Risk Management

5 Overlooked IT Risk Management Issues

Is proper IT budgeting art or science? In this case, it is probably a science, as Charles Iannuzzelli believes there are some obvious, yet overlooked factors that end up costing IT and the business. At Forbes, he identifies five of these risk management issues, so that you never have to worry about them again:

  1. Assess third-party technology availability carefully.
  2. Understand all your interdependencies.
  3. Decide what to do after a breach.
  4. Consider disaster recovery when engaging in application/systems development.
  5. Keep up to date with change management requirements.

No More Surprises

Every third-party partner brings its own bag of worms to the table, and so you need to scrutinize each one’s business continuity and disaster recovery plans. Likewise, interdependencies abound in business, and IT needs to develop a comprehensive perspective of how an issue can affect multiple layers of the business and supply chain. About the third point, Iannuzzelli is discussing cyber incident management, which pertains to IT’s response plan to a breach, how it minimizes the repercussions, and how it tracks the source of the breach.

Since application and systems development take place under ideal conditions, you do not know how perfectly it will work under real conditions. You can combat this by building disaster recovery into the software development life cycle. And about the final point, Iannuzzelli writes:

Weak IT change management discipline always costs in the long run. Applications and systems may be running with outdated or non-supported software or infrastructure versioning. Production environments get out-of-sync with recovery environments. Security updates and patch implementation lag behind.

In every case, risk increases. And with increased risk, the probability of a problem – be it a hack, a software failure, a botched recovery, a broken interface, etc. – gets higher. So to avoid having to explain an unplanned capital expense, it is in IT’s best interest to be rigorous about change management across ALL aspects of IT.

You can read the original article here: http://www.forbes.com/sites/sungardas/2015/04/22/5-overlooked-it-risk-management-issues-that-can-bite-you-in-the-budget/

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