Project 2: Designing a Risk Management Framework

Objective: Design a risk management framework that incorporates ITGC for a mid-sized organization. The framework should mitigate risks related to security, compliance, and operational disruptions.

Project Tasks:

  1. Identify IT Risks:

    • Conduct a risk assessment to identify technical, operational, and compliance-related risks that the organization faces (e.g., cybersecurity threats, data breaches, non-compliance with regulations like SOX, GDPR).
  2. Develop Risk Mitigation Controls:

    • Propose ITGC-related controls to mitigate the identified risks. These may include implementing multi-factor authentication (MFA), improving encryption, strengthening change management processes, or introducing more robust audit controls.
  3. Create a Risk Register:

    • Document identified risks, their impact, and the corresponding mitigation strategies.
    • Prioritize the risks based on their likelihood and potential impact on business operations.
  4. Deliverable:

    • A detailed risk management framework that includes the identification of risks, their likelihood and impact, and the ITGC controls needed to mitigate them.
    • A risk register and recommendations for monitoring and reporting risk mitigation progress.
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