To ensure IT risk is managed in a consistent manner, it is MOST important for IT governance to establish a:
Click on the arrows to vote for the correct answer
A. B. C. D.C.
Effective management of IT risks is crucial for the success of any organization, and it requires a consistent and systematic approach. To achieve this, IT governance should establish a risk management framework as the MOST important step to manage IT risks consistently.
A risk management framework is a set of policies, processes, and procedures that are established to identify, assess, evaluate, and manage risks across the organization. The framework should be aligned with the organization's objectives, risk appetite, and culture, and it should provide a consistent approach to managing risks.
The framework should include the following components:
Risk Management Policy: This policy outlines the organization's approach to managing risks and defines the roles and responsibilities of the various stakeholders involved in the risk management process.
Risk Management Process: This process provides a structured approach to identifying, assessing, evaluating, and managing risks. It should include risk identification, risk analysis, risk evaluation, risk treatment, and risk monitoring and review.
Risk Appetite Statement: This statement defines the level of risk that the organization is willing to accept to achieve its objectives. It should be aligned with the organization's strategy, goals, and values.
Risk Register: This is a database of all the identified risks, their likelihood and impact, and the risk owners responsible for managing them.
Risk Reporting: This involves the regular reporting of risk-related information to the relevant stakeholders, including the board of directors, senior management, and other stakeholders as appropriate.
Establishing a risk management framework is the most important step in managing IT risks consistently because it provides a structured and systematic approach to risk management that can be applied consistently across the organization. This ensures that risks are managed in a way that is aligned with the organization's objectives, risk appetite, and culture, and that the organization can make informed decisions about the risks it faces. The other options presented (A, B, and C) may support the implementation of the risk management framework, but they are not as fundamental as having a framework in place.