Benefits of Implementing Risk Management Frameworks
In the recent past, there have been numerous instances of corporate collapses, resulting from unorganized and inefficient network management systems. Repeated unwarranted accidents from malicious hackers and misuse of privileged ID’s have been leading to brand erosion, financial losses and huge amount of data thefts. These mishaps can be successfully averted provided there is a systematic Corporate Governance and appropriate Risk Management Framework in place.
Today, most companies use Risk Management Frameworks, as:
- Tools for organizational self-assessment
- A guide to identify the probable scopes of improvement
- A common way of thinking concerning data security and enterprise risk management
- A format based on which an organization can set up its risk management capacities
Risk Management Approach
Today numerous enterprises have their own way of addressing and managing risk. While some keenly focus on financial losses, others give more relevance to decision making being hampered by unforeseen risks. Risks can also be evaluated on the basis probability (how likely it is to impact the project), proximity (how soon it will impact) and impact (to what extent it would change the project). Another important method that some enterprises follow is by setting up a risk assessment taxonomy chart as a visual representation of all possible threats and risks impacting a project. This layout is beneficial in allocating ownership of each risk.
Industry Solutions for Risk Management
Keeping in mind all these factors, today solution providers of information risk management have come up with risk management frameworks that function in a phased methodology. The two primary phases are:
- Designing and Strategizing
During this phase the user’s risk management process, strategy, compliance and policy needs are assessed by the service provider. This involves rating mechanisms, risk identification and other allied functional processes. Furthermore, this process helps in identifying who performs risk management, who sanctions risk decisions and other similar aspects. Finally, depending on this assessment the service provider offers a holistic risk management framework that delineates how the risk management process needs to be conducted.
- Sustenance and Deployment
In this phase the service provider helps in executing the risk management framework by designing risk management templates, customizing the rating and ranking the mechanism to address various assets.
Simply put, risk management entails in establishing a perfect balance between maximizing the scopes for growth and eradicating unwarranted hazards. Eminent solution providers with their holistic and modular solutions help enterprises to design, transform and sustain risk management apart from monitoring compliance and client security policies.
Also read on – data protection solutions, secure release
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