ABSTRACT
Business has undergone a paradigm shift with global markets predominantly capturing a chunk of the market share. Technology is used as an enabler of business and continuously provides infrastructure, applications, and networks to facilitate business processes. Risk may be a sum of assets, threats, and vulnerabilities. It is the potential for loss if a threat exploits a vulnerability. Some risks are by the very nature of the business. For instance, a dealer who deals in perishable goods runs the risk of goods deteriorating at the end of the day. The Risk Breakdown Structure (RBS) lists categories and subcategories of risk. A risk management framework is a set of components that support and sustain risk management throughout an organization. Risk IT is a framework based on a set of guiding principles for effective management of IT risk. Structured risk assessment methodology follows a systematic, predefined approach, which is more process driven and hence less susceptible to errors.
