Benefits of IT Risk Management Process Automation

Automating the IT Risk Management process is critical for organizations that want to secure their IT investments from internal and external risks related to information security, infrastructure, project management, and business continuity processes. Furthermore, a well-defined IT GRC program based on frameworks such as COBIT and ISO 27002 cannot achieve high maturity scores without process automation for risk and compliance management.

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IT Risks Faced By Organizations

Companies are faced with IT risks from multiple sources which are not restricted to information systems.

a. Internal IT Risks – data fraud, unauthorized system access, lack of an information security culture, inadequate employee awareness, inefficient IT governance, poor application development standards

b. External IT Risks – cybercrime, threats such as viruses and worms, the vulnerability of emerging technologies (Cloud computing, SaaS)

Today, corporate battles can be fought using cyber warfare, wherein competitors steal sensitive information by hacking into corporate systems or exploiting their vulnerabilities. Such unethical acts of sabotage and vandalism can cause severe losses to an organization's revenue, brand value, and market share. Moreover, the organization is held liable for any data theft incidents related to the payment cards or patient healthcare information.

Automation of the IT Risk Management Process

IT operations, fraud and surveillance systems such as threat and vulnerability management, configuration and compliance auditing, and identity governance systems can be used as sources for automating the IT Risk Management process. Incidents arising from these systems can be mapped to IT Risk repositories, enabling incident response teams to evaluate their risk to the organization.

Risk Management – An Increasingly Important Factor in Business

Risk has always been a part of business, whether it is related to investment in new technology or taking on board a new vendor. There is a risk factor in all daily decisions. Standards have been applied for a long time as a tool to reduce risk and assist better decision making. ISO 14001 helps companies deal with environmental risk, ISO 27001 offers companies a way to manage information security risk and ISO 9001 is all about quality.

London was the victim of terrorist attacks three years ago, hurricane Wilma and Katarina shook USA and tsunami devastated Indonesia. It seems that every month a new type of threat shows up.

Today, companies need to start thinking about the swine flu as a threat to business continuity. Most recent news states that the flu virus may mutate into a drug resistant dangerous illness. So we have to hope for the best but be prepared for the worst. The H1N1 virus started a chain of events which greatly affected the world economy.

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Risk Management @ NPCI NPCI - National Payments Corporation of India

Based on those facts it is not strange that risk management and business continuity are issues frequently seen in the media. Despite an increased awareness of these things, companies continue to expose themselves to unnecessary risk by not organizing protection for their information systems and preventing disruptions in their supply chain.

Surveys reveal a direct correlation between the level of implementation of information security standards within an organization and how prepared that organization is for dealing with security incidents. A survey conducted by British Standards Institution (BSI) found that 78% of companies that have implemented security standards feel they are ready for security attacks compared to 28% of e companies that have not implemented information security standards.

Additionally 71% of companies that have implemented information security standards feel they are ready to deal with incidents in their supply chain compared to 43% that have not implemented information security standards.

All You Need to Know About Financial Risk Management

The term "risk" describes the probability of an undesirable event happening as a result of a present decision or of some future event.

In life, we face multitudes of these risks. There are risks that we would readily take while there are also those that we would try to avoid. There are risks that we consider worth taking and those that we would not consider because they are surely headed for a loss.

The worlds of business and finance are not much different from our lives when it comes to risk-taking. In any business venture, owners or shareholders are bound to face risks.

Like the risks we face in everyday life, some of these business risks can be easily handled and some cannot, and the process of deciding which risk belongs to the practice of risk management services.

Risk Management Systems and Measuring the Outcomes

Risk management refers to the entire process of identifying, analyzing, evaluating, and treating risks. But since businesses are faced with many different types of risks, risk management specializations have also been created to deal with them. One specialization of risk management is enterprise risk management, which deals with non-financial risks.

And then there's financial risk management, which is very similar to general risk management with a specialization in a business's finances. Like general risk management, financial risk management also follows the processes of risk identification, analysis, evaluation, and treatment. Financial risk management, however, is more focused on finances and makes use of financial instruments to manage a business's exposure to risks.