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COBIT IT Risk Management Audit Checklist

A detailed checklist for auditing IT risk management practices based on the COBIT framework, covering key areas such as risk governance, assessment, response, monitoring, and reporting.

COBIT IT Risk Management Audit Checklist

by: audit-now
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About This Checklist

The COBIT IT Risk Management Audit Checklist is an essential tool for organizations striving to enhance their IT risk management practices within the COBIT framework. This comprehensive checklist enables risk managers, IT professionals, and auditors to systematically evaluate and improve their organization's approach to identifying, assessing, and mitigating IT-related risks. By addressing key risk management domains outlined in COBIT, this checklist helps organizations build a robust risk management framework that aligns with business objectives, enhances decision-making, and strengthens overall IT governance. It serves as a guide for implementing proactive risk management strategies that protect assets, ensure business continuity, and foster a risk-aware culture across the organization.

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Industry

Information Technology

Standard

COBIT - Control Objectives for Information Technologies

Workspaces

Risk management offices
IT departments
Office Buildings

Occupations

IT Risk Manager
Information Security Officer
Compliance Manager
IT Auditor
Business Continuity Planner
1
Is the current risk assessment process compliant with COBIT standards?
2
What is the organization's current risk appetite level?
Min: 1
Target: 5
Max: 10
3
What strategies are in place for risk mitigation?
4
How prepared is the organization for cybersecurity threats?
5
What mechanisms exist for risk reporting?
6
What is the maturity level of IT governance in the organization?
7
How effective is the board's oversight of IT risk management?
8
How often are IT risks reviewed by the board?
Min: 1
Target: 4
Max: 12
9
What strategies are in place for communicating IT risks to stakeholders?
10
Is there ongoing training for staff on risk management practices?
11
Describe the incident response plan for IT risks.
12
How is the organization's risk appetite communicated across the organization?
13
Is there comprehensive documentation for the risk assessment process?
14
How frequently is the risk assessment conducted?
15
How many risks were identified in the last assessment?
Min: 0
Target: 10
Max: 100
16
Are there defined risk treatment plans for all identified risks?
17
What lessons have been learned from previous risk assessments?
18
How involved are stakeholders in the risk assessment process?
19
Is the organization adhering to COBIT principles in its risk management framework?
20
What percentage of the budget is allocated to risk management activities?
Min: 0
Target: 15
Max: 100
21
What policies are in place for managing IT risks?
22
Are regular audits conducted on the risk management processes?
23
How often is training provided on risk management practices?
24
What procedures are in place for reporting IT incidents?
25
How effective are the internal controls in place for managing IT risks?
26
How many active risks are currently being monitored?
Min: 0
Target: 5
Max: 200
27
What risk treatment measures have been implemented?
28
Is there a continuous monitoring mechanism for IT risks?
29
How involved are stakeholders in the IT risk management process?
30
What were the key findings from the most recent risk assessment?

FAQs

This checklist covers areas such as risk governance, risk assessment, risk response, risk monitoring, and risk reporting, all aligned with COBIT principles for IT governance and management.

By providing a structured approach to evaluating risk management processes, the checklist helps identify gaps in current practices, prioritize risk mitigation efforts, and foster a proactive risk management culture.

The audit should involve IT risk managers, information security officers, compliance managers, business continuity planners, and key stakeholders from various business units.

Organizations should conduct this audit annually, with more frequent assessments recommended for high-risk areas or after significant changes in the business or IT environment.

Yes, while based on COBIT principles, this checklist can be integrated with other frameworks like ISO 31000 or NIST RMF to provide a comprehensive approach to IT risk management auditing.

Benefits of COBIT IT Risk Management Audit Checklist

Ensures comprehensive identification and assessment of IT-related risks

Aligns IT risk management practices with business objectives and risk appetite

Facilitates better resource allocation for risk mitigation efforts

Enhances decision-making processes through improved risk visibility

Supports compliance with regulatory requirements and industry standards