How an IT Risk Assessment Helps LA Distributors Courtesy of FPA Technology Services, Inc. http:// www.TechGuideforLADistributors.com
Aug 10, 2015
How an IT Risk Assessment
Helps LA Distributors
Courtesy of FPA Technology Services, Inc.
http://www.TechGuideforLADistributors.com
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Craig PollackFounder & CEO
Risk comes in two kinds –
good and bad
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It can be negative:
examples are system
crashes, software failures
and data security breaches
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But it can also be positive,
such as in the implementation
of new systems for business
advantage,
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business process automation
for higher efficiency,
or a move to cloud-based
IT operations
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Risk assessment needs to
address both aspects
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IT Underlies All of Your
Enterprise and So Does IT Risk
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Enterprise risk management
(ERM) typically deals with
four main areas of risk
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• Company Strategy
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• Operations
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• Financial
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• Compliance
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Bad IT Risk? Down, Risk, Down!
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The likelihood of a threat
(IT failure, data theft, etc.)
and its business impact
both need to be evaluated
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Multiplying these two items
together (likelihood x impact)
then gives a ‘risk value’
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The higher that value,
the more the risk needs
to be mitigated, transferred,
or eliminated
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IT security solutions can bring
down the likelihood of a risk
manifesting and therefore its
‘risk value’
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Good IT Risk? Over Here!
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The calculation above
also applies to good IT risk,
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except that now we want
both (positive) impact
and likelihood to go up for
increased business benefit
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The positive impacts are
increased reseller loyalty
and improved profitability
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Handling Multiple Risks
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IT risk assessment should
also handle several risks
in combination
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On the other hand,
multiple IT projects
each with a business benefit
(positive risk) can be handled
in a software application
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that extends from individual
project management
to project portfolio (multiple
project) management
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This allows you to tune
individual project schedules
and investments to optimize
the overall benefit to your
business
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Do higher IT risks generate
higher rewards?
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Give us your take on this
aspect of IT risk assessment
in the Comments box below
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