IT Risk and Governance encompass the processes, practices, and frameworks for managing risks associated with IT systems and ensuring effective governance of IT resources to support business objectives, mitigate risks, and deliver value to the organization. It involves a combination of risk management practices, governance structures, and accountability mechanisms to address the complexities and challenges of IT in today’s digital age.
With technology’s ever-changing evolution—and increasing data breaches and cyber incidents—executive leadership and boards are under pressure to make sure management is proactively evaluating and addressing IT risk. While an organization’s internal audit function plays a large role in assuring proper audit plans are in place, internal audit department support may not be sufficient to monitor areas of high-risk and so additional resources are required. RSM’s IT risk assessment helps you identify, quantify and prioritize the key risks affecting your operating environment as well as planned and future strategic initiatives.
The assessment process leverages multiple IT governance frameworks—including COBIT 2019, NIST, CSA, FFIEC, PCI DSS and others—to provide a complete view of 17 IT risk domains and where your use of technology may require additional focus from the third line of defense. During the assessment, CSM conducts two surveys to collect key information from management and executive leadership, then analyzes that data to calculate your inherent IT risk. Additionally, our risk identification assessment evaluates a wide range of risk domains within four areas: emerging technology, IT and security management, programs and data, and strategy and governance.
Available reports within the assessment includes a risk scorecard, a top-five risks report and risk domain reports.
CSM’s experienced technology risk consultants understand your complex challenges.
Our IT risk solutions address key risk challenges including identifying risks, qualifying risks, implementing controls and strategies, measuring the effectiveness of plans and performing IT risk audits. We also have extensive knowledge of emerging IT risks for a wide range of major industries.
Our consulting approach utilizes three essential steps:
- IT risk assessment
- IT risk program development
- IT controls monitoring and testing
Our team will work closely with your stakeholders to assist on identifying the Management Action Plan and create a plan of action to remediate and reporting metrics.