Risk Management Framework – For A Risk-free Environment
The technology enabled environment of every enterprise is a symbol of organization’s entry into the techno savvy world. As the growth progresses, organizations look forward to expansion programs, including areas beyond geographical boundaries. However in the process of business growth, there is nothing that can be more hindering than unwarranted risks. Defined as an effect of uncertainty on objectives, it is characterized by potential events and consequences.
A widely networked globalized environment is prone to risks of many kinds. Organizations in their attempts to manage the risk prevalent in the environment invest in effective risk management framework which is actually a set of components that facilitates organizational foundations for designing, implementing, reviewing risks and continuously monitoring and improving risk management methods throughout the organization.
In an era of cyber threats and malicious attacks, risk management frameworks helps enterprises strike a right balance between opportunity and threats. Inefficient networks pave way for ID misuse of privileged id’s which further leads to brand erosion, financial losses and huge amount of data theft. However, to manage risks it is essential to understand and evaluate risk on the basis of its effect on the business as a whole. Risk assessments are done through qualitative analysis. The frameworks helps organizations to enhance the consistency of performance.
Today’s with the enterprises using a number of cloud based application, cloud security is an issue that needs to be paid attention to. Technological enhancements has also provided the workforce with mobility by allowing for anytime anywhere access to most of the data on the enterprise network. The accessibility has been designed to ensure business continuity and requires the enterprises to maintain a system which will ensure data protection and mobile security .
Use of risk management frameworks provides enterprises tools for organizational self-assessment and guides them to identify the areas that can be improved upon to ensure data security. To enable risk intelligent control decisions effective implementation of the risk management framework within the organization is a necessity. This is possible only when the development teams and workforce are strongly aware of the issue and the causes.
The ardent need of the global enterprises to keep risks at bay has paved way for a number of service providers working on these issues. The leading industry solutions for risk management includes a risk management framework that functions through a two phased method :
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Designing and Strategizing : Wherein the organizational strategies, compliance needs and policies are assessed, identified and rated by the service provider. These also includes the functional processes. This is followed by designing a holistic framework for the organization that depicts the method of managing risks.
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Sustenance and Deployment : This phase involves the designing the risk management templates, customizes rating mechanism to address the assets of the enterprise.
Such holistic and modular risk management framework will help enterprises to effectively manage risks, monitor compliance and client security policies.
Read more on – identity access management, application security
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