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Integrated Risk Management

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Integrated Risk Management

Gartner defines the IT risk management (ITRM) solution market as software and services that operationalize the risk management life cycle in context of the organization’s mission. ITRM solutions are deployed to establish a central hub that facilitates business-related decision making and risk management. Risks tracked are usually triggered as a result of choices made in IT, digital and security operations, information management, business continuity planning, and IT and security compliance management. These choices are driven by competing priorities that require risk visibility and prioritization based on business outcomes.

Scenarios originating in or attributed to digital infrastructure, applications, systems, processes, projects and teams are the subject of analysis and reporting in such solutions. ITRM solutions:

  • Facilitate risk workflowsto implement chosen risk management models, practices, methods and principles. Preconfigured workflows facilitate risk identification, ownership, impact analysis, scoring, controls assessment, remediation and reporting to suit a variety of business models and organization structures.
  • Aggregate risk-related datafrom core business applications including customer- and partner-facing systems, IT operations and security operations, operational risk management, non-IT-incident management, corporate compliance management, and analytics and reporting tools in a central repository where it can be aggregated, normalized, parsed and correlated.
  • Design logic to enable risk prioritizationand criteria definition to facilitate business decisions.
  • Express risk in business termsemploying a combination of qualitative and quantitative risk analysis approaches.
  • Create, automate and update risk scenarios and control repositoriesin conjunction with asset inventory, business process definitions, incident and ticket analysis, and third-party engagement.
  • Provision mapped regulatory content and compliance mandatesfrom multiple authorities and standards-authoring bodies with plug-ins available for regulatory change management tools or feeds.
  • Provision industry-specific templates, content and plug-ins or APIsto facilitate fulfillment of assurance requests from customer organizations, business partners or regulators at specified intervals.

ITRM critical capabilities include:

  • Risk analysis
  • Risk remediation
  • Compliance content mapping
  • Workflow design
  • User experience (extends to non-ITRM users)
  • Board and senior executive reporting
  • Basic and advanced integrations (risk data sources)
  • Digital asset discovery
  • Near-real-time assessment

 

Under the Gartner definition, IRM has certain attributes:

  1. Strategy: Enablement and implementation of a framework, including performance improvement through effective governance and risk ownership
  2. Assessment: Identification, evaluation and prioritization of risks
  3. Response: Identification and implementation of mechanisms to mitigate risk
  4. Communication and reporting: Provision of the best or most appropriate means to track and inform stakeholders of an enterprise’s risk response
  5. 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
  6. Technology: Design and implementation of an IRM solution (IRMS) architecture

 

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Securenass is a specialized cyber Security solutions, Services and Digital Forensics Provider
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