An enterprise risk management framework is commonly used by most organizations. They have procedures for reporting, as well as policies and structures for governance. What many of them lack, especially in information technology and cyber risk, is an adequate number of individuals with the expertise to implement it all.
It is quite old. Yet, the gap is growing. A third of enterprise risk management experts are worried about information security threats, according to a Forrester poll of 360 ERM decision-makers in the US and EU. Even more alarming is the fact that over half of those businesses have been hit by three or more major risks. There is no issue with frameworks. They are run by the right people.
What makes IT risk management so challenging for staff?
There is a severe shortage of people with the mix of abilities needed to manage cyber risk and information technology. Those working in this field require a solid grasp of both technical risk assessment and business operations in order to effectively convey this information to upper management and make board-level decisions based on it. That crossroads is actually quite unusual.
Companies frequently discover that technical experts aren’t up to snuff when it comes to governance and business alignment, and that risk and compliance experts aren’t technically well-versed enough to make meaningful assessments of contemporary cyber risks. As a result, there is a continuous mismatch between the needs of risk management programs and the capabilities of the teams responsible for their execution.
There are credentials that are tailored to this position. Experts in information technology risk management are most commonly known for holding the ISACA-issued Certified in Risk and Information Systems Control (CRISC) credential. The course directly corresponds to the needs of organizations in terms of risk experts working at the crossroads of IT and business, including topics such as governance, IT risk assessment, risk response and reporting, and information technology and security.
Now, the certification is held by more than 30,000 professionals worldwide. One of the most direct ways organizations can acquire that expertise inside rather than continue to look for it externally is by investing in CRISC training.
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