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The chapter focuses on identifying and managing the risks associated with IT outsourcing. It details potential risks such as loss of control, vendor lock-in, impacts on organizational culture, data security and privacy, and legal and regulatory compliance. The chapter provides a robust framework to manage these risks, including strategies for vendor selection and management, crafting clear contractual agreements, performance monitoring, risk sharing, strong internal governance, data security, and privacy measures, and fostering collaboration and communication. It emphasizes that by implementing these strategies, organizations can mitigate IT outsourcing risks, ensuring successful outsourcing initiatives aligning with the organization’s strategic objectives.