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IT Risk Committee Charter Guide

This document provides a template for an IT Risk Committee Charter. The charter outlines the purpose, duties, and responsibilities of the IT Risk Committee to assist executive management and the board of directors in fulfilling their responsibilities regarding risk management. The committee is tasked with identifying, assessing, and responding to risks, ensuring senior management and the board are aware of risks and mitigation plans, and promoting risk awareness. The charter also addresses committee composition, membership, meetings, and references related documents.

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Melody Shekhar
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614 views4 pages

IT Risk Committee Charter Guide

This document provides a template for an IT Risk Committee Charter. The charter outlines the purpose, duties, and responsibilities of the IT Risk Committee to assist executive management and the board of directors in fulfilling their responsibilities regarding risk management. The committee is tasked with identifying, assessing, and responding to risks, ensuring senior management and the board are aware of risks and mitigation plans, and promoting risk awareness. The charter also addresses committee composition, membership, meetings, and references related documents.

Uploaded by

Melody Shekhar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
  • IT Risk Committee Charter: Provides an introduction to the purpose and structure of the IT Risk Committee Charter, setting the context for the document.
  • Membership: Describes the composition and selection process of the IT risk committee members, emphasizing the importance of cross-functional representation.
  • Duties and Responsibilities: Outlines the key roles and responsibilities of the IT risk committee in managing and mitigating risk within the organization.
  • References & Revision History: Includes linked documents and tracks changes made to the charter over time, ensuring the content remains current.

IT Risk Committee Charter

Template

This template is part of ISACA’s IT Risk Starter Kit. This document is based on the
assumption that the IT risk committee will be at a senior management level, but it
could be a subcommittee of the board of directors. ISACA recommends tailoring
this template to suit the specific enterprise environment.

The composition of risk committee should be based on the size and structure of
the enterprise. For a small enterprise, the committee might include an IT risk
officer (or equivalent), cybersecurity leader, IT operations leader, software
engineering leader and a legal representative. The committee chair should be the
CEO or IT risk officer.
IT Risk Committee Charter
The purpose of the IT risk committee is to assist executive management and the board of directors in
fulfilling their responsibilities to ensure that a robust risk management structure exists and functions
effectively. The committee’s objectives include:

 Ensure timely and appropriate identification and assessment of risk that could result in
significant harm to clients and/or enterprise business objectives.
 Determine appropriate responses to assessed material risk based on the level of risk and the
risk appetite established by the board.
 Ensure that senior management and the board are aware of the risk assessment process,
significant residual risk and related mitigation action plans, and instances that exceed the
enterprise’s previously established risk appetite.
 Promote risk awareness and risk management practices.

All associates are encouraged to inform a member of the committee if they become aware of a risk to
the business.

Duties and Responsibilities


Following are the common recurring duties and responsibilities of the IT risk committee:

 Establish risk management priorities and focus areas.


 Challenge risk assessment results and risk acceptance decisions.
 Oversee sufficiency and timeliness of mitigation actions for material risk.
 Review assessment of risk associated with proposed new products, services or business
initiatives.
 Approve upgrading/downgrading of risk across a material threshold.
 Periodically review risk appetite and tolerance thresholds for appropriateness.
 Ensure necessary resources are allocated to risk management.
 Provide regular updates on material risk exposures to the board of directors, and ensure that
escalation protocols are followed.
 Periodically review, reassess and approve key risk metrics.

Committee meetings are held at least four times annually, with additional meetings called as
appropriate. The quorum for a committee meeting is a majority of the committee members in office. A
unanimous vote is required for passage of decisions at a meeting.

The committee chair ensures that the meeting agenda and material are distributed to committee
members prior to the meeting. Members are expected to have read and reviewed all documentation
prior to the meeting. The committee chair ensures that meeting minutes are captured and distributed to
committee members.

Membership
The committee shall consist of a cross-functional group of senior leaders in IT and across the enterprise
who can represent the key business processes that may present or detect material risk to the enterprise.
The <CEO or IT risk officer> will serve as the chair of the committee. The <enterprise’s> executive team
shall appoint committee members and fill vacancies occurring on the committee.
References & Revision History
Related Documents:

 IT Risk Policy

Revision History

Effective date of issue and revision history is included in the following table:

Owner / Group Approval Date Implementation Change Summary


Date

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