Access our Q&A interview with Scott Heflin, a Principal in the SC&H Group Risk Management practice, who provides an overview of IT risk and why Risk Assessments are vital to any organization.
See an excerpt below, and read the full Q&A here.
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Summary & Excerpt
Information Technology (IT) has become the foundation for virtually every business across the globe. Whether for supply chain management or for new mobility and bring-your-own-device (BYOD) efforts, IT drives efficiencies and business outcomes on many levels.
By being dependent on IT, there are many inherent business risks that organizations should consider, which is why IT Risk Assessments play a major role in ensuring that technology truly supports business goals and objectives.
Q: What is IT risk?
A: By definition, IT risk is business risk – specifically with the use, ownership, operation, and adoption of IT within an enterprise. It consists of any IT-related events and conditions that could potentially impact the business, and prevent the enterprise from meeting its strategic goals and objectives.
Q: Why is an assessment of IT risk important?
A: Risk Assessments, whether they pertain to IT or other types of risk, are a means of providing decision-makers with the information needed to understand factors that can negatively influence operations.
These assessments can help predict potential outcomes and provide informed judgments concerning the extent of actions needed to reduce the identified risks. As reliance on computer systems and electronic data has grown, IT risk has joined the array of risks that all businesses must manage to ensure the enterprise successfully meets strategic goals and objectives. Most people understand that IT innovation creates opportunities, but far too often they overlook the associated risks.
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