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Understanding IT Risk Management In 4 Steps X 3
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Marilyn Cohodas
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Marilyn Cohodas,
User Rank: Strategist
11/19/2013 | 9:23:13 AM
Theory V. Practice of IT Risk Management
This a very succint definition of risk management for an IT audience along with --what seems to be -- a simple strategy for getting started. But, realistically, can risk management really be that easy to implement? What are the biggest gotchas? What is the low-hanging fruit that put organizations on the path to success? Let's talk about the issues people are facing in the real world. 
J_Brandt
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J_Brandt,
User Rank: Apprentice
11/19/2013 | 12:07:15 PM
Talk with Management
A good, simple article to use with management to jump start the conversation on risk management.
J_Brandt
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J_Brandt,
User Rank: Apprentice
11/19/2013 | 12:09:29 PM
Re: Theory V. Practice of IT Risk Management
It is never that easy.  If for no other reason, because it involves lawyers.
Marilyn Cohodas
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Marilyn Cohodas,
User Rank: Strategist
11/19/2013 | 12:26:01 PM
Re: Talk with Management
J_Brant. I'm very interested in hearing your strategy for talking to management about Risk Management. How would  you jumpstart the conversation (What your elevator pitch?)  and who within our organizatin would you enlist to help make the case? 
Susan Fogarty
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Susan Fogarty,
User Rank: Apprentice
11/19/2013 | 2:22:42 PM
Calculating the cost of risk
It's easier to understand risk when you're talking in terms of a bank that has a certain amount of money it needs to insure. Even intellectual property can be quantified in most cases with a monetary value. But how do businesses quantify softer potential losses, like downtime and lost opportunity?
Marilyn Cohodas
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Marilyn Cohodas,
User Rank: Strategist
11/20/2013 | 9:11:23 AM
Re: Calculating the cost of risk
Downtime losses , seem to me, would be relatively easy to calculate in dollars and cents by estimating  the revenues that a company would be earned during a similar period of time. Or in an organization like a hospital, the number of patients whose care was disrupted and whatever additional costs were incurred to keep their conditions stable and improving. 

Loss of opportunity is a lot more difficult to put a hard number on. I'm open to suggestions! 
dak3
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dak3,
User Rank: Moderator
11/21/2013 | 12:53:16 PM
Re: Calculating the cost of risk
The hardest part to quantify is loss of reputation which leads to loss of both current and future clients and - in extreme cases - to loss of the enterprise (e.g., Diginotar).

 

It's not a simple calculation by any means.
Susan Fogarty
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Susan Fogarty,
User Rank: Apprentice
11/21/2013 | 5:14:17 PM
Re: Calculating the cost of risk
dak3, that's an excellent point. any publicized breach in security can cost a company immeasurable loss in terms of customer trust and loyalty.
J_Brandt
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J_Brandt,
User Rank: Apprentice
11/24/2013 | 4:41:14 PM
Re: Talk with Management
It's less an elevator speech, and more a requested meeting.  As head of IT you need to understand where the concerns of risk management are.  Risk Management needs to understand the potential issues that go along with any new tech deployment.  It's a mutual need and education relationship.
Marilyn Cohodas
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Marilyn Cohodas,
User Rank: Strategist
11/25/2013 | 10:19:58 AM
Re: Talk with Management
That makes a lot of sense, J_Brandt. And your point about how important it is for IT to set the stage in a face to face meeting with management is well taken. Dave's matrix lays out the foundation for that talk and puts the substance of the discussion in the context of an organization's critical issues and needs. 


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