Risk is one factor that every business wishes to eliminate, but it is one reality that is
ever present. Yet the possibility of risk also leads us to improve. Information Technology
has created a system that would address this factor and it is simply called IT Risk
Management. This is one area in which the human factor is the main element where skill in
analysis is best used and required. This is where risk is recognized and assessed. Through
these strategies for managing risk, managerial resources are used and optimized.
 
What are these so-called risks? Risk may refer to numerous kinds of natural calamities or
anything caused by our physical environment, and also covers technology, human error,
organizations, politics and many more factors. Assessment is one key that unlocks the steps
necessary to take to manage risks. Since a risk is analyzed by great minds, a well-educated
opinion should help in analysis of the possible occurrence of risk. After assessing the risk
or even giving statistical data about it, the next step must be to formulate a plan to
manage it. There are several strategies that could be employed – such as transferring the
risk, taking another route or avoiding the risk altogether. In cases of unavoidable risk,
the negative effect is reduced when the risk is  transferred (such as when the company is
insured.)  
 
Another important measure to take, especially in IT Management Risk, is the creation of a
risk mitigation plan. Risk mitigation is creating a countermeasure that is equivalent to
each risk. In IT, the possibility of the system being infected with a computer virus is one
risk to face and manage. Application of security controls or having treatment tools are part
of risk management. All of this is should be a top priority of management since unmanaged
risks become a financial burden.

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