Risk Management

Managing information systems is about managing risk as much as managing technology. Risk management is the process of identifying risk, assessing risk, and taking steps to reduce risk to an acceptable level. We need to understand the risks associated with information systems deployment and management. But what methods do we use? How do we keep on top of the risks?

Task
Define risk management. Give an overview of the types of risks we might face in information systems management. This might include failure of a supplier, losses of systems. Unexpected changes in business requirement. Loss of services. It includes security and disasters but is much more wide ranging. Outline the steps in a risk management method. Define threats, vulnerability, likelihood and impact. Illustrate with a case study.