cont.) Many executives feel that technology is important when it comes to identifying risk There are two important types of risk related to IT External risks – economic, natural, political Internal Risks – infrastructure, personnel, and process

IT’s role in managing organizational risk (cont.) Important analysis must be done concerning risks Employees must think about the probability and impact of the risks on the business It is important to focus on the risks that are most likely to happen especially if their impact on the business is very significant

Managing Risk in an IT Function There are many new risks constantly arising within IT due to the constantly evolving technology IT departments must fulfill all their “duties” before they can be accepted as a business partner Having an effective ITRM program is important for an IT department to function successfully within a business

Managing Risk in an IT Function (Cont.) Mitigating risks related to the IT department is important and can be dealt with in a successive pattern After discovering issues within the IT department there are steps that can be taken to mitigate the risks and place the company in a better position

Conclusion Sustainable Advantage is one of the most important assets in any business There are two perspectives to consider that relate to IT IT’s role in managing organizational risk Managing risk in an IT function Decreasing the risk related to IT can help to ensure continued success of a company’s sustainable advantage