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Doing risk management correctly

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  • Frietzsche, Randall

Abstract

This paper aims to help organisations better understand what risk management is, why we need to do it, the methodology and expected outcomes of risk management. All organisations understand risk — it is a critical part of business. Companies invest millions of dollars in new initiatives designed to spur growth, expand into new markets and extend product or service offerings to better serve customers. These initiatives always have large risks; businesses have to worry about financial, legal, compliance, reputational and many other risks. And since most organisations today leverage technology to run their business, IT issues can lead to additional business risk. This paper will discuss how we should perform risk analysis in order to properly identify and manage IT issues that may lead to these business risks. As an industry, we all need to be experts at managing IT risk and translating that to our businesses, in order for them to properly understand how to move forward.

Suggested Citation

  • Frietzsche, Randall, 2019. "Doing risk management correctly," Cyber Security: A Peer-Reviewed Journal, Henry Stewart Publications, vol. 3(1), pages 14-24, September.
    • Handle: RePEc:aza:csj000:y:2019:v:3:i:1:p:14-24
    as

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    More about this item

    Keywords

    risk management; assessments; frameworks; governance; control objectives;
    All these keywords.

    JEL classification:

    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management

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