RISK MANAGEMENT
The importance of a zero-trust risk management strategy in 2021 and beyond Well into its second year, the global Covid-19 pandemic has impacted on every business sector imaginable, and risk management is no exception. It is certainly one of the major factors in Allied Market Research’s prediction that the global risk management market will grow to an astronomical $28.87 billion by 20271.
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mong the main concerns of business leaders (74% of those interviewed), according to a recent study by Forrester Consulting2, is Insider Risk Management (IRM). “The -19 outbreak and followed lockdown had a positive impact on the market, owing to largescale adoption of the work-from-home culture among industries and the surge in the risk of cyber-attacks and other security concerns,” it says, adding: “The pandemic brought radical changes in daily lives, especially in work. The strict compliance of social distancing and digital transformation of business increased the demand for risk management services.”
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SECURITY FOCUS AFRICA MAY 2021
What is Integrated Risk Management? “Integrated risk management (IRM) is a set of practices and processes supported by a risk-aware culture and enabling technologies, that improves decision making and performance through an integrated view of how well an organisation manages its unique set of risks,” says Gartner3. According to Gartner, IRM needs to include six key areas: • Strategy: Enablement and implementation of a framework, including performance improvement through effective governance and risk ownership • Assessment: Identification, evaluation
and prioritisation of risks • Response: Identification and implementation of mechanisms to mitigate risk • Communication and reporting: Provision of the best or most appropriate means to track and inform stakeholders of an enterprise’s risk response • Monitoring: Identification and implementation of processes that methodically track governance objectives, risk ownership/accountability, compliance with policies and decisions that are set through the governance process, risks to those objectives and the effectiveness of risk mitigation and controls
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