document: Managing system risk Companies are increasingly required to provide assurance that their systems are secure and conform to commercial security standards . Senior business managers are ultimately responsible for the security of their corporate systems and for the implications in the event of a failure . Businesses will be exposed to unquantified security risks unless they have a formal risk management framework in place to enable risks to be identified , evaluated and managed . Failure to assess and manage risks can lead to a business suffering serious financial impacts , commercial embarrassment and fines or sanctions from regulators . This is both a key responsibility and opportunity for Management Services Practitioners
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