7 risk management rules every CIO should follow

“In fact, CIOs often confuse risk management with compliance or cybersecurity, yet risk is much broader,” she says, advising IT leaders designate an enterprise risk officer who can serve as the CIO’s best ally, helping to navigate risks, accelerate strategic initiatives, and provide guidance on where caution is needed versus where speed is possible.

Risk management is among the most misunderstood yet valuable aspects of leadership, Saibene observes. When CIOs embrace risk frameworks, they can proactively identify IT-related risks, propose mitigation strategies, and collaborate effectively with risk officers. “This not only strengthens executive buy-in, but also accelerates progress,” she explains.

Rule 2: Inventory applications

The most critical risk management rule for any CIO is maintaining a comprehensive, continuously updated inventory of the organization’s entire application portfolio, proactively identifying and mitigating security risks before they can materialize, advises Howard Grimes, CEO of the Cybersecurity Manufacturing Innovation Institute, a network of US research institutes focusing on developing manufacturing technologies through public-private partnerships.