An Approach to Address Risk Management Challenges: Focused on IT Governance Framework

Information Technology (IT) governance crosses the organization practices, culture, and policy that support IT management in controlling five key functions, which are strategic alignment, performance management, resource management, value delivery, and risk management. The line of sight is extended from the corporate strategy to the risk management, and risk controls are assessed against operational goals. Thus, the risk management model is concerned with ensuring that the corporate risks are sufficiently controlled and managed. Many organizations rely on IT services to facilitate and sustain their operations, which mandate the existence of a risk management model in their IT governance. This paper examines prior research based on IT governance by using a risk management framework. It also proposes a new method for calculating and classifying IT-related risks. Additionally, we assessed our technique with one of the critical IT services that proves the reliability and accuracy of the implemented model.