Ensure significant risk scenarios are elevated to the board: This is crucial as the board of directors is ultimately responsible for the organization's risk management. Elevating significant risk scenarios to the board ensures that the highest level of the organization is aware of, and can make informed decisions regarding, the major risks facing the organization.
Ensuring significant risk scenarios are elevated to the board is the MOST important responsibility of an IT risk committee charged with overseeing IT risk management.
The IT risk committee should have a clear understanding of the organization's risk appetite and should work to ensure that significant IT risks are identified and appropriately managed. The committee should review the risk management practices and procedures to ensure that they are effective and aligned with the organization's objectives.
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