IT risk management life cycle

There are six steps in the IT risk management life cycle, starting from risk identification to risk monitoring. Each step is equally important to ensure that an organization does not only identify and assess the risk, but treats it according to its impact on the business and risk appetite, reports to the executives and key decision makers in an understandable report, and lastly, performs continuous monitoring of the risk and controls.

The following list details the key steps for IT risk management:

• Risk identification:

Risk identification is the first step in IT risk management. An organization can only assess and treat the risk that it knows exists. Any failure to identify risks could lead to an organization not including those risks in its strategic planning and not giving them the due attention required.

In IT risk management, it is important for the risk practitioner to be aware of the technologies used in the organization and...