Policies for the governance and risk management of technology within organisations.

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• Risk Monitoring and Reporting: Continuously monitor IT systems for vulnerabilities and ensure mitigation strategies are effective. Regular reporting to management keeps them informed and facilitates adjustments.
• Incident Response: Develop a plan to respond to security incidents efficiently. This includes data breach protocols, data recovery procedures, and communication strategies.

Part B: Governance of IT Acquisition Typical Activities in IT Acquisition:

• Needs Assessment: Analyze business needs and identify the functionalities required in the new system.
• Vendor Selection: Evaluate potential vendors based on factors like product features, security standards, implementation experience, and cost.
• Contract Negotiation: Negotiate a contract that clearly defines the scope of work, deliverables, timelines, costs, and risk allocation.
• Project Management: Implement a project management methodology to ensure the acquisition stays on track, within budget, and meets its goals.
• Implementation and Testing: Thoroughly test the acquired system to ensure it functions as expected and integrates seamlessly with existing infrastructure.
• Deployment and Training: Deploy the system to users and provide adequate training to ensure smooth adoption.
• Post-Implementation Review: Evaluate the success of the acquisition based on predefined success criteria.

How these activities support IT Governance Goals:

• Alignment with Business Strategy: The needs assessment ensures the acquired system aligns with business goals by focusing on functionalities required to achieve them.
• Enabling New Capabilities: Acquired technology can introduce new functionalities and capabilities the organization previously lacked.
• Resource Optimization: Careful vendor selection and contract negotiation ensure efficient resource utilization.
• Risk Management: Risk assessments during vendor selection and throughout the acquisition process mitigate potential risks associated with the new system.

Conclusion Effective IT governance and risk management policies are crucial for organizations to utilize technology effectively and securely. By employing a comprehensive risk management framework and following best practices in IT acquisition, organizations can ensure their technology investments align with business strategy, enable new capabilities, and are implemented efficiently while mitigating associated risks.  

Sample Solution

     

Evaluating IT Governance and Risk Management Policies

Part A: IT Risk Management

To achieve the objective of knowing and managing IT risks and securing resources, organizations should implement a comprehensive IT risk management framework. Here are some key processes and activities:

• Risk Identification: This involves proactively identifying potential threats and vulnerabilities across the IT infrastructure. Techniques include vulnerability assessments, penetration testing, and analyzing industry trends.
• Risk Assessment: Once risks are identified, their likelihood and potential impact on the organization should be assessed. Assigning a risk score helps prioritize mitigation strategies.
• Risk Mitigation: Strategies can include risk avoidance (e.g., not implementing a risky technology), risk reduction (e.g., implementing security controls), risk transfer (e.g., cyber insurance), or risk acceptance (e.g., accepting a low-impact risk).