A security breach or data theft can pose a huge risk to any enterprise.It deters expansion plans and reduces profits and overall low productivity.Therefore,forward thinking enterprises that want to successfully combat unwarranted security attacks should opt advanced risk management frameworks.

1. Combat Security Breaches with Advanced Risk Management Frameworks
A security breach or data theft can pose a huge risk to any enterprise. It deters expansion plans and reduces profits
and overall low productivity. Therefore, forward thinking enterprises that want to successfully combat
unwarranted security attacks should opt for advanced risk management frameworks.
Importance of investing in risk management frameworks
Simply put, risk management is the process that enables an enterprise to attain balance between threat and
opportunity. The objective is to opt for a beneficial business opportunity and minimize the chances of threat. To
address and manage risks efficiently, an enterprise needs to have an in-depth knowledge about the nature of the
risk and assess to the extent it has already taken place.
Risk management is a qualitative process. It is not possible to quantify an asset beyond its intrinsic value.
Simultaneously, certain qualitative analysis becomes very subjective. When an enterprise is looking at minimizing
the subjectivity, evaluation and improves consistency, then it is advisable to resort to advanced risk management
frameworks.
Risk Management concerns
Advancements in software applications and internet technology, has made organizations vulnerable to data thefts.
Security attacks like data leakages, Phishing attacks pose risk to the application security, mobile applications and
banking data. These concerns should be addressed appropriately and proactive measure should be executed to
safeguard sensitive data from being stolen and applications from becoming corrupt.
Keeping all these concerns in mind, service providers specializing in information risk management have introduced
innovative risk management frameworks offering services, such as:
Strategy and Design
Here the company assesses the consumer risk management strategy, process, policy and compliance
requirements. It also assesses aspects such as risk identification, rating mechanism and other operational
processes involved with it i.e. who sanctions risk decisions, who performs risk management and the like.
Depending on this assessment the company creates a holistic risk management framework that addresses all these
concerns.
Deployment and sustenance
Here the company allows the customers to deploy a risk management framework by creating risk management
templates, personalizing the rating and ranking the mechanism to address various assets.
Hence, a systematic and efficient risk management framework creates a comprehensive risk assessment and
treatment framework that further helps all the vendors, processes, data, information technology assets and many
more. Expert solution providers today have successfully adopted a modular and holistic approach that enables the
consumers to design, transform and sustain risk management.
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