Building an ICT Risk Management Framework for DORA

Identify ICT Risk Categories

In the vast universe of ICT, potential risks lurk around every digital corner. Identifying these risk categories marks the first step in your risk management journey. Will you uncover the hidden perils of a data breach, or mitigate the subtleties of systemic risks? This task sets the stage for all subsequent actions, shaping the overall risk management strategy. With clear focus and a structured approach, you'll identify, document, and prioritize various ICT risk categories that could impact operations. Revel in this discovery phase, as it prepares you for effective risk assessment and mitigation strategies.

Select ICT Risk Category

1

1. Operational Risk
2

2. Cybersecurity Threats
3

3. System Failure
4

4. Data Breach
5

5. Regulatory Compliance

Detailed Description of Risk Category

Risk Category Owner

Tasks to Identify Risks

1

1. Conduct Interviews
2

2. Analyze System Logs
3

3. Consult with Vendors
4

4. Review Incident History
5

5. Research Industry Reports

Potential Impact Areas

1

1. Financial Loss
2

2. Reputational Damage
3

3. Regulatory Sanctions
4

4. Operational Disruptions
5

5. Stakeholder Confidence

Conduct Risk Assessment

Risk assessment breathes life into the insights gathered from ICT risk identification. It evaluates the probability and impact of each risk, translating abstract fears into tangible metrics. Armed with this knowledge, you can decide which dragons to slay first. But beware, this is not a one-off affair—it’s a continuous process, shaped by the ever-changing digital landscape and emerging threats. Fear not, for well-defined steps and analytical tools will guide your way.

Assessment Methodology Overview

Risk Likelihood Estimation

1

1. Rare
2

2. Unlikely
3

3. Possible
4

4. Likely
5

5. Almost Certain

Risk Impact Estimation

1

1. Insignificant
2

2. Minor
3

3. Moderate
4

4. Major
5

5. Catastrophic

Upload Risk Assessment Report

Next Risk Assessment Review Date

Define Risk Management Objectives

Every journey needs a destination, and defining risk management objectives ensures you’re steering the ship in the right direction. Whether you're safeguarding sensitive data or ensuring compliance with regulations, these objectives serve as your guiding stars. With clear objectives, align resources, break down silos, and create a culture of proactive risk management. However, unclear objectives can lead to strategy misalignment and resource wastage—build specific, measurable, and realistic objectives for success.

Objectives Statement

Risk Management Communication Email

Timeframe for Achieving Objectives

1

1. Immediate (0-3 months)
2

2. Short-term (3-6 months)
3

3. Medium-term (6-12 months)
4

4. Long-term (1-3 years)
5

5. Very Long-term (3+ years)

Objectives Approval Authority

Major Stakeholders Involved

1

1. IT Department
2

2. Legal Team
3

3. Finance Department
4

4. HR Department
5

5. Executive Team

Establish Risk Governance Structure

The backbone of your framework, the risk governance structure, delineates roles and responsibilities, creating accountability. It empowers your team with the authority and guidance needed to manage risks effectively. Miss this step, and you’ll find yourself battling chaos, with unclear responsibilities and a lack of ownership. Outline the hierarchy, develop reporting lines, and define decision-making protocols to streamline the entire risk management process.

Governance Structure Title

Decision Making Authority

Steps to Establish Governance

1

1. Define Roles and Responsibilities
2

2. Create Governance Charter
3

3. Develop Reporting Lines
4

4. Detail Decision Protocols
5

5. Assign Ownership

Upload Governance Documents

Governance Review Date

Develop Risk Mitigation Strategies

Having identified the risks and set your goals, now comes the proactive part: developing mitigation strategies. These strategies are your response – how will you ward off risks, minimize impact, or swiftly recover? Effective strategies are essential in decreasing the probability and noticeability of potential risks. Challenges? Sure, crafting strategies suitable for various scenarios can be daunting. However, systematic analysis of risks can provide a roadmap to success!

Mitigation Technique Options

1

1. Avoid
2

2. Transfer
3

3. Mitigate
4

4. Accept
5

5. Monitor

Estimated Cost of Mitigation

Strategy Owner

Strategy Formulation Steps

1

1. Identify mitigation options
2

2. Evaluate effectiveness
3

3. Determine feasibility
4

4. Develop action plans
5

5. Implement and monitor

Mitigation Strategy Email

Implement Risk Monitoring Tools

This task is the vigilant guard of your risk management framework, continually watching and evaluating developments. Implementing the right tools ensures continuous risk tracking, allowing for early detection and swift response. Challenges you might encounter include selecting tools that suit your needs without overwhelming resources. Need a tip? Prioritize scalability and integration capabilities!

