Gartner Says CIOs Must Manage IT Risk as Business Risk

While IT has become increasingly central to business success many enterprises have not adjusted their processes for IT decision making and risk management according to Gartner Inc. In addition increased dependence on the smooth functioning of IT has amplified the business impact of IT risk incidents. In the book IT Risk Turning Business Threats into Competitive Advantage published by Harvard Business School Press Richard Hunter group vice president and Gartner fellow in Gartner Executive Programmes and George Westerman research scientist in the Center for Information Systems Research at the MIT Sloan School of Management examine how IT risks directly impact business performance and advise business executives on how they can manage IT risk as business risk with business consequences. IT risk has changed said Mr. Hunter who presenting findings from the book during the Gartner Symposium ITxpo which is taking place here through October . IT risk incidents harm constituencies wit! hin and outside companies. They damage corporate reputations and expose weaknesses in companies management teams. Most importantly uncontrolled IT risk dampens an organization s ability to compete. The authors defined IT risk as a threat to any of four interrelated business objectives Business objective Availability IT risk Will a company s IT systems and business processes continue running and will they recover from interruptions Business objective Access IT risk Do the right people in an organization have access to the data and systems they need to do their jobs Are the wrong people blocked from access to those data and systems Business objective Accuracy IT risk Can a company s IT systems be relied on to provide correct timely and complete information that meets the requirements of management staff customers suppliers and regulators Business objective Agility IT risk Do the organization s IT systems possess the capability to change if the company acquires another firm co! mpletes a major business process redesign or launches a new product or service No enterprise can be completely free of IT risk. Like any other risk IT risk is something to be managed not eliminated Mr. Hunter said. Management means making trade offs between risk and return between the perils a company can bear and the risks it would rather avoid. But until now business managers have lacked the tools and disciplines to manage IT risk in these ways. Mr. Hunter introduced three disciplines that enterprises must master to manage IT risk effectively A solid foundation of IT assets people and supporting processes and controls that enable executives to manage the right risks in the right order. A well designed risk governance structure and process integrating IT risk management into every business decision to identify prioritise and track risks. A risk aware culture nurtured from the top that attunes people to the causes and solutions for IT risks and that increases vigilance across the organisation. The most dangerous risks are the ones that are nev! er considered or considered too late Mr. Hunter said. Executives need to look to the future. IT risk management is working the way it should when it is simply part of the way the company does business. Mr. Hunter will present more detailed findings from the book today during the session IT Risk Turning Threats Into Competitive Advantages in room Southern III V in the Dolphin Hotel. Mr. Hunter will be conducting a book signing immediately after his session. About Gartner Symposium ITxpo Symposium ITxpo is the industry s largest and most strategic conference for senior IT and business professions. More than senior business and IT strategists from virtually all major industries will gather to gain the latest advice on the biggest challenge driving profits and performance with IT. Gartner s annual Symposium ITxpo events are key components of attendees annual planning efforts. They rely on Gartner Symposium ITxpo to gain insight into how their organizations can use IT to address! business challenges and improve operational efficiency. Additional information is available at www.gartner.com symposium us . Contact Christy Pettey Gartner christy.petteygartner.com About Gartner Gartner Inc. NYSE IT is the world s leading information technology research and advisory company. Gartner delivers the technology related insight necessary for its clients to make the right decisions every day. From CIOs and senior IT leaders in corporations and government agencies to business leaders in high tech and telecom enterprises and professional services firms to technology investors Gartner is the indispensable partner to clients in distinct organizations. Through the resources of Gartner Research Gartner Consulting and Gartner Events Gartner works with every client to research analyze and interpret the business of IT within the context of their individual role. Founded in Gartner is headquartered in Stamford Connecticut U.S.A. and has associates including research analysts and consultants in countries. For more information visit www.gartn! er.com

Source: http://www.gartner.com/it/page.jsp?id=530409


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