What is Risk Management Software? Risk management software is a necessary tool that aids companies in preventing or managing a variety of risks. These risks include, but are not limited to, financial risk, physical security risk, cyber risk, compliance risk, operations risk, third-party risk, and...
Outsourcing is a business practice of hiring a third party to perform services or create goods that otherwise could be performed in-house by the company’s existing staff. This applies to a wide range of industries and use cases. Examples include marketing efforts, software development, part...
Developing an action plan for cyber-physical systems is an integral part of a complete risk management program that continues to grow in importance. According to Gartner, “By 2023, 75% of organizations will restructure risk and security governance to address new cyber-physical systems (CPS) and converged...
What is Operational Risk? Operational risk, as defined by the Risk Management Association, is the risk of loss resulting from inadequate or failed internal processes, people, and systems, or from external events, but is better viewed as the risk arising from the execution of an institution’s...
What is a data center? A data center is a location that contains business-critical applications and information, and has components that IT needs to store and manage them. Within one of these centers you would find computing and networking equipment, as well as network infrastructure. This...
How can we make eco-friendly business decisions that also benefit risk management goals? This is a question a lot of companies are asking lately, for several reasons. Many companies feel a responsibility to minimize their contribution to global warming; others may have more selfish reasons...
Risk management in banking has largely been focused on compliance with regulations and standards in recent times. This practice primarily stems from the regulations and culture that emerged during the global financial crisis that took place around 2007. The aftermath of this crisis revealed that...
Vendor Risk Assessments It’s important to assess vendors to accurately determine the risks of doing business with your third-party partners. At the minimum, most businesses will assess their vendors on an annual basis. In a 2018 report by Opus that surveyed over 1,000 CISOs, CIOs...
Insider threats have always been a significant possibility for many organizations, but in recent months we’ve seen a boom in incidents highlighting this particular risk. Insider threat prevention can be a difficult task to handle, as it generally encompasses viewing your own employees in a...
Today, disaster planning is becoming a more important component of risk management than ever before. It’s no easy task to create or maintain this plan, and you may find yourself spending countless hours speaking with IT and HR teams. Disasters can’t always be avoided, but you...