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wikiHow to Develop an IT Risk‐Management Policy

Information Technology (IT) risk management is the ongoing process that protects data against unauthorized access or changes. Developing an IT risk-management policy will provide a business or organization with the security to handle customers' sensitive data and Internal files and to complete transactions safely. The policy-development process weighs risks and controls with regard to effectiveness and cost, and it analyzes changes in existing policies, government regulations, and laws. Consider the following as you learn how to develop an IT risk-management policy.


  1. 1
    Catalog your organization's assets as they relate to the IT department.
    • Consider your servers, computers, data, smart phones, routers, software, emails, files, networks, and website.
  2. 2
    Determine what threats each asset may face.
    • Common or newly identified vulnerabilities can often be identified with the help of online forums and IT networking sites.
    • Consider threats from humans (hackers, competitors, user errors), technical systems (crashes, overloads, viruses), and the environment (natural disasters like floods, hurricanes, and earthquakes).
  3. 3
    Estimate the cost of managing each foreseeable threat.
    • Consider the loss of access, confidentiality, and reputation in connection with potential breaches. Any interruption in commerce, lawsuit, or breach of trust can be quantified as a cost.
  4. 4
    Anticipate the occurrence of such threats, and calculate the foreseeable cost of each, considering how often it might occur.
  5. 5
    Determine controls which could mitigate each risk.
  6. 6
    Estimate the cost of each control. Multiply that figure by the estimated occurrence rate to come up with the long-term cost of each control.
  7. 7
    Compare the costs of each risk and its corresponding control in a cost-benefit analysis.
  8. 8
    Implement the risk controls that are cost effective.
  9. 9
    Educate all users of the IT system on new controls, policies, and procedures that have been put in place to mitigate risk.
  10. 10
    Create a system to track how risk-management controls are being implemented, who is checking on them, and how vulnerabilities have been addressed.
    • Designing a form for all users to fill out will ensure that the same data are collected on each evaluation and incident for future planning and evaluation purposes.
  11. 11
    Set up a monitoring process to review all risks, and evaluate how controls and costs have balanced out.
    • Appointing one department or job position to head up the evaluation process can ensure timeliness and accountability.
  12. 12
    Revisit your risk-management policy on a regular basis. Evaluate its effectiveness, revising and editing the plan as necessary, particularly in response to any changes in business processes or to the risk environment..
    • Risk management should be talked about and viewed as a continuous process that underlies all decisions and practices throughout the organization.

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    • Be sure that all of your plans to avoid risks maintain compliance with the law and whatever regulating agencies pertain to your field of work.
    • External audits can provide valuable, unbiased feedback on weaknesses in IT risk- management policies.


    • Your organization's assessment of what is considered acceptable risk should be conducted in consultation with your board of directors, leadership staff, and insurance provider.
    • No IT system can be considered completely risk-free. Risk management should continuously evolve with the emergence of new technologies and regulations.
    • Consider any access former employees might have to sensitive information. Think of such people as potential vulnerabilities. Monitoring the exit process of staff members and safeguarding confidentiality are integral parts of your IT risk-management policy.

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    Categories: Risk Management

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