Sample IT Risk Management Policy

What is an IT Risk Management Policy?

An IT Risk Management Policy is a key part of any Cyber Governance Framework. IT Risk Management is the process of identifying, rating, and mitigating cyber risks to information assets and systems. Risk mitigation involved the development of an Control Framework. Risk Management also involves transferring or formally accepting a risk.

What are the key elements of an IT Risk Management Policy?

IT Risk Management has the following key control areas that should be covered in any risk management policy.

• Risk Assessment Process – Identify all potential cyber risks to the organization. The risks will depend on the number and types of IT assets, as well as the potential threats to the organization.
• Threat Intelligence – Use third-party data sources (such as a local ISAC) to identify likely threats.
• Risk Scoring and Thresholds – Rate risks according to a numerical or qualitative scoring method. The highest risks have the highest scores. The score is equal to the Likelihood of a Threat Event times its potential Impact.
• Risk Treatment – Controls – Implement a Control framework to reduce the Impact or Likelihood of a risk event.
• Risk Treatment – Insurance – Purchase insurance to defer the potential impact of a risk event.

How do I develop an IT Risk Management Policy?

The best way to develop an IT Risk Management Policy is to clearly define the Controls that are required for risk management. The develop a specific policy to address that control. For example:

Threat Sharing Networks – Company management must participate in any industry-specific threat sharing networks or information sharing communities.   These sources can provide more meaningful threat data to determine which threats are most likely to impact the organization.

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