One of the most common terms in any large organization is Risk Management. Risk Management has grown from a vertical role shared by multiple organizational executives into a separate horizontal practice in which a series of professionals can often dedicate entire careers. But what exactly is Risk Management? What is IT Risk Management? What is a Risk Management Framework? And why is it a vital component of an effective cyber security platform? For me, Risk Management is a rigorous business discipline that if applied and communicated correctly can ensure a business continues to achieve a strategy for profitable growth. It’s also the language of executives and one that cyber security executives should be extremely well versed in.
Originating as a business discipline, risk management is the process of understanding what could possibly impact your company in a negative way, and having an action plan for each possible threat. Risk Management is about mapping and understanding the likelihood of these financial threats to your organization in a manner that looks at probability and severity.