The focus of this paper are information systems and their risk management. Information systems are systems designed to collect, process, store and distribute information. The rapid growth of information and communication technology has led organizations to rely on information systems more than ever. In this digital age almost every organization uses information systems to process their information. They support the organization to achieve their mission and to make better decisions. Therefore, risk management plays a critical role in protecting an organization's information assets and thus its mission from IT-related risks. An effective risk management process is an important component of a successful information system and includes two main steps; risk assessment and mitigation. With risk management its not only possible to notice system weaknesses and vulnerability, but also to predict and prevent a possible harmful event. Therefore, standards and frameworks were developed to help organizations manage information systems and security. Some of the most popular are ISO/IEC 27000 family, CobiT and ITIL, which also will be briefly presented.