3 Fundamentals of Integrated IT Risk Management

In today’s increasingly digitized, remote-savvy business world, effectively identifying and managing IT risk has never been more crucial for protecting and achieving organizational objectives. Information security risk, privacy/identity management, and cybersecurity risk each rank among the top ten risks for 2021, as well as the top ten risks projected for 2030, according to a recent report by Protiviti and NC State’s ERM Initiative.1 Yet, there is a wide gulf between businesses with advanced, continuous IT risk monitoring programs and those that struggle to effectively assess and manage their key IT risks. A market research survey of over 230 IT risk professionals conducted by AuditBoard in April 2021 found that while two-thirds of respondents apply a continuous, proactive approach to IT risk management, nearly 30% of respondents take an ad-hoc, reactive approach to managing IT risk.

This report will examine the findings from AuditBoard’s 2021 IT Risk Survey and discuss three fundamental concepts of an integrated IT risk management approach:

1. Treat the risk assessment as more than a checkbox exercise.
2. Build agile and continuous processes into your foundation.
3. Formally align efforts across risk groups.

In addition, this report will cover best practices for embedding agile and continuous processes into your IT risk program and building a successful foundation for continuous risk management.