Find out how the IT risk management process shows real results. See how an IT risk assessment uncovers hidden risks and proves your business protection strategy works.
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Cyber attacks are now the biggest risk to businesses around the world.
A Statista survey done at the end of 2024 showed that cyber incidents were the top threat facing companies in 2025, according to risk management experts. For any business that depends on technology, this isn’t something to ignore.
This guide will explain what the IT risk management process really means, what types of risks businesses face, and which frameworks are used to build a stronger defense.
You'll also see the IT risk assessment businesses follow to manage risks, how to tell if an IT and risk management plan is working, and how to make it even better over time.
Businesses today face a wide range of information technology risks that can damage systems, expose sensitive data, and disrupt operations. Some of the problems that IT risk consultants solve include:
Addressing these potential risks requires a robust IT risk management process and the active involvement of the security team and the IT risk consultant team.
The IT risk management process refers to a structured approach that organizations use to identify risk, assess its potential impact, and implement strategies to reduce risk across all areas of their information systems.
A risk management plan outlines how to manage risk using a consistent process, addressing both cybersecurity risks and operational risks that could damage the organization’s reputation, financial stability, or ability to serve customers.
Risk management practices also extend into compliance efforts. Whether following a NIST IT and risk management framework or developing custom security policies, companies must address risk and compliance together to maintain full coverage against both known and emerging threats.
Here are four widely recognized frameworks that businesses use to implement a consistent IT risk management process.
The NIST risk management framework offers a detailed and flexible set of standards designed to help organizations assess risk, implement risk management, and maintain compliance with security policies.
It outlines a six-step process: categorize information systems, select security controls, implement security controls, assess risk and security controls, authorize information systems, and monitor security controls.
By using the NIST RMF, businesses ensure a consistent process of identifying and handling risks, especially across federal, state, or industry-regulated sectors.
This approach improves an organization’s ability to focus on risk and provides a roadmap for regular risk assessment and treatment.
The ISO 27005 framework provides a detailed guide on how to identify risk, assess risk, and develop a risk treatment plan for information security.
It works hand-in-hand with ISO 27001 certification efforts and is designed specifically to address information security risk management challenges.
Organizations that implement ISO 27005 create a structured and consistent process for managing information security threats, from IT risk assessments to the development of mitigation and monitoring strategies.
This IT and risk management framework helps reduce risks and strengthen the organization's ability to react to the changing risk landscape.
The FAIR framework is a quantitative IT risk management process that provides a clear way to measure overall risk using financial terms.
Instead of vague estimates, FAIR focuses on analyzing specific risk factors—like threat event frequency and loss magnitude—and assigning quantifiable values to each.
Companies seeking a mature risk management program often use FAIR to support better decision-making, communicate risk more effectively to senior management, and prioritize mitigation efforts based on financial impact.
This method also helps organizations better understand the impact of the risk in monetary terms, making it easier to justify cybersecurity investments.
COBIT is a governance framework that includes detailed guidance on risk management strategies and IT management overall.
An IT risk consultant integrates risk and compliance needs into IT planning, offering a structured way to align technology initiatives with business objectives.
Through COBIT, companies can better review the risk environment, assess risk consistently, and develop strong management and leadership practices to drive the risk management journey forward.
COBIT supports both quantitative IT risk assessments and strategic risk management principles, providing flexibility depending on an organization’s size, industry, and risk environment.
What does it actually take to build a strong IT risk management process? Let’s walk through the 7 essential steps every business needs to follow to manage risks the right way.
The first and most essential step in the IT risk management process is to identify risk across all information systems and processes.
This involves gathering input from the security team, risk management team, and senior leaders to find vulnerabilities that could affect information security, operations, or regulatory compliance.
A strong process of identifying risk ensures nothing critical is overlooked. Documenting risks in a risk register or risk log ensures a complete record for tracking.
A business cannot manage or mitigate risks it doesn’t know about. Risk identification is the foundation that allows the rest of the risk management process to build properly, highlighting everything from cybersecurity risks to operational risks that might otherwise fly under the radar.
Once risks are identified during IT and risk management, the next step is risk analysis. This is where the potential impact and likelihood of each specific risk are evaluated.
Quantitative risk assessments and the quantitative risk analysis model help businesses assign numerical values to the impact of the risk and predict potential costs if the risk materializes.
Whether evaluating a security risk, information risk, or cyber risk, understanding how and when a threat could affect the organization is key.
This IT risk management process directly supports risk quantification, helping companies prioritize which risks demand immediate action and which ones can be monitored over time.
After analyzing risk, businesses must assess risk by comparing the findings against their risk management policy and risk framework. The goal is to determine the level of risk each issue poses and decide on acceptable thresholds.
During this phase, risk owners are assigned. IT risk consultants are responsible for tracking, mitigating, and reporting on their designated risks.
Having clear risk owners ensures accountability, a key principle in mature risk management and a core part of implementing a consistent process across departments.
A well-crafted risk treatment plan outlines the strategies for mitigating risks, transferring them, accepting them, or avoiding them entirely. This is where businesses move from theoretical assessment to practical actions.
Using models like the NIST risk management framework or ISO-based approaches, businesses prioritize risk mitigation tactics to address critical risk areas.
Risk management strategies at this stage should balance resources, risk tolerance, and the organization’s broader goals to ensure cost-effective protection.
With a treatment plan in place, the next step for the IT risk consultant is to implement risk management actions across all affected areas.
This includes applying technical controls like encryption, firewalls, and monitoring tools, updating security policies, training staff, and enhancing backup procedures.
