IT Risk Management - Still a Dangerous Afterthought for Many

From market and credit risks to operational risks, most organisations are prepared for almost every eventuality - with the disturbing exception of IT that is.

While IT may still be seen by many organisations as separate to the overall Risk Management Strategy, our increasing reliance on technology means that it forms the foundation of standard risk management considerations and therefore needs to be incorporated not as a separate concern, but as one that underpins each and every function throughout the business.

"Within the SMB sector in particular, we see so many companies that not only inadvertently place themselves at a competitive disadvantage, but more importantly, compromise the safety of their physical IT assets and intellectual property" says Adam Whittington, Financial Director at MMC. 

"A balanced Risk Management Strategy needs to address all risk throughout the business and provide the means for ensuring optimal agility, productivity, profitability and growth" says Adam. 

3 Pillars of IT Risk

There are three key areas that an organisation needs to consider when assessing IT Risk within the overall Risk Management Strategy:-

1. Physical IT Assets

Ensure the correct use, optimal operation and safe-keeping of hardware such as laptops, desktop computers, servers, printers etc.

2. Software                      

Ensure various applications, such as your operating systems (Microsoft Windows) server management (eg.. Windows Server), accounting packages (eg. Pastel) etc. are compatible and current thereby enhancing productivity and collaboration.

3. Data                            

Manage access to intellectual property including documents, files, emails, databases etc. through ensuring standardised password policies for example and control who can access what information, while tracking employee activity within your IT network. 

"By incorporating IT as a strategic consideration, companies are safeguarding their assets, while taking an auditable approach to compliance and their future success" says Adam.

Agility - The Future of Risk

With technology evolving at an increasingly fast pace, businesses wishing to remain competitive must ensure that they can adopt and effectively manage new technologies. Cloud computing is just one example of a technology that features unprecedented benefits, yet left unmanaged, has seriously detrimental implications for business. 

Choosing an experienced IT partner that understands the relationship between strategic business operations and modern IT requirements will assist organisations to leverage their success. In determining whether an IT partner is able to deliver results, companies should consider the following:-

• Knowledge of Business
• Alignment to Best Practice & IT Industry Governing Bodies
• Availability and Adherence to Service Level Agreements and Non-disclosure Agreements
• History, Proven Abilities, Reputation and Expertise

Established in 1991, Multi-Media Computers (MMC) provides organisations from a diversity of industries with a trusted Outsourced IT Management Service. Based on the Kaseya platform, MMC has customised our Managed Service solution (branded TOTALcare) to suit the unique requirements of South African business. Companies are invited to contact Adam Whittington to discuss their Risk Management concerns or requirements by emailing adam@mmc.za.com or calling 021 530 1600. Visit our website for more information at www.mmc.za.com.