VIEWS: 6 PAGES: 1 CATEGORY: Technology POSTED ON: 8/8/2012
The globalized and competitive business environment with ever-changing regulations and customer demands is a complex one. Such an environment challenges organizations to prevent the fraudulent activities prevalent in it. The fraudulent activities, cyber threats and data thefts though covered under the purview of regulatory laws, poses risks to the organization with a serious impact on the financial front.
Risk Management Solutions Providing Support for Cyber Security The globalized and competitive business environment with ever-changing regulations and customer demands is a complex one. Such an environment challenges organizations to prevent the fraudulent activities prevalent in it. The fraudulent activities, cyber threats and data thefts though covered under the purview of regulatory laws, poses risks to the organization with a serious impact on the financial front. Risk detection is critical to every organization's bottom-line. With compliance becoming the primary driver for data security, organizations tend to deploy IT security and compliance processes that would also help them to deal with governance, risk and compliance requirements. Management professionals are thus required to work out effective risk management solutions that will help organizations constantly overcome the challenges faced in this aspect. However, with the presence of various risk categories and control frameworks that need to be coordinated in a global environment, organizations need to effectively manage risk and compliance simultaneously through cost efficient methods. Technological advancements have paved way for a number of organizations to develop solutions for the same. Nevertheless, the best way out is to adopt methods that would reduce business risk, ensure compliance and gain a competitive advantage. An effective approach to reduce business risks is to adopt risk management solutions covering people, policies, processes, and technologies. This would also help organizations to improve their vulnerability management skills and facilitate increased visibility of risks across the global enterprise. Risks can also be alleviated using a structured approach to establish a continuous communication channel with the vendors. Further, deploying an automated compliance management solution with an integrated and automated framework that supports all compliance requirements will help organizations address the security, compliance, audit, and risk management needs effectively. Cloud-based risk management solutions available as an on-demand service works out as a cost-effective one with low investment and good returns. Risk from the cyber world is a reality that needs to be dealt with by every organization irrespective of its business model. This calls for the need for stringent and technologically sound management solutions that would reduce the impact of risks on revenue and returns. Risk management solutions from the leading service providers offer client organizations ground up support for cyber-security, IT operations, and compliance management. Quick and easy risk monitoring solutions help organizations to enforce best practices and standards. Through proactive assessment, the solution helps organization combat cyber security, and forensics and compliance issues. The use of real-time dashboards and centralized repository facilitates gathering compliance related data and map these, to regulations and standards applicable in the location. Also read on - vendor management, HIPAA and HITECH
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