Training Course: IT Risk Management

IT234824 25 - 29 May 2025 Cost : 2275 € Euro
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Introduction

Risk management is the identification, assessment, and prioritization of risks followed by the coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.

This course is built around globally accepted standards such as ISO 31000:2009 and frameworks such as ISACA’s Risk IT, and NIST and OCTAVE guidelines for risk management.

Objectives

Upon completion of this course, participants will be able to:

  • Identify where and how to reduce known/unknown IT risks
  • Identify areas of cost-benefit optimization and thus reduce IT expenditure
  • Understand the ISO 31000:2009 standard and its applicability to the corporate environment
  • Understand risk assessment as addressed in BASEL II, ISO 20000, ISO 27001, ITIL, COSO, COBIT, BS 25999 and its relevance to IT
  • Understand the different IT Risk Assessment Standards, Models and Methodologies – NIST’s SP-800-30, and OCTAVE™, ISO 27005
  • Insights on the practical use of risk assessment and control evaluation techniques

Day 1:

  • Background:
  • Briefing on the Definition of Risk and Risk in the context of Information Technology
  • Discussion and recording: Known risk scenarios
  • IT Risk Management Initiative
  • Project Planning Requirements
  • Groundwork:
  • General Risk Scenarios
  • Understanding Business-specific, industry-specific, region/location-specific scenarios
  • Recording the scenarios

Day 2:

  • Management Buy-in
  • Degree of business dependence on information technology
  • Understanding and recording technology-specific risks
  • Tying in general risk scenarios with IT risks
  • Techniques of building a business case
  • Budgeting
  • Project Planning
  • Resource Identification and Allocation

Day 3:

Understanding the Concepts and Techniques

  • IT Risk Management Cycle
  • Technology and business drivers
  • Risk Terms – Asset, Threat, Threat Agent, Threat Event, Vulnerability, Countermeasure, Risk, Residual Risk
  • Risk Assessment Methodology
  • ISO 31000:2009 Overview

       IT Risk Assessment:

  • IT Process Selection
  • IT Component Selection
  • Approach Selection
  • Risk Discussion :
     
  • Risks from IT Strategy adopted
  • Risks from IT Processes and Plans
  • Risks from Networks and Systems
  • Risks from Business Applications
  • Risks from Internal Application
  • Risks from Devices – Security Implementation, Disaster Recovery, Business Continuity
  • Risks from Internal and External customers
  • Applying ISO 31000 and Risk IT for Risk Assessment
  • Challenges and Solutions
  • Case Study I

Day 4:

  • IT Risk Mitigation:
  • IT Risk Mitigation Options
  • IT Risk Mitigation Strategy
  • Controls’ Identification and Analysis
  • Cost Benefit Analysis
  • Calculating Residual Risk
  • Case Study II
  • Applying ISO 31000 and Risk IT for Risk Mitigation

Day 5:

  • Evaluation IT Risk Management Cycle:
  • Project Evaluation
  • Learning from Selection and Execution techniques
  • Integrating IT Risk Management with various frameworks and standards – BASEL II, ISO 20000, ITIL, COSO, COBIT, ISO 27001, BS 25999
  • IT Risk Management Cycle: A Revision
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