Keeping in mind the present day competitive market condition, every organization must implement a comprehensive risk management strategy in order to minimize the potential risks and leverage the opportunities of growth and expansion.

1. Benefits of Deploying a Comprehensive Risk Management Strategy
Analyzing risks, both externally and internally require an in-depth understanding of the attacker’s motive. Securing
an organization from the latest spyware and virus attacks, might use several security resources, as the most critical
threats to any enterprise comes from the attackers that misuse privileged identities and steal crucial company
data. Thus, the core elements of a successful risk management program include:
Policy, that describes the risk management objectives
Processes that determines the way the policy should be deployed
Standards that offer guidance on certain concerns
Keeping in mind the present day competitive market condition, every organization must implement a
comprehensive risk management strategy in order to minimize the potential risks and leverage the opportunities
of growth and expansion. This strategy is especially important for businesses:
Having more than one site
Having overseas operations and a range of processes
Having many suppliers, subcontractors and other business associates that are not directly managed
Staying alert is one of the ways to be aware of risks and addressing them with the desired action. However, a
systematic risk management program yields better results. For this most organizations today opt in for risk
management frameworks offered by companies specializing in identity management services. The solution works
in three phases:
Design and strategy
Here the service provider reviews the company’s data security and privacy framework, and sets up an integrated
information risk management framework. The framework is designed depending upon the legal and regulatory
practices that are applicable and the contractual requirements of the enterprise. The framework also sets up a
self-sustaining governance mechanism that allows the company to automate compliance tests with the help of a
compliance manager program. It further hosts an built in “multi-source requirement repository” and minimizes
management initiatives through configurable workflows. In addition to that, it also generates custom reports for
progress tracking and monitoring compliance status for senior management reporting.
Integration and control
Here the service provider offers testing, designing, executing, incorporating and sustaining technology controls.
They offer functional consulting solutions for GRC technology programs to automate the compliance practices. This
comprises of setting up functional modules, workflows and reports that are based on environmental inputs and
provide assistance in incorporating the solution with the IT architecture components.
Optimization and sustenance
Here the solutions for GRC technology concentrates on optimizing solution functions continuously. It also
efficiently manages control operations by providing information security and privacy office management
assistance. With the help of audits and ongoing program enhancements the service provider offer quality
assurance by managing the main risk indicators.
Advanced risk management solutions help you to set up a complete information security and privacy risk
framework that assists all information technology assets, processes and vendors.
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