Address Risk Concerns with Risk Management Frameworks

Address Risk Concerns with Risk Management Frameworks Ineffective risk management has led to huge financial losses for many companies. Instances of corporate collapse are not very difficult to find in today’s challenging environment. Furthermore, unwarranted accidents resulting in data theft, revenue losses and brand erosion from third party intrusions and misusing of privileged ID’s have highlighted the need for risk management. However, these mishaps are certainly preventable provided there is appropriate Risk Management Frameworks and Corporate Governance in place. Organizations use Risk Management as a: Tool for enterprise self-assessment Guide to recognize the possible areas of improvement Common vocabulary and way of thinking in terms of security and risk management Framework around which the Risk Management Capability can be set up Modern Day Risk Management Issues Enterprises today needs to address several risk management concerns, such as privileged identity management and open source security. The concern of privileged identity management has resulted from the expansion of application maintenance and datacenter outsourcing. In such environments administrators need to manage network devices using powerful privileged ID’s. With the help of these ID’s an administrator can remove logs, reconfigure and install new systems, etc that can lead to compromising the system and data. On the other hand, the software development landscape makes full use of open source applications. Hence, adequate measures need to be exercised for averting these risks Opensource security solutions are needed to manage and detect the legal threats of third party content in secure software development.

Innovative Risk Management Frameworks Today many service providers have introduced innovative risk management frameworks that take into consideration all these risks and challenges and offer efficient remediation. The services include: Designing and Strategizing The end user’s risk management process, strategy, compliance and policy needs are assessed assess rating mechanism, risk identification and other allied functional procedures involved with it. The process identifies who performs risk management, who sanctions risk decisions and so on. Based on this assessment the company offers a holistic risk management framework that outlines how the risk management process will be carried out.

Sustenance and Deployment Assist with deployment of risk management frameworks by designing the risk management templates, customizing the rating and ranking the mechanism to address various assets.

Risk management is all about establishing a fine balance between eliminating unforeseen threats and maximizing the possible opportunities for growth. Leading companies with their modular but holistic approach enable the end users to sustain, design and transform risk management apart from managing multiple compliances and other client security policies.

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