IT Risk Analyst Job Description, Key Duties and Responsibilities
This article provides exhaustive information about what information technology
risk analysts do, including the duties, tasks, and responsibilities
they perform for their organizations. Read on:
What Does an IT Risk Analyst Do?
The IT risk analyst provides leading threat, risk analysis, and data science initiatives that help to protect the firm and clients from information and cyber security risks.
They work in various sectors of the economy, including financial institutions, educational institutions, government, manufacturing, etc. as long as they utilize information technology.
Their job description entails equipping the firm with the knowledge and tools to measure risk, identify, and mitigate threats, and protect against unauthorized disclosure of confidential information for their clients, internal business functions, and extended supply chain.
It also involves managing key tasks and projects, including performing IT risk assessments, IT advisory reviews, IT project assessments, 3rd party IT testing, and other project reviews as identified across all aspects of the firm’s information technology structure.
IT risk analysts are also responsible for application development, cyber security, enterprise architecture, business continuity, and disaster recovery.
Their duties also entail assessing the current adequacy of the firm’s security strategy and threats to systems, and then calculating the impact of potential adverse events and change management.
They support and enable a comprehensive technical cyber defense program for the firm while increasing awareness of current and potential cyber threats.
They work around the organization to operate proficiently, provide technical investigative support, and alleviate threats to the firm.
Their role also involves conducting audits and assessments continually, as the threat profile changes constantly.
Risk analysts manage and coordinate external regulatory exams and internal compliance audits, representing information technology throughout the lifecycle of the audit (from planning through remediation strategy).
They adhere to the IT risk program standards, utilizing industry best practice frameworks such as COBIT, ITIL, SANS, NIST, Basel, GLBA, SOX, PCI-DSS, FFIEC, etc., and ensure employee compliance with security controls and deficiencies.
The IT risk analyst work description also entails coordinating and facilitating awareness and training for information technology risk program elements to ensure that risk responsibilities are understood and carried out throughout the department.
It also includes identifying breaches in a firm’s security system or tracking the source of an unauthorized intrusion; identifying defensive steps to take, including necessary firewalls, security software, and data encryption.
They are also expected to proactively track all issues for remediation action steps tracking, issue updates and status, carry out ongoing reviews, exception approvals, and the risk metrics, and recommending all infrastructure and applications patching and remediation to be implemented to management.
IT risk analysts partner with key technology managers and risk teams to monitor and manage various risk programs across the firm and ensure completeness of the risk template.
They are required to take full ownership of completing various risk deliverables for one or more technology managers as per the schedule.
They are also responsible for effectively communicating, influencing, and negotiating both vertically and horizontally to obtain or leverage necessary resources; and may be required to present the risk item at various forums.
To work as an IT risk analyst requires a minimum of a Bachelors degree in Computer Science, Information Technology, Cyber Security, or in other related field.
They also require effective organizational and communication skills, as well as strong problem solving skills and ability to work independently to perform assigned tasks successfully.
IT Risk Analyst Job Description Example/Sample/Template
The Information Technology (IT) Risk Analyst performs various functions in identifying risks and recommending appropriate and effective management processes across all aspects of information technology for an organization.
They are responsible for analyzing cyber-threats, correlating cyber-attack patterns, and preventing cyber-attacks before they occur.
