Question

(quarta/b) Discuss the details of five focus areas in the IT governance of an enterprise, and report the steps of the risk management process in detail.PLEASE write your answer in your own words!thanks

Answer 1

Answer:----------
Five main focus areas for IT governance of an enterprise are :-------------

1. Value delivery
2. Strategic alignment
3. Resource management
4. Risk management
5. Performance management

The relationship between the strategic alignment, resource management, which overlays them all, and performance measurement and the two outcomes, value delivery and risk management. Usually one starts with the strategy and its alignment throughout the enterprise. Then implementation occurs, delivering the value the strategy promised and addressing the risks that need mitigation. At regular intervals the strategy needs to be monitored and the results measured, reported and acted upon.

Steps of the Risk Management Process:---------------
The risk management process is a framework for the actions that need to be taken. There are five basic steps that are taken to manage risk; these steps are referred to as the risk management process. It begins with identifying risks, goes on to analyze risks, then the risk is prioritized, a solution is implemented, and finally, the risk is monitored.

These five Steps of the Risk Management Process are :-------
Step 1: Identify the Risk. This step is to identify the risks that the business is exposed to in its operating environment. It is important to identify as many of these risk factors as possible.
Step 2: Analyze the Risk. Once a risk has been identified it needs to be analyzed. The scope of the risk must be determined. It is also important to understand the link between the risk and different factors within the organization.
Step 3: Evaluate or Rank the Risk. Most risk management solutions have different categories of risks, depending on the severity of the risk. A risk that may cause some inconvenience is rated lowly, risks that can result in catastrophic loss are rated the highest. It is important to rank risks because it allows the organization to gain a holistic view of the risk exposure of the whole organization.
Step 4: Treat the Risk. Every risk needs to be eliminated or contained as much as possible. This is done by connecting with the experts of the field to which the risk belongs to.
Step 5: Monitor and Review the Risk. Not all risks can be eliminated – some risks are always present. Market risks and environmental risks are just two examples of risks that always need to be monitored.