Integrated risk and compliance management framework to ensure information security

Integrated Risk and Compliance Management Framework to Ensure Information Security “Risk is like fire: If controlled it will help you; if uncontrolled it will rise up and destroy you.” - Theodore Roosevelt Risks are part of our everyday lives but its intensity is much higher in business. In business, every step is laden with risks and therefore to attain business success, organizations need to manage it efficiently. Just as Theodore Roosevelt points out, risks are definitely dangerous if not mitigated properly, but when controlled it can open up new opportunities and thereby increase business growth. Hence, risk management is an essential and important strategy for controlling the level of risks.

Risk management is defined as “the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives, whether positive or negative) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.” In short, risk management refers to the activities performed in order to control the actions of the company with respect to risks. Hence, to ensure effective risk management, companies need to come up with frameworks that explain the processes to be employed to manage risks.

However, most organizations face challenges when implementing information system risk management frameworks. The notable one is the use of multiple, disparate processes and tools for different organizational functions such as Compliance, Security, Privacy, Business Continuity, Audit, and IT Risk leading to high information security risk. Hence, integrated risk and compliance management is therefore crucial, as it provides the opportunity for you to overcome the complexity created by siloed management.

Collaborating with service providers who offer risk management consulting services can help you to pursue a single compliance program that can consistently and efficiently manage compliance initiatives, reduce workloads and bring down costs. These risk and compliance management framework services help you to prudently deal with the ever-growing number of risks to information security, while also effectively and efficiently undertaking business transformation efforts to meet compliance mandates. With their support, you not only can adopt an integrated approach towards compliance but also take a data-centric view of protecting critical information.

Thus, with integrated risk and compliance management framework, you can address governance, risk and compliance effectively for assuring security as well as privacy of information throughout its lifecycle, from creation, processing, storage, and transfer, to archival and disposal.

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