Risk Management Definition | What is Risk Management? | UBS
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Risk Management

What is Risk Management?

Risk management is defined as the process performed by IT managers. It helps them to enable offsetting the economic and operational costs associated with using protective measures. These measures are taken into account to achieve gains even out of complicated plains. You need to keep the data protected here. Make use of information systems that support the operation of an organization.

Risk is defined as the probability of occurrence and possible impact on any service or ongoing process. However, in the IT sector, it is defined as the product of the value of the asset, the vulnerability of the system towards the occurrence of this risk, and the threat that it poses to the organization.

IT risks are managed with the help of the following steps:

  • Assessment of each risk, where you discover and assess the severity of it.
  • Mitigation of all the countermeasures that are usually implemented to reduce the impact of certain risks assessment.
  • Cost Assessment is considered at the end of a project where the effectiveness of each countermeasure and results of the same.

Also, See: Change Management

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