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IT Risk Management Guide

 , November 03, 2016
IT risk management is the process of identifying, evaluating and managing risks associated with information technology strategies, projects and operations. It is an well developed practice that has been hardened by the large numbers of risks associated with IT including security incidents, project failures and operational disruptions. The following guide provides an outline of basic risk management techniques for IT.

Risk Identification

Brainstorming lists of possible future losses and inefficiencies using diverse expertise, ideally entire teams are involved. Risk identification involves imagining the future and is essentially a creative exercise. It is also possible to utilize lists of known risks in a particular industry or technology area.

Risk Evaluation

Evaluating the probability and impact of each risk. This can be done as a single number for each or as a probability distribution that includes the probability for different levels of impact.

Risk Management

The value of risk management derives from treatments such as risk reduction, avoidance, transfer and sharing. The process of explicitly accepting risk also adds value as it increases accountability. There is nothing wrong with taking a calculated risk. It is better to fail with "we thought this might fail and it did" as opposed to hiding in the optimism that everything will be successful until it isn't.

IT Risks

Common types of IT risks.
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A list of common IT problems.

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The basic types of cloud computing.

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Machine Data

The common types of machine data.

Types Of Software

The common types of software.

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A list of common business risks.

Risk Treatment

The four things that can be done about risk.

Risk Management Effectiveness

A metric for measuring risk management.

Positive Risk

The potential that you'll achieve too much of a good thing.

Dread Risk

Any risk that people have a strong aversion too.

Risk Taking

The definition of risk taking with examples.

Risk Examples

A list of risk examples by type.

Risk Probability vs Risk Impact

The two main factors in modeling a risk.

Calculated Risk

A definition of calculated risk with an example.

Relative Risk

How to calculate relative risk with examples.
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