What do you mean by IT Risk Management Practice? Is it a methodology or a practice area?

The IT Risk Management is the application of Risk Management methodology to the Information Technology in order to manage IT risk.

The term Methodology means an organized set of principles and rules that drive action in a particular field of knowledge. 

In my own opinion,IT Risk Management Practice is a practice area. Like risk management planning is a practice area. So you have the methodology and the practices.

IT Risk Management is a practice of identifyings the hazards pertaining to the organization.Practiced as assesing the likelihood of threat and  vulnerabilities in security aspects.

IT Risk Management is a practice area that relies upon sound risk methodologies (e.g., ISO, COBIT) to provide value to the business.

It is a practice that ensures the required IT Infrastructure and IT service provision can be recovered within required and agreed business time scale at the time of failure.

Risk management practice  involves risk identification, analysis, prioritization, planning, mitigation, monitoring, and communication  - that are principles how to deal with the common risk

Risk management is a series of steps whose objectives are to identify, address, and eliminate s risk items before they become either threats to successful software or hardware operation or a major source of expensive rework.