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The absence of IT governance and risk management looks like this– Security breaches, loss of data, regulatory non-compliance, and financial losses. As for the bigger picture, eroding customer trust, reputation damage, legal liabilities, and costly fines are a few that stand out.
As the technological reliance of organizations is an ever-increasing trend, the only solution to avert these scenarios is to adapt and mitigate these risks.
The failure to do so can present a grimmer picture– vulnerability to cyber threats, inefficient use of resources, and misalignment of IT strategies with business objectives. All this will translate into hindered organizational growth.
In this article, we’ll explore how Virima and Ivanti’s partnership can support organizations in IT governance and risk management. But before that, we’ll delve deeper into the importance of both. Let’s start with understanding what IT governance and risk management mean.
Understanding IT Governance and Risk Management
What is IT Governance?
Simply put, IT governance refers to certain frameworks, processes, and structures. By implementing this, organizations can ensure their IT systems and resources are effectively managed, aligned with business objectives, and deliver value. A few examples of such frameworks are COBIT, ITIL, and FAIR.
To understand it better, take an example of an organization that wants to provide seamless and secure IT services to its customers and employees. IT governance in this context would mean making strategic decisions about the right technology investments; selecting a robust IT service management platform, integrating it with existing systems, and ensuring data security.
However, IT governance would also extend to setting up policies and procedures to monitor the performance of IT services. Then addressing issues promptly, and making necessary adjustments to keep everything running smoothly.
Understanding Risk Management
Risk management on the other hand is the process of identifying, assessing, and prioritizing potential risks that an organization may face. It would be followed by taking appropriate actions to minimize or mitigate their impact.
At a granular level, risk management for an organization translates into investing in robust security measures. That involves creating backup and recovery plans. Along with it, regularly monitoring and updating systems.
By doing so, organizations can ensure that it’s well-equipped to protect their valuable assets in an unforeseen situations. In a nutshell, risk management is all about being proactive to handle uncertainties that could affect the organization’s objectives.
How are IT Governance and Risk Management related?
Essentially, IT governance and risk management go hand in hand. Think of IT governance as the big picture, setting the overall direction and framework for how technology is used within an organization. Risk management, on the other hand, is a crucial component of this framework, focusing on identifying and mitigating potential threats.
For example, let’s say a financial institution is implementing a new online banking system. IT governance would involve making strategic decisions about the technology. It could be to ensure the system aligns with the company’s objectives. Also might concern setting up policies and procedures to manage the system effectively.
Risk management, in this context, would be about identifying potential risks, such as security breaches or system downtime. The identification would be followed by taking appropriate measures to minimize their impact on the organization and its customers.
Why is IT Governance and Risk Management important?
IT governance and risk management are important for a number of reasons
The increasing reliance on technology in organizations
Nowadays, technology plays a crucial role in almost every aspect of a business; from streamlining operations and enhancing communication to driving innovation and enabling growth.
According to a 2020 McKinsey Global Survey on digital transformation, 85% of the respondents indicated that their organizations have somewhat or greatly accelerated the implementation of digital technologies due to the COVID-19 pandemic.
This growing reliance on technology means that companies need to have a strong IT governance and risk management framework in place. It ensures that their IT systems are not only efficient and aligned with their business goals but also secure and resilient against potential threats.
The growing complexity of IT systems
With more advanced technologies being adopted and integrated into businesses, such as artificial intelligence (AI), machine learning, the Internet of Things (IoT), and cloud computing, it’s essential to have robust IT governance and risk management practices in place. One recent study by Oliver Wyman highlights the impact of technology complexity on innovation, emphasizing the importance of managing this complexity to unlock the full potential of digital transformation.
With the structured approach and standardized processes, IT governance and risk management practices can greatly help organizations navigate the complexities of their IT systems.
The potential consequences of poor IT governance and risk management
Security breaches
Cybercriminals are constantly looking for ways to exploit weak points in IT systems. And a lack of proper oversight can leave the door wide open for them. The fallout from a security breach can be severe. This can include damage to a company’s reputation, loss of customer trust, and a hefty fine.
