Gartner Research

Risk Management: Concepts and Frameworks

Published: 05 September 2007

ID: G00203354

Analyst(s): Bob Blakley

Summary

In this overview, Principal Analyst Bob Blakley discusses approaches to risk management for information technologies. This overview reviews and codifies the existing body of knowledge and experience and presents an overview of tools and techniques available to support and document the decision-making process. It suggests an approach to risk management of increasing rigor when threats and consequences justify the effort, provides some straightforward decision guidelines, and identifies common pitfalls and how to avoid them.

Table Of Contents

Synopsis

Analysis

  • Poor Risk Management Leads to Losses
  • Security Changes Accompany Business and IT Changes
  • Risk Management Isn't Just About Technology
  • The Structure of IT Security Risk and Risk Management
  • Choosing the Form of Risk Management
  • Selecting a Risk Management Approach
  • Threats and Consequences
  • Reassessing Risks and Risk Management Decisions
  • Common Errors and Mitigation Strategies
  • A Map of the Risk Mitigation Space
  • Risk Management in the Enterprise IT Project
  • A Conceptual Framework

The Details

  • Organizational Processes and Motivation for Risk Management Processes
  • Failure of Quantitative Analysis
  • Foundations of IT-Related Risks
    • Threats
    • Vulnerabilities
    • Consequences
    • An Example
    • Risks
  • Risk Management Strategies
    • Risk Transfer
    • Risk Avoidance
    • Risk Reduction
    • Risk Acceptance
  • Limitations on Risk Management
    • Excessive or Inappropriate Grouping of Risk Components
    • Overestimating the Capabilities of Threats
    • Habituation
    • Neglect of Effective Protection
    • Misinterpretation of Statistical Data
    • Basis for Decisions Not Carried Forward
    • Effects of Time Are Ignored
    • Incremental Changes Underestimated
    • Interdependencies and Complexity Underestimated
    • Reactive Approaches Fail
    • Excessive Trust in Insiders and Business Partners
    • Lack of Attention to Business Risks and Inadequate High-Level Focus
    • Error Summary
  • Approaches to Risk Analysis
    • Due Diligence Approaches
    • Probabilistic Risk Analysis
    • Expert-Facilitated Risk Assessment
    • Scenario-Based Risk Assessment
    • Covering Approaches to Analyzing Protection
    • Game Theoretic Approaches
    • Systems Analysis
    • Protection Posture Assessments
    • Risk Management Approaches Summary
  • A Model-Based Approach
    • IT Risk Modeling
    • Evaluating These Models
  • The Basis for Analysis
    • Modeling Techniques and Classification Schemes
    • The Limited Ability to Understand Outcomes
  • Choosing a Risk Mitigation Approach
  • When to Choose Which Risk Management Process
  • Dynamics of Risk and Risk Management
  • Supporting Tools and Consulting
    • Typical Tools
    • Assistance
  • Further Reading

Conclusion

©2020 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. and its affiliates. This publication may not be reproduced or distributed in any form without Gartner’s prior written permission. It consists of the opinions of Gartner’s research organization, which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, Gartner disclaims all warranties as to the accuracy, completeness or adequacy of such information. Although Gartner research may address legal and financial issues, Gartner does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by Gartner’s Usage Policy. Gartner prides itself on its reputation for independence and objectivity. Its research is produced independently by its research organization without input or influence from any third party. For further information, see Guiding Principles on Independence and Objectivity.

Already have a Gartner Account?

Become a client

Learn how to access this content as a Gartner client.