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32 Technology Risk Management Essentials

 , updated on February 27, 2018
Technology risk management is the direction and control of an organization to manage technology risk. This includes a standard risk management process of identifying and treating risk. Technology risk management also involves oversight of technology development and operations in areas such as information security, reliability engineering and service management. The following are common elements of technology risk management.

Technology Governance

The board of directors and senior management of an organization are accountable for technology risk and are expected to direct and monitor risk management efforts.

Risk Management Framework

Implementing structures, roles & responsibilities, practices and processes for controlling technology risk.

Risk Identification

The continuous process of identifying technology risks.

Risk Analysis

Developing an understanding of the context, impact and probability of each identified risk.

Risk Treatment

Developing and implementing treatments for identified risks. Common treatments include risk avoidance, mitigation, transfer, sharing and acceptance.

Risk Monitoring

Monitoring and reporting of risk.

Service Management Framework

The structures, processes and tools for operating technology services.

Incident Management

Handling failures that occur. A tactical process that seeks to quickly minimize impact.

Problem Management

The process of identifying and addressing the root cause of failures. A strategic process that learns from failure to drive improvement.

Change Management

Controlling change to technology environments.

Configuration Management

Ensuring that changes to technology are traceable.

Capacity Management

The process of efficiently scaling technology to meet business demands.

IT Asset Management

Control of technology assets including financial, contractual and lifecycle considerations.

Lifecycle Management

Identifying and managing risks related to aging technologies and equipment. For example, planning to replace software that is no longer supported by its vendor.

Patch Management

Tracking and implementing patches, particularly security patches.

Identity & Access Management

Secure processes for granting access to technology and information resources include appropriate separation of concerns.

Information Security

The defense of information and information systems from unauthorized access, use, disclosure, modification or disruption. Includes system security, data loss prevention, technology infrastructure security and network security.

Physical Security

Physically securing information resources and related facilities such as offices and data centers.

Security Monitoring

Security monitoring of platforms, hosts, networks, systems, applications and databases. Large organizations may have a dedicated information security operations center for this purpose.

Defensive Computing

Training all employees to be aware of defensive computing practices.

Customer Protection

Extending your security efforts to customers. For example, helping customers to secure clients such as web browsers that are used to access your services.

Outsourcing Management

Managing technology risks related to external partners. This includes due diligence in selecting partners and monitoring their performance.

Project Management

Controlled planning and execution of technology projects.

IT Standards

Developing and operating technology resources according to standard policies and practices such as secure coding guidelines.

Security Requirements

Developing and implementing security requirements for technology projects.

Security Testing

Code reviews and security testing including penetration tests.

Encryption

Adequate encryption of sensitive information in transit, use and storage.

Keys Management

The process of securing encryption keys.

Reliability Engineering

Designing platforms, systems, applications, infrastructure and facilities for resilience.

Audit Trail

Ensuring that technology operations and events are recorded with sufficient detail to be reconstructed for the purposes of investigation and audit.

Data Backup

Secure and resilient processes for backing up data.

IT Audit

Periodic or ongoing evaluations of technology controls.
Overview: Technology Risk Management
Type
Definition
The direction and control of an organization to manage technology risk.
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