Loss of data
Poor IT governance and risk management can lead to inadequate data protection measures, increasing the risk of data loss due to accidents, system failures, or malicious attacks. This can result in compromised intellectual property and even legal liabilities.
Regulatory non-compliance
In an increasingly regulated environment, organizations must ensure that their IT systems comply with various industry standards and government regulations. Organizations can avoid the costly consequences of non-compliance by investing in IT governance and risk management.
Financial losses
Security breaches, data loss, and regulatory non-compliance can all lead to direct financial losses. It could be in the form of legal expenses, and compensation payouts. Moreover, these incidents can also result in indirect financial losses, such as lost business opportunities, decreased productivity, and increased insurance premiums.
How Virima and Ivanti are Helping with IT Governance and Risk Management?
Implementing IT governance
IT governance can be implemented by the adoption frameworks such as COBIT (Control Objectives for Information and Related Technologies) or ITIL (Information Technology Infrastructure Library). The choice depends on organizational needs.
However, such frameworks in turn ask for the creation of a formal structure that helps organizations effectively
- optimize technology investments and ensure compliance
- manage their IT services
In this regard, comprehensive tools provided by Virima’s IT Asset Management (ITAM) and IT Service Management (ITSM) platforms significantly contribute.
Asset discovery and inventory for optimized technology investment
Virima’s automated discovery and inventory capabilities provide organizations with a clear and accurate view of their IT assets, including hardware, software applications, and network devices. It provides insights into asset usage, location, and underutilized devices. Helps in asset provisioning and optimizes asset distribution.
This visibility enables organizations to make informed decisions about IT investments and optimize resource allocation.
Due to Virima and Ivanti’s partnership, you can access this visibility on Ivanti’s platform by mapping all or any of Virima’s discovered assets easily on Ivanti CMDB. You can choose any or all of Virima’s discovered assets on Ivanti UI from a filterable list in Virima.
The same capability also helps in ensuring regulatory compliance by identifying non-compliant assets and then facilitating remediation efforts. The configuration management component maintains a detailed record of IT infrastructure. This eases compliance demonstration for applicable regulations such as HIPAA, GDPR, etc.
IT Service Management for managing IT services
Virima’s ITSM capabilities help organizations streamline their IT service delivery. The ITIL-compliant platform automates routine tasks and helps create workflows. It makes quick resolution and prevention of incidents easy. The process of accessing the risk of change or carrying out change becomes streamlined.
With these capabilities, Virima enables organizations to improve their IT governance and minimize the risk of service disruptions. The Virima and Ivanti partnership allows you to tie up Virima ITSM capabilities with Ivanti CMDB to implement IT governance.
Ensuring risk management
Virima’s exclusive service mapping helps with risk assessment and analysis. It’s capable of uncovering critical issues and security risks. Apart from the basics, the dependency maps can also reveal how much regulatory control is required for a specific business process. Also, what unapproved software was installed, and identify missing security patches. Due to Virima and Ivanti partnership, you can use service maps for risk assessment capabilities from the Ivanti platform as well.
When it comes to risk management, Virima ITAM effectively manages and lowers IT asset-related risks. It can identify outdated and vulnerable systems, and prioritize patching to reduce security risks.
Moreover, Ivanti’s Endpoint Management Cloud, one of the leading solutions for security and compliance, is now available to use from Virima’s UI.
The solution allows organizations to manage and secure their devices including laptops, desktops, IoT, and mobile devices. It reveals the locations, users, and activities in each device, making it crucial for risk management.
Read, Virima- Ivanti partnership for Endpoint management in the cloud
Virima and Ivanti: The perfect duo for IT governance and risk management
On one hand, the combined platforms of Virima and Ivanti and their comprehensive tools drive IT systems and resources. It is to align with business objectives– fulfilling the purpose of IT governance. Here asset discovery and inventory, the ITSM platform plays a big role.
While on the other hand, the unified IT platform of Virma and Ivanti ensures that organizations’ IT systems are secure and effectively managed. In this regard, Ivanti’s Endpoint management and Virima’s ITAM play the most crucial parts.
Request a demo today to learn more about Ivanti and Virima’s partnership and how it helps with IT governance and risk management.
