Concerns about making the best technology judgments are not unique. Many IT-related decisions are made or delayed based on fear and a lack of time and understanding. Boardrooms and C-suites across the country are full of decision-makers struggling to understand the best way to use technology. Many divisions within a business can see technology’s benefits in, for example, operational efficiencies, improved analytics, and increased sales and marketing exposure.
But despite the integral role that information technology plays in today’s businesses, many companies approach major IT initiatives in a way that is far from business-like. Frequently, six- or seven-figure investments are made without tying these decisions to clearly defined business results. Dozens of smaller decisions are made and funded, to be followed six months after implementation by the surprise news that integrations – and further spending – are still required to “make it work.”
In today’s economic and regulatory environment, boards, audit committees and executives must understand the logic, value proposition and cost behind their companies’ IT audit plans. An IT risk assessment is a crucial first step to creating a methodical risk management process that quantifies the likelihood of technology, process, and people related threats that could hinder the organization from attaining its objectives in an efficient, effective and controlled manner, better identified, assessed and managed as appropriate for your business.