Technology is a great enabler, but it also presents a widespread and potentially high-impact risk. Cyber risk in the form of data theft, compromised accounts, destroyed files or disabled or degraded systems is “the most important thing today”. However, that's not the only IT risk that the board and management should be concerned about. Outsourcing IT services can bring with it a number of risks, such as inexperienced staff, misaligned software associations, hidden fees, or an unreliable service.
Effective communication is essential to mitigate the risks associated with IT support and services. Organizations should carefully consider the risks associated with ITSM before implementing it. ISACA has structured, proven and flexible training options that will take you from any level to new levels and destinations in IT auditing, risk management, control, information security, cybersecurity, IT governance and more. The responsibilities of the boards of directors of financial services companies in relation to risks have intensified, and information technology (IT) risk governance has become increasingly critical.
Financial institutions face risk due to a lack of alignment between business and IT strategies, management decisions that increase the cost and complexity of the IT environment, and a lack of talent or mismatch. Upesh Parekh, CISA, is a governance and risk professional with more than 10 years of experience in the fields of IT auditing and risk management. A risk assessment process in IT operations and service delivery can be integrated into the systems delivery lifecycle (SDLC). Compliance with the SDLC processes and, in this case, the risk assessment of the IT project then becomes simple and almost binary in nature.
Risk analysis through the evolution of common topics is very useful, since projects can highlight problems in operational processes that could be delaying implementation or creating gaps and weaknesses in control. In conclusion, it is important for organizations to understand the risks associated with outsourcing IT services before making any decisions. By taking proactive steps to mitigate these risks through effective communication and quality control tools and processes, organizations can ensure that their IT services are reliable and secure.