RiskIT (Risk IT Framework) is a set of principles used in the management of IT risks. RiskIT was developed and is maintained by the ISACA company.
Application of RiskIT in practice: RiskIT helps companies identify and effectively manage IT risks (just like other type of risks, as there are market risks, operational risks and others). RiskIT consists of a set of recommendations which are currently a part of COBIT 5.
The management of IT risks is usually the responsibility of the CIO (IT manager) of a company.