Shown below are major duties, tasks, and responsibilities that commonly make up the IT risk analyst job description:
- Correlates threat data from various sources to complete a comprehensive picture of potential cyber-attacks and decipher attack motivations and techniques
- Works closely with other technical, incident management, and forensic personnel to develop a fuller understanding of the intent, objectives, and activities of cyber threat actors and enables a world-class cyber defense program
- Responsible for conducting research and evaluating technical and all-source cyber intelligence to develop in-depth assessments of threats to the organization’s networks, systems, users, and data
- Serves as liaison and point of contact for new issues and vetting
- Conducts complex cyber intelligence analysis and awareness through collaboration with other internal experts and trusted outside organizations
- Performs threat analysis utilizing a combination of standard intelligence methods and business processes to uncover advanced threat actors
- Designs an innovative threat and security incident management solution
- Creates technical assessments and cyber threat profiles of current events on the basis of inventive collection and research using classified and open information sources to enables advanced threat intelligence
- Develops and maintains analytical procedures to meet changing requirements and enable more strategic detections
- Utilizes threat messaging, models, analyses, presentations, or recommendations to convey complicated technical or behavioral analysis to senior management
- Participates in a coverage model to prevent and remediate security threats against the organization
- Stays abreast of innovative business and technology trends in IT security, risk, and controls
- Advices leadership on technology initiatives that support latest trends in IT security, risk and controls
- Ensures effective execution of the risk management framework by managing relationships with key stakeholders within strategic business groups and technology
- Responsible for conducting deep dives on IT security-related processes and systems
- Verifies that IT risks are appropriately mitigated and leads multiple stakeholders in agreement on appropriate solutions/controls
- Responsible for identifying applicable regulatory risks from changes or additions to regulatory guidance and requirements
- Provides expertise for resolution and risk mitigation.
- Develops, tracks, and reports on Key Risk Indicators (KRIs) for information technology
- Monitors, tracks, and reports mitigation and resolution of IT risks
- Performs process-level walkthroughs, control testing, etc. for the identification and assessment of IT risks and controls
- Effectively communicate key risks, findings, and recommendations for improvement with key stakeholders.
IT Risk Analyst Requirements – Skills, Knowledge, and Abilities for Career Success
If you are seeking to work as an IT risk analyst, you should be aware that employers will ask that you meet certain requirements to prove that you will be able to perform the obligations, objectives, and purpose of the IT risk analyst position at the company.
Shown below are major requirements anyone seeking the IT risk analyst position may be expected to meet:
- Education: To become an IT risk analyst requires a minimum of Bachelor’s degree in Computer Science, Cyber Security, Information Technology, or a similar technical degree
- Certification: Analysts may be required to be Certified Information Systems Security Professional (CISSP), Certified Information Security Manager, (CISM), Certified Information Systems Auditor (CISA), or Certified in Risk and Information Systems Control (CRISC), depending on the preference of the organization
- Knowledge: They require an understanding of key technology concepts such as access control, confidential data, encryption, business continuity, info-sec scans, and vendor apps. They also require strong knowledge of IT organization business processes and systems including (IT Security, data management, architectural and planning, technology life cycle management, regulatory concerns). They may also be required to possess solid understanding of risk management functions, including IT audit, cyber security, and/or IT compliance. Experience or knowledge of 3rd party/vendor management lifecycle may also be required
- Communication skills: They require strong oral and written communication skills to work effectively with employees at all levels of the organization. It is also essential that they are comfortable driving conversations with teams with varied backgrounds and purpose, such as conversing with Risk Team/Info-Sec/Technology Teams/Vendors/ Vendor Managers, etc. It is also important that they can be receptive to guidance from manager and able to effectively communicate results to manager
- Organizational skills: IT risk analysts must be highly organized with ability to prioritize and multi-task, as well as able to thrive in a fast paced environment
- Excellent leadership skills: They require this skill to influence other employees and ensure compliance with security controls.
- Computer skills: They require advanced computer skills and must be proficient with Microsoft Excel, Word, and PowerPoint
- They require excellent problem solving skills and the ability to be highly productive, both working alone and as part of a team.
If you are an employer hiring for the post of an IT risk analyst in your organization, you can apply the sample job description and information about the duties and responsibilities of an IT risk analyst provided in this article in creating a detailed description for the role.
By publishing a detailed IT risk analyst description together with the job advert, you will improve your chances of attracting the best qualified and competent persons to your job offer.
This post is also helpful to individuals looking to get into the IT risk analyst career to increase their knowledge of what the role entails.
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