IT risk management

Information technology (IT) projects have specific characteristics that make effective risk management vital when it comes to informing a business, especially when huge budgets are involved. The scale of IT project activities in large industrial companies is measured in millions of dollars. Large budgets, in turn, imply a greater level of risk, responsibility, and competence of those people who manage the implementation of new technologies. Naturally, organization and risk management should be based on known existing standards and methodologies of software and IT developers, best practices of industrial IT corporations, and personal experience of IT project managers. For each project, a quality system, requirements management system and risk management system should be developed and applied to ensure the required reliability, continuity and security of information systems.