Enterprising Developments

Seven Steps for Taking the Risk Out of IT

Joe McKendrick
Insurance Experts' Forum, November 5, 2010

Insurance carriers are masters of risk management; that's their business. But while being adept at measuring the risks associated with customers and potential customers, how many apply risk management principles to internal IT operations?  This may be an overlooked area.

The IBM Institute for Business Value just released a study of 550 IT executives from across the globe which finds information technology – which everyone depends on for every aspect of their business – still has some uncertainties. The most significant issues with lack of IT risk management practices include business continuity, information security and corporate reputation.

The study's authors make the following recommendations to better develop IT risk management approaches:

 1. Examine and assess the organization’s IT risk capability: Cross-enterprise planning should encompass data, security, resilience and disaster recovery, and new technologies.

2. Look for champions among senior leadership: Become a trusted adviser and valued resource to the CIO;.”

3. Determine how to heighten risk awareness at all levels, and within the organizational culture itself: Education and training are key. Incorporate risk awareness into everyday business and IT processes.

4. Create a strategy for regularly communicating the breadth of risk management, as well as compliance topics and issues. Emphasize that it is more than just a “one-time” activity.

5. Build risk-related procedures into the IT infrastructure, as opposed to adding them to applications in a piecemeal manner.

6. Make sure safeguards are in place to help prevent unauthorized access to company data and systems.

7. Review business continuity plans.

Joe McKendrick is an author, consultant, blogger and frequent INN contributor specializing in information technology.

Readers are encouraged to respond to Joe using the “Add Your Comments” box below. He can also be reached at joe@mckendrickresearch.com.

This blog was exclusively written for Insurance Networking News. It may not be reposted or reused without permission from Insurance Networking News.

The opinions of bloggers on www.insurancenetworking.com do not necessarily reflect those of Insurance Networking News.

 

 

 

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Insurance Networking News, please use the form below to login. When completed you will immeditely be directed to post a comment.

Forgot your password?

Not Registered?

You must be registered to post a comment. Click here to register.

Blog Archive

Why Insurers Need More Than a Policy Admin System

For some insurers, not being able to handle the volume of quotes that are being submitted to them means leaving significant money on the table.

The Pitfalls of Using Assembly Line Methods to Create Software

Most of the time, when the business needs IT, it is for custom software development, just like creating a concept car.

Next Step in the Internet of Things for Life Insurance

As the use of wearables increases, particularly for use beyond an individualís fitness, it will be critical for standards and services to emerge to bring this data to multiple users.

Wearables and Gamification in Life Insurance Goes Mainstream?

With so many U.S. households still uninsured, insurers are going have to try new things to re-position their product, focusing on consumer needs.

Will John Hancock Vitality Transform Insurance?

The Vitality program integrates this information directly into the rewards, giving you credit for the exercise, just by virtue of reporting it.

Why Customers Should Want Innovative Insurers

At a time when confidence in the insurance industry has been compromised, innovative companies can break the mold.