Practical examples include conducting a regular IT risk assessment, improving patch management schedules, and developing stronger access control frameworks.
Implementing an IT and risk management program successfully often requires collaboration between IT, compliance, HR, and senior leadership to be fully effective.
The IT risk management process is not a one-time project. It’s an ongoing process. Risk monitoring is vital to spot risk changes, emerging threats, or areas where mitigation efforts are no longer enough.
Using management software and automated monitoring tools, companies can review the risk environment continuously.
Having regular security incidents, review sessions, and updating the risk register ensures that the organization’s overall risk profile stays accurate over time.
The final step is to communicate risk regularly to upper management and other key stakeholders.
Regular reporting keeps senior management informed, supports better decision-making, and ties risk management to broader business objectives.
Clear communication ensures that everyone understands the organization's risk landscape, the steps of the risk management process in place, and the importance of a consistent process in keeping business operations secure and resilient.
Not sure if your IT risk management is doing what it should? Let’s break down the key signs that show your risk management strategies are actually protecting your business.
When a company has a strong IT risk management process, every major risk must have a clear owner, action plan, and monitoring schedule.
If the business can pull up a risk register or dashboard showing each specific risk, its risk owners, and its status without delay, that's a strong sign the process is working.
A fully operational risk management framework also enables leadership to see the connection between risk mitigation efforts and broader business results.
Companies can directly track how managing risk leads to fewer security incidents and better operational stability.
Another major sign of success is the regular use of IT risk assessment templates, risk matrices, and structured frameworks like the NIST risk management framework.
A business with a mature approach and an IT risk consultant conducts scheduled risk assessments, updates risk logs, and adjusts treatment plans whenever risk changes.
Ongoing process management shows the organization has moved beyond reactive behavior. It has integrated risk management practices into its daily operations, strengthening information security management and reducing exposure to emerging threats.
An effective IT and risk management program drastically reduces the number and severity of unmanaged security incidents.
While no program can eliminate all risks, businesses with strong risk mitigation and risk monitoring practices experience fewer crises.
When cybersecurity risks or information security risks arise, a prepared business responds faster and more effectively because it has already mapped out risk response strategies.
This capacity to react quickly and prevent damage demonstrates that the risk management journey is on track.
Protecting your company’s future means taking risk management seriously—right now.
RTC Managed Services combines proven IT risk management processes with real-world expertise to build a stronger, safer, and more resilient organization.
Contact our IT risk consultants today to build a safer future.
Let’s address your critical IT risks, develop a smarter risk treatment plan, and drive your risk management journey forward—because a strong business needs strong protection.
The risk management process is a structured method used to identify risk, analyze its impact, and develop strategies to mitigate or manage it.
It includes clear steps such as risk identification, risk assessment, risk analysis, risk treatment planning, and risk monitoring.
Effective risk management is an important part of protecting information systems, minimizing security incidents, and safeguarding the organization’s financial and operational stability.
By applying a proper IT risk management process, companies can reduce threats and better align their technology investments with business goals.
An IT and risk management template provides a repeatable structure to assess risk, document potential risks, and evaluate the level of risk for each identified threat.
Using a template ensures a consistent process that supports risk identification, simplifies the process of identifying threats, and makes it easier to conduct detailed risk analysis.
Templates also help risk managers communicate findings to the risk management team and senior management, creating a common language for evaluating and acting on security risks, information risks, and cybersecurity risks.
A risk management framework, such as the NIST Risk Management Framework, provides a comprehensive guide to implementing an IT risk management program.
An IT risk consultant outlines specific steps for categorizing information assets, reviewing the risk environment, selecting appropriate security controls, and monitoring risk over time.
The framework ensures that businesses address risk and compliance requirements, develop strong security policies, and maintain continuous risk oversight through risk monitoring and IT risk assessments.
Following a framework helps organizations maintain a mature, scalable, and adaptive risk management journey.
A risk register is a tool that records all known specific risks, their risk owners, treatment strategies, and current statuses.
It supports effective risk management practices by ensuring every risk becomes traceable and that there is accountability for each risk mitigation effort.
Businesses use the risk register to manage critical risks, document residual risk, and track progress against the risk treatment plan.
Regularly updating the risk log enables the security team to focus on high-priority threats and adjust strategies based on risk changes and the evolving risk landscape.
Quantitative risk refers to the process of assigning numerical values to the impact of the risk and its likelihood of occurrence.
The quantitative risk analysis model uses data to perform quantitative risk assessments, helping organizations make informed decisions based on the financial implications of security risks, operational risks, and project risks.
By using an IT risk management process, businesses can better manage risk, prioritize mitigation efforts, and communicate the potential costs of information security risk to upper management and stakeholders. Risk quantification turns vague risks into measurable challenges.
Achieving better IT and risk management starts with developing a robust risk management policy that emphasizes a consistent process and clear management and leadership oversight.
Businesses must engage in a regular IT risk assessment, maintain a detailed management plan, and integrate steps of the risk management process into daily operations.
A mature risk management program requires continuous review of the risk environment, ongoing education of the risk management team, and a strong connection between information security management and overall business strategy.
Tools like management software also support a structured approach to risk tracking and mitigation.
Within risk management, the two primary categories are cyber risk and operational risk.
Cyber risk deals with threats to information technology systems, such as malware, hacking, and unauthorized access, while operational risk covers failures in internal processes, people, or systems.
Companies must implement a risk management program that addresses both categories with a solid framework, proactive risk response, and updated security policies.
Regular reviews, strong communication across the organization, and leadership involvement ensure that no risk might slip through unnoticed and that both types of risks are managed effectively.
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