How does ITIL view 'risk management'?

ITIL views risk management as an essential practice that focuses on identifying, assessing, and controlling potential risks to service delivery. This perspective emphasizes that proactive management of risks is crucial for ensuring the reliability and quality of IT services.

Risk management is an integral part of the overall service management framework and helps organizations to make informed decisions by understanding potential threats and vulnerabilities within their service delivery processes. By systematically identifying risks, assessing their potential impact, and implementing appropriate controls, organizations can safeguard their services, enhance resilience, and maintain stakeholder trust.

This practice is not regarded as secondary or optional, nor is it specifically limited to particular industries like financial services. Rather, effective risk management is universally applicable across all areas of service management and is vital for achieving strategic objectives and ensuring continuous improvement within an organization.