Why Do We Need Risk Management Frameworks?
There is nothing more hindering to an organization’s or a businesses growth than an
unwarranted risk. It not only upsets the organization’s expansion plans and profit but
also results in loss of man hours and productivity. Sometimes, it lessens the confidence
with which a company used to predict its forthcoming feats and ventures. Keeping all
this in mind it is essential to resort to innovative risk management frameworks.
Significance of risk management frameworks
Risk management is the way by which an organization strikes a balance between threat
and opportunity. The idea is to pursue a beneficial opportunity minimizing the related
dangers. For being able to manage the risk it is essential to have a clear picture of the
risk and evaluate the percentage of risk that your business has faced. Risk assessment
is generally attained by a qualitative analysis. This is because it is complex to quantify
an asset beyond its intrinsic worth. There are times when a qualitative analysis has been
found to be too subjective in nature. In order to reduce this subjectivity in evaluation
and enhance consistency organizations need to invest in risk management frameworks.
The modern day risk management concerns
Today organizations need to address multiple risk management issues such as the
growth of huge data centers and application maintenance outsourcing wherein the
issue of managing unrestricted admin access has come up. In these environments
administrator groups need to maintain and manage a huge number of systems and
network devices using privileged ID’s. These are highly powerful and the person having
access to it can alter the target such as install new systems, remove logs, re configure
and so on. Hence, in order to address this risk organizations need an efficient privileged
identity management solutions.
Another pertinent risk concern in the software domain is that of open source security.
Today software development environment using open source is prevalent. This is
because development teams benefit from reuse of code from various sources. Therefore,
there is a need to detect and manage the security and legal risks of third party content in
secure software development.
Industry Solutions for Risk Management Frameworks
Leading companies have come up with efficient risk management frameworks that
address the risk concerns by offering their service in the following areas:
● Strategy and Design
The service providers can assess the consumers risk management strategy, process,
policy and compliance requirements. They analyze 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 service providers come up with a holistic risk management framework that
addresses all these concerns.
● Deployment and sustenance
The service providers help their customers to implement risk management framework
by designing their risk management templates, personalizing the rating and ranking the
mechanism to address multiple assets.
Thus, eminent companies in risk management help you to set up a complete risk
assessment and treatment frameworks that assists all processes, vendors, information,
information technology assets and so on. These companies with their modular but
holistic approach helps users to design, transforms as well as sustain risk management.
Read more on - SAP security, mobile security