Towards a process for total information risk management

The importance of information as a resource and competitive factor in today’s society and economy is constantly rising. As a consequence, it becomes necessary for organizations to manage the risks that arise from poor information quality (IQ) in the same way other operational and strategic risks are managed. Information is, however, an unique and intangible resource that requires special methods and techniques for managing its related risks. This paper proposes a process for Total Information Risk Management (TIRM) that enables the assessment and treatment of organization-wide information risks in a systematic and effective manner. The TIRM process provides a practical approach that unites the best practices of the IQ and the risk management disciplines. We have tested and refined the TIRM process by extensive application in four in-depth case studies in different industries following a rigorous process development approach.