How to Develop an IT Risk‐Management Policy

Step-by-Step Guide

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   Step 1: Catalog your organization's assets as they relate to the IT department.

   Consider your servers, computers, data, smart phones, routers, software, emails, files, networks, and website.
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   Step 2: Determine what threats each asset may face.

   Common or newly identified vulnerabilities can often be identified with the help of online forums and IT networking sites.
   
   Consider threats from humans (hackers, competitors, user errors), technical systems (crashes, overloads, viruses), and the environment (natural disasters like floods, hurricanes, and earthquakes). , Consider the loss of access, confidentiality, and reputation in connection with potential breaches.
   
   Any interruption in commerce, lawsuit, or breach of trust can be quantified as a cost. ,,, Multiply that figure by the estimated occurrence rate to come up with the long-term cost of each control. ,,,, Designing a form for all users to fill out will ensure that the same data are collected on each evaluation and incident for future planning and evaluation purposes. , Appointing one department or job position to head up the evaluation process can ensure timeliness and accountability. , Evaluate its effectiveness, revising and editing the plan as necessary, particularly in response to any changes in business processes or to the risk environment..
   
   Risk management should be talked about and viewed as a continuous process that underlies all decisions and practices throughout the organization.
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   Step 3: Estimate the cost of managing each foreseeable threat.

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   Step 4: Anticipate the occurrence of such threats

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   Step 5: and calculate the foreseeable cost of each

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   Step 6: considering how often it might occur.

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   Step 7: Determine controls which could mitigate each risk.

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   Step 8: Estimate the cost of each control.

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   Step 9: Compare the costs of each risk and its corresponding control in a cost-benefit analysis.

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    Step 10: Implement the risk controls that are cost effective.

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    Step 11: Educate all users of the IT system on new controls

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    Step 12: policies

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    Step 13: and procedures that have been put in place to mitigate risk.

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    Step 14: Create a system to track how risk-management controls are being implemented

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    Step 15: who is checking on them

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    Step 16: and how vulnerabilities have been addressed.

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    Step 17: Set up a monitoring process to review all risks

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    Step 18: and evaluate how controls and costs have balanced out.

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    Step 19: Revisit your risk-management policy on a regular basis.

Detailed Guide

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