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Latest insights - 4 items
As organisations pivot toward a digital business model and the reliance on technology and internet grow, new risks are introduced, and existing risks are amplified with the use of digital technologies and global interconnection.
In this environment, it is no longer possible for organisations to protect all data and their associated information technology (IT) systems to the same level because organisations’ resources are often limited.
As technology risks evolve, the organisation’s processes and strategies must adapt to mitigate these risks and protecting organisations’ data and systems requires a strategy that closely matches the business objectives.
Areas that organisations should consider as part of IT risk assessment
Take stock of the critical assets within your information technology systems and processes, and classify them based on their potential level of risk exposure. This helps you develop a holistic understanding of your IT ecosystem, and where the weak points may be, so you can take action to protect them accordingly.
Identify threats that have the potential to adversely impact your IT assets and services. Knowing what could potentially harm your technology systems and processes enables you to devise effective response plans and put preventive measures in place before these threat events can even happen.
Identify vulnerabilities across your entire IT ecosystem and determine the likelihood of a successful breach, so you can prioritise which vulnerabilities to address based on the potential damage that they can cause.
Assess the likelihood and impact of potential risk events to the organisation, including the strategic, financial, operational, compliance and reputational impact.
Implement controls and mitigation strategies to reduce the likelihood and impact of risk events.
Risk management is not a one-off exercise, and IT risks are no exception. Monitor and review the risk assessment process periodically to ensure that you remain aware of potential risks and can adjust your risk management strategies accordingly.
How our IT risk assessment services can help you
- Define and review IT risk management framework
- Define IT risk universe
- Facilitate/ perform IT risk assessment
- Define controls
Define and review IT risk management framework
We can help you define an IT risk management framework so that a standardised framework can be used consistently throughout your organisation. We can also review your IT risk management framework to ensure that they meet international standards.
We help organisations form a bespoke strategy framework through leadership alignment sessions, interviews with staff and stakeholder, and other relevant methods of inquiry.
Define IT risk universe
We can help you define a common set of IT risk universe so that a full list of IT risks that is relevant for the organisation can be assessed and benchmarked. If the organisation has entities operating in different countries, the same set of IT risks can be benchmarked across different entities.
Facilitate/ perform IT risk assessment
IT risks affect the entire organisation. We can help you identify and evaluate the potential strategic, financial operational, and reputational impact of risk events for your organisation.
Define controls
With a thorough understanding of the likelihood and impact of potential risk events facing your organisation, we can help you define and map an expected controls library with international benchmarks (e.g. ISO27001, COBIT) as well as mitigation strategies to minimise the likelihood and impact of risk events.
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