Risk Management 101 for IT Professionals Essential Concepts - What Is Risk Management

The video introduces risk management, starting with a basic definition and expanding to a detailed explanation. It emphasizes the importance of reducing risks to an acceptable level, known as risk appetite. The expanded definition highlights systematic and repeatable processes for managing risks, particularly in IT. The video stresses prioritizing and communicating risks to stakeholders and the need for a risk management plan with SOPs. The conclusion summarizes the key points and encourages questions.

What is the primary goal of risk management according to the basic definition?

• To eliminate all risks

• To avoid all potential threats

• To reduce risks to an acceptable level

• To increase organizational profits

In the expanded definition, what additional aspect is emphasized in risk management?

• Eliminating all IT threats

• Prioritizing and communicating risks

• Focusing solely on opportunities

• Ignoring minor risks

Why is it important to focus on negative risks in IT risk management?

• They are the ones we aim to reduce to an acceptable level

• They always lead to positive outcomes

• They can be easily ignored

• They are the only risks that exist

What is essential for implementing an effective risk management program?

• A flexible and random approach

• Systematic and repeatable processes

• A focus on short-term gains

• Ignoring standard procedures

What role do SOPs play in risk management?

• They are optional guidelines

• They ensure systematic and repeatable processes

• They focus on financial risks only

• They are only for large organizations