Reporting to the Risk Committee:
Role of Risk Committee: The risk committee is responsible for overseeing the organization’s risk management practices, including identifying, assessing, and mitigating risks.
Emerging IT Risks: Reporting emerging IT risk scenarios to the committee ensures that new and evolving threats are identified and addressed proactively.
Importance of Emerging IT Risk Scenarios:
Proactive Risk Management: By staying informed about emerging risks, the committee can implement preventive measures and avoid potential impacts.
Strategic Planning: Understanding emerging risks allows for better strategic planning and resource allocation to address these risks.
Comparison with Other Options:
System Risk and Control Matrix: Useful for ongoing monitoring but may not capture new and emerging risks.
Changes to Risk Assessment Methodology: Important for refining risk management processes but not as critical as identifying new risks.
Audit Committee Charter: Relevant for governance but not directly related to proactive risk management.
Best Practices:
Regular Updates: Provide the risk committee with regular updates on emerging IT risk scenarios.
Collaborative Approach: Engage various stakeholders in identifying and reporting emerging risks.
[References:, CRISC Review Manual: Highlights the importance of monitoring and reporting emerging IT risks to ensure effective risk management ., ISACA Guidelines: Stress the need for continuous risk assessment and reporting to keep the risk committee informed of new threats ., , , , , , , , , , ]