Monitoring Tool Name

Select Monitoring Software

1

1. Splunk
2

2. SolarWinds
3

3. Nessus
4

4. Qualys
5

5. IBM QRadar

Monitoring Leader

Monitoring Implementation Plan

Tool Vendor Email

Create Incident Response Plan

Expect the best but prepare for the worst – that’s the beauty of an incident response plan. It’s a strategic blueprint ensuring you’re ready to act decisively in moments of crisis. Why not wing it? In high-pressure situations, having a predefined plan stunningly mitigates chaos and confusion. Prepare, so you and your team can stay cool even amidst a calamity!

Incident Response Procedures

Response Team Role

1

1. Incident Commander
2

2. Communications Officer
3

3. Technical Analyst
4

4. Legal Advisor
5

5. PR Officer

Incident Plan Checklist

1

1. Identify incident type
2

2. Notify response team
3

3. Contain the incident
4

4. Eradicate the cause
5

5. Recover the system

Response Plan Leader

Incident Reporting Email

Prepare Communication Protocols

Effective communication is key during risk events. Establishing robust communication protocols ensures the right messages reach the right people at the right time. These protocols are crucial in maintaining transparency, reducing panic, and conveying critical actions. Wondering how to streamline communication? Define channels and escalation points ahead of time to avoid unnecessary hurdles in urgent situations.

Communication Channels

1

1. Email
2

2. SMS
3

3. Phone Call
4

4. Intranet Alert
5

5. Social Media

Protocol Document Title

Communication Lead

Protocol Steps

1

1. Identify key contacts
2

2. Define message templates
3

3. Choose communication tools
4

4. Set escalation paths
5

5. Test and review protocols

Communication Protocol Email

Conduct Risk Awareness Training

Imagine your team adeptly identifying threats and protecting assets. Risk awareness training turns this vision into reality! By uplifting knowledge and honing skills, this task plays a pivotal role in creating a risk-conscious culture. What challenges do you face? Some may resist mandatory training. Overcome this by designing engaging sessions with real-world scenarios!

Training Session Title

Training Coordinator

Training Date

Training Modules

1

1. Introduction to Risk
2

2. Understanding Risk Categories
3

3. Importance of Reporting
4

4. Best Practices against Threats
5

5. Post-Training Assessment

Preferred Learning Methods

1

1. Online
2

2. Classroom
3

3. Workshop
4

4. Seminar
5

5. Self-Learning

Approval: Risk Assessment Report

Identify ICT Risk Categories
Will be submitted
Conduct Risk Assessment
Will be submitted
Define Risk Management Objectives
Will be submitted
Establish Risk Governance Structure
Will be submitted
Develop Risk Mitigation Strategies
Will be submitted
Implement Risk Monitoring Tools
Will be submitted
Create Incident Response Plan
Will be submitted
Prepare Communication Protocols
Will be submitted
Conduct Risk Awareness Training
Will be submitted

Integrate Framework into Operations

Now, let's breathe life into the framework! Integrating it into daily operations ensures that risk management isn’t just a policy but becomes part of the organizational fabric. Face any obstacles? Don’t worry, it’s natural to encounter resistance to change. Gradually phase in the framework while ensuring clear communication and support.

Integration Plan Description

Integration Lead

Integration Steps

1

1. Evaluate current operations
2

2. Identify integration points
3

3. Adjust procedures
4

4. Include training
5

5. Monitor implementation

Department for Integration

1

1. IT
2

2. HR
3

3. Finance
4

4. Operations
5

5. Legal

Integration Contact Email

Conduct Regular Risk Audits

Think of risk audits as your routine health check-ups – they ensure everything remains in good shape. Regular audits confirm the effectiveness of your risk management framework, revealing strengths and exposing areas for improvement. It’s a way to detect previously unnoticed risks and keep complacency at bay. Ready to audit? Embrace a structured, disciplined approach, guided by a comprehensive checklist!

Audit Title

Audit Process Description

Audit Leader

Audit Checklist