What IT risk management challenges can hinder your career growth?

In my experience, IT risk management, like all other aspects of IT, must go hand in hand with business risk management. IT risk management plans that do not align with business priorities are doomed to fail before they start execution. I have observed that bigger organizations have started to figure this out, but medium to small ones have a long way to go. In smaller places, I see business and IT run on parallel tracks and come together only occasionally for IT to take instructions from the business. A common modern-day consequence of this is a lack of mutual alignment, not enough budget allocated for IT risk management, leading to disasters like cyberattacks, leading to... you guessed... a career hindering moment for someone.

IT risk management challenges hindering career growth include a lack of understanding and technical knowledge, poor communication skills, inadequate planning, resistance to change, inability to adapt to new technologies, ethical dilemmas, inadequate resource management, and a lack of leadership skills. Overcoming these challenges requires continuous learning, improving technical and communication skills, staying updated with industry trends, and developing strong leadership abilities.

One thing I have found helpful as an enterprise risk manager is that I ensured that the approach i adopted towards managing IT risk management was to ensure it aligned with business objectives & the industry that the business operated in. This helped us to identify applicable risks, analyze them, evaluate them, put effective controls in place & routinely review the effectiveness of control measures. Failure to do this could impact on your career growth as a risk manager because your competence would be questioned as your organization will frequently be exposed to negative risks that it's not well prepared to handle.

Addressing the alignment challenge in IT risk management demands a holistic approach. In my tenure as an IT Director, establishing a robust IT risk governance framework was pivotal. This framework delineated clear roles and responsibilities, ensuring cohesive efforts across departments. Particularly in the SMO environment, aligning IT risk appetite with business objectives was crucial for safeguarding sensitive clinical data. We employed common metrics for risk assessment, facilitating transparent communication with stakeholders. This approach not only streamlined resource allocation but also ensured that we focused on risks most pertinent to our business goals, enhancing overall organisational resilience

In my experience, without constantly upskilling yourself especially with emerging IT trends in a fast paced world, it would become very easy for a risk manager to be oblivious of emerging risks & threats that could affect the going concern of a business. This could lead to redundancy of the risk manager in question & possibly a termination of appointment.

The first challenge of IT risk management is the absence of the right skills. It sounds like a no-brainer, but is more common than one thinks. A while ago, I had to seek guidance on a solution for cloud to on-prem data transfer. One source in the team said SFTP is the way to go. Another said, independently of the first, to use a secure endpoint. It seems SFTP was the least preferred solution. Conflicting guidance from the same team. Clearly, a case of unequal knowledge levels. To successfully manage IT risk, it is imperative to know your landscape's weaknesses, know about the industry-standard solutions, and know the fundamental frameworks and best practices that will help identify the right solutions. There are no shortcuts around this.

Overcoming the skills gap in IT risk management is vital. During my time as IT Director, prioritising continuous learning and development was key. We encouraged team members to pursue relevant certifications and stay abreast of industry best practices, like COBIT and ISO 27005. This was especially crucial in the SMO, where compliance with regulations is paramount. Leveraging frameworks and tools like NIST SP 800-30 aided in accurately assessing and mitigating IT risks. By equipping the team with the necessary skills and knowledge, we were better positioned to protect IT assets, comply with standards, and support our business's overarching goals.

In my experience, having a lack of resources to effectively manage IT risk could actually limit the effectiveness of the risk management team at identifying, analyzing, evaluating, putting controls in place & routinely reviewing control measures. This could affect a risk manager's career growth as a major IT breach or other crystalized critical IT related risks can affect the going concern of a business & ultimately the risk manager's job security.

Managing limited resources in IT risk management requires strategic prioritisation and clear communication of ROI. In my role, particularly at the Site Management Organisation, aligning IT risk management actions with the most impactful risks was essential. We prioritised risks based on their potential impact on clinical trials and overall business operations. Demonstrating the business value and ROI of IT risk management to senior management was crucial for securing necessary resources. This approach helped us optimise our limited budget and staff, ensuring effective implementation and maintenance of key IT risk management processes and controls, ultimately supporting our business objectives more efficiently.

Fostering a positive IT risk culture is essential. In my experience, particularly in the Site Management Organisation, promoting IT risk awareness and behaviours was a top priority. We implemented regular training sessions and created incentives for proactive risk management practices. This approach was instrumental in overcoming resistance and complacency, ensuring that both IT staff and business users understood the importance of adhering to risk management procedures. Engaging them in the risk management process and incorporating their feedback made them feel valued and integral to the organisation's safety and success. This cultural shift towards a more risk-aware environment enhanced our overall IT risk management effectiveness.

Another career-hindering challenge is the lack of follow-through. It's all very well to understand the business priorities, choose the framework, hire the people, get the certifications, and make the plans. All that is difficult, even in the most collaborative of workplaces. But what's even harder is executing on that plan, maintaining that sense of purpose and the pace of progress, not getting side-tracked by the siren-call of day-to-day operational urgencies.

In reflecting on IT risk management challenges, it's important to consider the impact of external factors, such as regulatory changes and technological advancements. In my role, staying ahead of these changes was crucial. For instance, at the SMO, adapting to new data protection regulations was a significant undertaking. It required not only revising our risk management frameworks but also educating the team about the implications. Similarly, in the eCommerce sector, rapid tech advancements necessitated a flexible risk management approach, allowing us to quickly integrate new security measures. These experiences highlight the importance of agility and forward-thinking in effectively managing IT risks in a dynamic environment.