Which component of IT Governance involves identifying, assessing, and mitigating IT-related risks

The component of IT Governance that involves identifying, assessing, and mitigating IT-related risks is known as Risk Management.

Step 1: Identification This involves recognizing potential risks that could harm an organization's IT system. It includes the process of documenting and communicating potential risk sources or areas.

Step 2: Assessment This involves analyzing the likelihood and consequences of each identified risk. The risk's impact and probability are evaluated, allowing the organization to classify the risk's severity.

Step 3: Mitigation This involves developing strategies to manage and mitigate risks. Strategies could include transferring the risk to another party, avoiding the risk, reducing the negative effect or probability of the risk, or accepting some or all of the potential or actual consequences of a particular risk.

In summary, Risk Management is the component of IT Governance that handles the identification, assessment, and mitigation of IT-related risks.