Risk Management : An Organization Essay

897 Words4 Pages
Risk management is an organized process to identify, analyze and control risks in any organization. Today’s world is all about using information technology in almost all facets of human life such as business, education, health care or banking. No one will argue that today success of any business enterprise mostly depend on its capacity of handling risks in the best possible way. Risk management is a continuous process which involves different steps and processes. In this paper, definition of risks and management is discussed in detail. Risks associated with business organizations are discussed. Particular emphasize is given on discussing risks related with using, operating, involving or adopting information technology within an enterprise or organization. Also, different steps in IT risk management process are discussed with detail explanation. Moreover, necessity of risk management is discussed. Introduction
The phrase “risk management” consists of two words “risk” and “management”. According to Hubbard (2009), risk is the probability that a loss or disaster could happen. Risks possess two characteristics. One is uncertainty that an undesirable event may occur. And the other one is loss or disaster due to this unwanted event (Wallmüller, 2002). For an organization, an undesirable event could be anything including but not limited to a natural disaster, default of a major borrower, hacking of sensitive customer data, political unrest around a foreign office, workplace
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