Risk management: a core competency for CIOs. (Up front: news, trends & analysis).In the post-September 11 era, risk management is rapidly becoming a significant area of concern for chief information officers (CIOs). According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Meta Group, by 2006, risk management will become a core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
(Chief Information Officer) The executive officer in charge of information processing in an organization. position. Depending on an organization's industry and culture, between 5 and 20 percent of the information technology (IT) budget should be devoted to risk management, including IT security, business continuity, and other risk-related issues. Starting in 2003, spending that money wisely has become a major concern of CIOs. Meta says the key aspects of establishing a full risk management program are * making support of business continuity through disaster recovery a core IT discipline, working in conjunction with other key business areas such as human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. and facilities management The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. , to deliver true business resilience * creating a comprehensive, enterprise-wide security program that covers all aspects of business and IT operations * identifying, quantifying, and managing project risk from inception to completion of each project * identifying IT organization human resource risks, creating and maintaining succession plans, and applying knowledge management techniques to preserve key skill sets * tracking vendor liability risks and developing contingency plans A plan involving suitable backups, immediate actions and longer term measures for responding to computer emergencies such as attacks or accidental disasters. Contingency plans are part of business resumption planning. to protect the organization from vendor instability. Info Sources The percentage of Internet users who find the following information sources "very" or "extremely" important: Internet 61% Books 60% Newspapers 58% TV 50% Radio 40% Magazines 29% Source: UCLA Note: Table made from bar graph. |
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