The number, scale and complexity of IT risks facing organisations continues to grow underscoring the importance of managing IT risk effectively. Failing to manage these risks can lead to embarrassing and costly incidents such as the loss of sensitive data, failed software upgrades or revenue misstatement where computer applications fail to operate correctly. As a result of these types of incidents, executive management are increasingly aware that IT related risks can result in very large costs to an organisation‟s bottom line and reputation.
Within the financial sector it is often the role of IT Risk functions in combination with Operational Risk, Security and other Compliance functions to report, manage and mitigate these risks, whilst setting policy and ensuring/monitoring appropriate governance and control over technology.
Many organisations already have existing and significant spend on activities to manage selected IT risks - information security programmes, regulatory compliance, business continuity, SOX, incident management solutions, project risk, IT internal audit and IT governance committees for example. However, the effectiveness of this expenditure is often challenged when mistakes are still made.
IT risks continue to evolve with threats becoming ever more sophisticated and difficult to mitigate against. This, in addition to the ever increasing regulatory focus means the role of IT Risk functions within organisations is evolving rapidly, with ever more expectation on the assurances and services they provide.
We assist our clients by: