Risk management is crucial in IT. Several examples of potential risks in IT include: resources available to do the work (staff and hardware), availability of funds for the work (budget), environmental threats (floods/hurricanes/fire), security threats (viruses/ransomware). Examples of risks affecting organizations can be easily foundonline http://www.inforisktoday.com/news. Answer the following questions:
1. What is Risk Management
2. Why is Risk Management so important to an organization. Feel free to include a news article where an organization faced a risk.
Risk Management.The identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks. An organization may use risk assumption, risk avoidance, risk retention, risk transfer, or any other strategy (or combination of strategies) in proper management of future events.
The uncertain economic times of the past few years have had a major effect on how companies operate these days. Companies that used to operate smoothly with the help of forecasts and projections now refrain from making business judgements that are set in stone. Now, companies have a renewed focus: to manage risk.
Risk is the main cause of uncertainty in any organisation. Thus, companies increasingly focus more on identifying risks and managing them before they even affect the business. The ability to manage risk will help companies act more confidently on future business decisions. Their knowledge of the risks they are facing will give them various options on how to deal with potent...
[Solved] 1. What is Risk Management 2. Why is Risk Management so important to an organization