Event Management is a new process added in ITIL vs 3 which is responsible to manage all events that occur in the infrastructure to ensure normal operation and also to assist in detecting and escalating exception conditions.
Event Management is very similar to monitoring however Event Management focuses on generating and detecting meaningful notifications, whereas monitoring is broader for it not just raise events it also checks the status of a piece of equipment even if it is not generating events.
Event Management assists with the early identification of incidents through providing a baseline of automated operations in order to allow service management staff to focus on become more proactive in their daily operations.
What is an Event?
Events are normally notifications/warnings created by an IT Service, Configuration Item (CI) or any type of monitoring tool around the status or availability.