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New ISACA guide to IT-related risk scenarios

To help business continuity professionals better understand IT-related risk, they should develop and test risk scenarios. A new guide and tool kit from ISACA provides 60 examples of IT-related risk scenarios covering 20 categories of risk that organizations can customize for their own use.

‘Risk Scenarios Using COBIT 5 for Risk’ provides an understanding of risk assessment and risk management concepts in business terms, based on the principles of the globally recognized COBIT framework. It also defines the following six steps to effectively using risk scenarios to improve risk management:

1. Use generic risk scenarios, such as those presented in the publication, to define a set that is tailored to your organization;
2. Validate the risk scenarios against the business objectives of the organization, ensuring that the scenarios address business impacts;
3. Refine the selected scenarios based on this validation and ensure their level of detail is in line with the business criticality;
4. Reduce the number of scenarios to a manageable set;
5. Keep all scenarios in a list so they can be reevaluated; and
6. Include in the scenarios an unspecified event (an incident not covered by other scenarios)

Risk Scenarios provides scenario examples across categories such as IT investment decision making, staff operations, infrastructure, software, regulatory compliance, geopolitical, malware, acts of nature and innovation. It also provides guidance on how to respond to a risk that exceeds the organization’s tolerance level and how to use COBIT 5 to accomplish key risk management activities.

Risk Scenarios is available at www.isaca.org/riskscenarios

•Date: 30th September 2014 • US/World •Type: Article • Topic: ICT continuity

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