Developing an IT risk management framework begins with aligning it to the enterprise risk management (ERM) framework. This ensures consistency across all organizational risk domains and supports the integration of IT risk into the broader enterprise risk strategy. The ERM provides a foundation for identifying, assessing, and managing IT risks in a way that aligns with the organization's overall objectives. Promoting a culture of risk awareness, while critical, is a subsequent step once the framework is defined. Reference: COBIT 2019 Risk Management Process, CGEIT Exam Manual.

The best approach for a CIO to ensure IT executes against an approved strategy is to request IT senior leaders to collectively plan tactics for execution. This collaborative approach leverages the expertise and insights of senior IT leaders to develop a cohesive and aligned plan that supports the strategic objectives. Collective planning fosters ownership and commitment among leaders, ensuring that execution tactics are well-coordinated and aligned with the overall IT strategy. While asking project management to define activities, having leaders independently develop team goals, and providing specific task direction are important, the collective planning by IT senior leaders ensures a strategic and unified approach to execution.

One of the responsibilities of an IT strategy committee is to advise the board on the development of IT goals that are aligned with the enterprise strategy and objectives. The IT strategy committee is a high-level governance body that provides guidance and direction on IT matters to the board and management. The IT strategy committee does not approve the business strategy or its IT implications, as this is the role of the board.The IT strategy committee also does not provide oversight on enterprise strategy implementation or track projects in the IT investment portfolio, as these are the roles of the management and the IT steering committee, respectively123.Reference:=1: PART 2 -- CISA Domain 2 -- Governance and Management of IT12: TO STEER OR TO STRATEGIZE --DIFFERENCES BETWEEN IT STEERING COMMITTEES AND IT STRATEGY COMMITTEES43: Building an IT Governance Committee - HBS Working Knowledge

The benefits of IT governance are realized throughout the organization when IT governance is well established within the organizational culture. This means that IT governance is not only a formal process, but also a shared value and practice among all stakeholders.IT governance benefits include improved alignment, performance, risk management, value creation and compliance.Reference: CGEIT Domain 1: Framework for the Governance of Enterprise IT

The number of events impacting business processes due to delays in responding to risks is the best outcome measure to determine the effectiveness of IT risk management processes, because it reflects the actual consequences and losses that result from inadequate or ineffective risk management.Outcome measures are metrics that evaluate the results and benefits of a process or activity, rather than the inputs or outputs1.Outcome measures help to assess whether the process or activity is achieving its objectives and delivering value to the organization1. The number of events impacting business processes due to delays in responding to risks is an outcome measure that indicates how well the IT risk management processes are able to identify, analyze, evaluate, treat, monitor, and communicate IT risks in a timely and appropriate manner. A high number of such events would suggest that the IT risk management processes are not effective, and that they need to be improved or revised. A low number of such events would suggest that the IT risk management processes are effective, and that they are reducing the likelihood and impact of IT risks on the organization.