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The Institute of Risk Management

The Institute of Risk Management

Risk Management infoKit - Overview and Introduction What is risk management? Risk management is an essential part of good management practice and features prominently on the agendas of senior managers and education bodies. Whilst risk management applies to all areas of organisational activity its relevance is particularly clear in relation to projects, particularly projects with an IT or systems component. It is probably fair to say that risk management is the single most important component of project management. Why is risk management important? Risk management is fundamentally about making better decisions. How can we manage risk? By understanding what ‘risk’ means, the spectrum of differing attitudes towards risk, and a basic process framework for managing risk, we can not only mitigate against unwanted risks but turn challenges to opportunities. Definitions of risk In most project management methodologies, risk tends to be viewed in a very negative sense.

Risk manager: Job description Risk managers advise organisations on any potential risks to the profitability or existence of the company. They identify and assess threats, put plans in place for if things go wrong and decide how to avoid, reduce or transfer risks. Risk managers are responsible for managing the risk to the organisation, its employees, customers, reputation, assets and interests of stakeholders. They may work in a variety of sectors and may specialise in a number of areas including: enterprise risk; corporate governance; regulatory and operational risk; business continuity; information and security risk; technology risk; market and credit risk. Typical work activities Specific tasks depend on the industry in which you are working, how specialised your role is and the level at which you are working.

Management Techniques of the Bottom 95% of U.S. Corporations@Everything2.com The following techniques were written by Ross Lonstein nearly two years ago. He was rather unsatisfied at the time with his work. Those of us in the computer industry have probably seen plenty of these in our daily work environments, and could better be titled Management Techniques NOT to do. Staffing Hire the best employees you can possibly afford then ignore their input, micro-manage them and second-guess their decisions. Cooperation Lay claim to areas serviced by other divisions and departments. Project Management Prioritize all tasks and projects equally. Corporate Culture Maintain an atmosphere of crisis. Reproduced with permission from Mr. Hot dang! Effective IT risk management Demystifying IT risk to achieve greater security and compliance. By Alan Bentley. Managing IT risk is part of running any business these days. Regardless of the business, understanding IT risk helps increase network security, reduce management costs and achieve greater compliance posture. Failure to identify, assess and mitigate IT risk sets the business up for serious security breaches and financial losses down the road. And those that think managing IT risk is the job solely of the IT staff are in for a big shock. Companies make considerable investments in people, processes and technology to ensure their businesses run smoothly. Today’s IT risk environment is more threatened than ever thanks to the growth in sophisticated malware attacks and security vulnerabilities, with Web 2.0 adoption adding new layers of IT risk. What is IT risk? IT risk can be defined as any threat to your information technology, data, critical systems and business processes. Is IT risk at the board level? Conclusion

Financial risk analyst: Job description Case studies Analyst: Mary Financial risk analysts identify and analyse the areas of potential risk threatening the assets, earning capacity or success of organisations in the industrial, commercial or public sector. They are sometimes called risk managers, risk technicians or risk surveyors. They have the responsibility of forecasting cost to the organisation and predicting change and future trends. There are high degrees of specialisation within the profession. credit; market; operational; regulatory. Financial institutions are required to manage market and credit risks daily. An alternative but similar role to financial risk analyst is that of the credit analyst in which the creditworthiness of a business is calculated and a probability of payment determined. Typical work activities A financial risk analyst's role is to formalise the process of risk management within an organisation. Work activities depend on the nature and business of the employer, but tasks typically involve:

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Risk Assessment - IT Governance Framework - Risk IT The scope of the Risk IT framework is also fully covered within the scope of the COBIT 5 framework. You are invited to review the COBIT 5 framework first and, if more guidance on risk is needed, reference the Risk IT publications for more detail. Risk IT provides an end-to-end, comprehensive view of all risks related to the use of IT and a similarly thorough treatment of risk management, from the tone and culture at the top, to operational issues. Risk is a natural part of the business landscape.If left unmanaged, the uncertainty can spread like weeds.If managed effectively, losses can be avoided and benefits obtained. In business today, risk plays a critical role. Almost every business decision requires executives and managers to balance risk and reward. Too often, IT risk (business risk related to the use of IT) is overlooked. Risk IT is a framework based on a set of guiding principles for effective management of IT risk. Questions?

Risk management Risk is part of life. Avoiding all risk would result in no achievement, no progress and no reward. IRM defines risk as "The combination of the probability of an event and its consequence. Risk management is the systematic process of understanding, evaluating and addressing these risks to maximise the chances of objectives being achieved and ensuring organisations, individuals and communities are sustainable. To be effective, risk management must be proportionate to the size and nature of an organisation. Enterprise risk management (ERM) refers to an integrated or holistic approach to managing risk across an organisation, using clearly articulated frameworks and processes led from board level. Our International Certificate and Diploma qualifications provide the comprehensive knowledge and practical skills to support those who operate in risk management.

GARP - Global Association of Risk Professionals Case studies: Risk advisor: Adam Skene Adam explains how skills gained from his politics and international relations degree have been essential in his risk management career… How did you get into risk management? After I graduated from the University of Aberdeen with an MA in Politics and International Relations, I completed a two-day introductory course to risk management through the Institute of Risk Management (IRM). I then submitted my updated CV to the Head of the IRM North East Scotland regional group to distribute to members. Following this, I was contacted and offered a role in Norwich. How relevant is your degree to your job? It has been vital. The geopolitical landscape is always changing and providing new challenges for a security risk manager What is a typical day like for you? My role as a risk advisor for the Harnser Group involves carrying out security risk assessments in different sites, usually forming part of a particular country's critical national infrastructure. What are your career ambitions?

RiskWorld: news and views on risk analysis, risk assessment, risk management How I got my job: Threat Analyst Joshua Jervis graduated from Leeds this summer with a degree in International Relations. He is now working in Leeds as a Threat Analyst with Maxwell Lucas. In this post he explains how his career interests developed and shares his advice for other students. My Role I am currently the Asia Pacific Threat Analyst for Maxwell Lucas in Leeds (part of Healix International). My role predominantly comprises of monitoring global news sources and identifying potential threats to business travellers, producing ad-hoc reports and special advisories on regional security threats and researching national issues from crime to health. I find myself using skills I gained throughout my degree programme daily. Whilst many students go into roles where the knowledge acquired from their degree is not utilised everyday, the skills you gain through independent study and research are widely transferable and will be useful in any employment. How I got my job? Top Tips Experience: Interest: Stay calm: Like this:

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