How do you share IT risks and mitigation strategies?

1 Use a risk register

A risk register is a document that records the details of each IT risk, such as its description, impact, likelihood, owner, status, and action plan. It helps you to track and monitor the progress of your risk management activities and report on them regularly. You can use a risk register template or create your own using a spreadsheet or a software tool. A risk register should be updated frequently and shared with the relevant stakeholders, either as a standalone report or as part of a broader IT governance dashboard.

2 Adopt a common language

To communicate IT risks and mitigation strategies effectively, you need to use a common language that everyone understands and agrees on. This means defining the key terms and concepts related to IT risk management, such as risk appetite, risk tolerance, risk categories, risk levels, risk indicators, and risk responses. You can use existing standards or frameworks, such as ISO 31000, COBIT, or NIST, to guide your terminology and methodology. You can also create a glossary or a reference guide that explains the meaning and usage of each term and share it with your stakeholders.

3 Tailor your message

Different stakeholders have different needs and expectations when it comes to IT risk communication. For example, senior management may want to know the strategic implications and financial impacts of IT risks, while business units may want to know the operational effects and contingency plans. IT staff may want to know the technical details and best practices, while customers and vendors may want to know the security and reliability measures. Therefore, you need to tailor your message according to your audience, their level of knowledge, their interests, and their concerns. You can use various formats and channels, such as reports, presentations, emails, newsletters, webinars, or workshops, to deliver your message.

4 Involve your stakeholders

Communication is not a one-way process. You need to involve your stakeholders in your IT risk management process and solicit their feedback and input. This will help you to build trust and transparency, as well as to identify and address any gaps or issues. You can use various methods and tools, such as surveys, interviews, focus groups, brainstorming sessions, risk workshops, or online platforms, to engage your stakeholders and collect their opinions and suggestions. You can also use metrics and indicators, such as risk scores, risk ratings, or risk heat maps, to measure and demonstrate the effectiveness of your IT risk management process and outcomes.

5 Review and improve

IT risk communication is not a one-time activity. It is an ongoing and dynamic process that requires regular review and improvement. You need to evaluate the quality and impact of your IT risk communication activities and identify any areas for improvement. You can use feedback mechanisms, such as surveys, interviews, or audits, to assess the satisfaction and understanding of your stakeholders. You can also use benchmarks and best practices, such as industry standards or peer reviews, to compare and enhance your IT risk communication performance. You should also monitor and adapt to any changes in the IT risk environment or the stakeholder expectations and needs.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?