MyTek’s Tip of the Week: Evaluating and Assessing Risk

Have you ever faced risks while implementing IT strategies for your business?

The success of your business greatly depends on your ability to identifying, evaluating, and assessing risk. With a robust risk tracking strategy, you can make your organization adaptable to any unexpected challenges.

This week MyTek will give you the top tips and tricks to tackle any risk with ease.

How to Assess IT Risks?

The first step in managing IT risks is to identify them. You can use both manual methods and technological interventions to spot the risks. If you feel that a project requirement is overwhelming for your team to handle, group them under the risk category.

After identifying the risks, you can follow a standard procedure to mitigate the risks. Let’s see how.

Tips to Manage IT Risks

A systematic step-by-step process of risk management can be seen with the help of the acronym PEARS (though there are many uses). 

PEARS stands for: Predict, Evaluate, Arrange, React, and Scrutinize.

Predict the Risk

First, predict and brainstorm the risks that your business could face. It could be at any stage of a project: planning, development, or testing. Similarly, risks can also arise out of employee actions or client usage. 

Evaluate the Risk

Once you have predicted the risk, evaluate the magnitude of each risk. Some are minor risks that can be easily handled, while major risks might require advanced technological interventions.

Arrange the Risk-Based on Priority

Prioritize the risks based on their severity. For example, a higher risk needs to be addressed first before moving to the lower risk items.

React to the Risk in the Best Possible Way

When the risk approaching time reduces, you can choose to react in four different ways:

• Risk avoidance – Here, you avoid the risk and do not face it at all.
• Risk reduction – Risk reduction involves reducing the magnitude of the risk and making it less severe.
• Transfer the risk – Here, you can choose to divert the risk to a different stakeholder. Probably, you can transfer the risk to another department of your company.
• Accept the risk – By accepting the risk with honesty, you can face it head-on with confidence. For example, if there is a device failure, you can allot alternate systems for completing just the priority tasks.

Scrutinize Risk Management 

Lastly, you need to evaluate your risk management capabilities: How well you tackled the risk, can a similar risk be handled in the future, cost of risk management, etc.

Are you looking to mitigate IT risks? If so, MyTek, an expert managed IT services provider, can help you identifying and assessing risk. We offer customized solutions for different business needs. Feel free to contact us at 623-312-2440.