sustainable globally accepted framework and language for assessing and

Sustainable globally accepted framework and language

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sustainable globally accepted framework and language for assessing and responding to risk • Promotion of risk responsibility and acceptance across the enterprise • A complete risk profile, identifying the full enterprise risk exposure and enabling better utilisation of enterprise resources • Improved risk awareness throughout the enterprise Target Audience for This Publication The intended audience for COBIT 5 for Risk is extensive, as are the reasons for adopting and using the framework and the benefits that each enterprise role and function can find in this publication. The roles and functions that are listed in figure 2 are considered stakeholders for the management of risk. These stakeholders do not necessarily refer to individuals, but to roles and functions within the enterprise or its environment. Figure 2— COBIT 5 for Risk Target Audience and Benefits Role/Function Benefit of/Reason for Adopting and Adapting COBIT 5 for Risk Board and executive management • Better understanding of their responsibilities and roles with regard to IT risk management and the implications of IT risk to enterprise strategic objectives • Better understanding of how to optimise IT use for successful strategy execution Risk function and corporate risk managers for enterprise risk management (ERM) Assistance with managing IT risk, according to generally accepted ERM principles, and incorporating IT risk into enterprise risk Operational risk managers • Linkage of their framework to COBIT 5 for Risk • Identification of operational losses or development of key risk indicators (KRIs) IT management Better understanding of how to identify and manage IT risk and how to communicate IT risk to business decision makers IT service managers Enhancement of their view of operational risk, which should fit into an overall IT risk management framework Business continuity Alignment with ERM, because assessment of risk is a key aspect of their responsibility IT security Positioning security risk amongst other categories of IT risk Information security Positioning IT risk within the enterprise information risk management structure Chief financial officer (CFO) Gaining a better view of IT risk and its financial implications for investment and portfolio management purposes Enterprise governance officers Assistance with their review and monitoring of governance responsibilities and other IT governance roles Business Understanding and management of IT risk—one of many business risk items, all of which should be managed consistently
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E XECUTIVE S UMMARY 11 Figure 2—COBIT 5 for Risk Target Audience and Benefits (cont.) Role/Function Benefit of/Reason for Adopting and Adapting COBIT 5 for Risk Internal auditors Improved analysis of risk in support of audit plans and reports Compliance Support with the role as key advisors to the risk function with regards to compliance requirements and their potential impact on the enterprise General counsel
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  • Spring '17
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