In today’s fast-moving technology landscape, uncertainty is the only constant. With the release of ITIL 5, the way we deal with threats has evolved to ensure organizations don’t just survive, but thrive in the era of Artificial Intelligence and digital products. Understanding the concept of risk in ITIL 5 is essential for any professional who wants to strengthen the resilience of their Value System.

In this article, we’ll break down how the framework defines risk, what the responsibilities of providers and consumers are, and how this perspective protects value co-creation in day-to-day business operations.

Read also: The Definitive Guide to ITIL 5

What Is Risk in ITIL 5?

According to the official ITIL 5 Foundation material, risk is defined as a possible event that may cause harm or loss, or make it more difficult to achieve objectives. In practical terms, risk is a measure of uncertainty about the success of an initiative or an operation.

Unlike purely negative views, ITIL 5 teaches that managing risk isn’t only about “avoiding problems,” but about ensuring the path to value remains clear. If your organization uses a Value Chain to develop new software, risk is present at every step—from Discover to Support.

The Dual Nature of Risk: The Consumer Perspective

One of the most innovative aspects of risk management in ITIL 5 is how it splits the concerns of digital service and product consumers into two distinct groups. To make strategic decisions, you need to weigh both sides:

1) Risks reduced or removed by the service

This is one of the main reasons a company contracts a service. The provider takes on risks that the consumer doesn’t want—or can’t—manage. Common examples include:

• Hardware failure: The customer doesn’t need to worry about a server burning out, because the provider ensures availability.
• Lack of skilled staff: The risk of not having AI specialists is mitigated by contracting a partner that already has that talent.

2) Risks imposed by the service (consumption risks)

By adopting a service, new risks are introduced into the consumer’s operation. It’s the “cost of dependency.” Examples include:

• Provider outage: If your cloud provider goes down, your business stops.
• Security breaches: A vulnerability in the supplier’s software can expose your company’s data.

For the relationship to be valuable, the risk reduction from the first group must be significantly greater than the new risks introduced by the second.

The Provider’s Duty and the Value System

In ITIL 5, it is the provider’s explicit duty to manage service-specific risks on behalf of the consumer. This responsibility isn’t just technical—it’s governance-related.

Risk management must be integrated into the organization’s Value System. That means senior leadership must define risk appetite and ensure management practices provide the controls needed to keep operations safe.

Within the Value Chain, risk management acts as a protective layer that runs through all activities. For example, in the Design activity, risk analysis helps ensure the digital product is built with security by design.

How Does This Help Your Career and Your Organization?

Mastering risk management in ITIL 5 turns the IT professional into a strategic leader. Instead of only reacting to crises, you begin anticipating scenarios—protecting business investments and ensuring continuity.

• For the organization: It reduces financial losses, protects reputation, and increases investor and customer trust.
• For the professional: It builds an executive-level view of IT—essential for those pursuing management, leadership, or governance consulting roles.

Conclusion: Turn Uncertainty into Opportunity

Managing risk in ITIL 5 is the art of balancing innovation with security. In a world where AI accelerates change, knowing how to protect value is what separates market leaders from everyone else.

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Have you already mapped the risks your current services impose on your customers? Share your experience in the comments below—let’s enrich this conversation!