Traditional methods and siloed risk assessments, control monitoring efforts of the enterprises are unsuccessful. Many organizations do not leverage proactive data monitoring and risk analytics in their risk and compliance initiatives.
#COMPLIANCE SOLUTION INTELLIGENCE RISK ENGINE HOW TO#
How to perform all these in a proactive manner and at the same time not get bogged down with innumerable battles? What different risk events are causing uncertainty to the processes, people and systems? How to collect them and present them with the business context? How to prioritize the remediation? How to get a multi-dimensional view from different stakeholders’ perspective - business perspective, asset perspective risk/- threat perspective, compliance and control perspective. The other aspect is to understand the enemy. With the process and system profiling performed, having known which are the critical business processes and systems to be protected, half the battle is won. To manage risk effectively, the criticalities of business processes and enterprise infrastructure including applications, servers, network devices, data centers and mobile devices, the key is to have a solution that will bring the business context to the systems. Risk intelligence is the ability of an organization to gather information or events that will help to identify the uncertainties present them in the business context enable the organization to make more informed business and security decisions in a proactive manner.
Multiple frameworks and overlapping compliance requirements that were managed in silos caused duplication of effort and inefficiency in compliance management processes. The organization struggled to standardize its risk functional organization structure, business processes, risk taxonomy, reports and dashboards. The organization lacked an integrated view of risks, vulnerabilities, and non-compliances to policies and controls. Though several initiatives were undertaken, the Governance, Risk and Compliance Management activities were driven by stakeholders with different objectives. Each business unit had maintained different risk taxonomy and carried out risk and control assessments. The organization had established a Policy & Control Framework to meet the regulatory and internal policy mandates. One of the largest financial services organizations in US had as many as 29+ risk management applications in different business units to address their risk and compliance needs. An effective Risk Intelligence Solution framework can help businesses identify risks near real-time, enabling stakeholders to take actions and decisions based on priority.
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