Enterprise Risk Management: It’s Not Just About the Framework
Enterprise risk management is becoming a complex and multi-layered juggernaut dealing with regulatory, compliance and legal issues, cybersecurity and data privacy, as well as new emerging technologies (cloud) and their impact on business management.
New industry research compiled by international cybersecurity organisations, from ISACA to Infosecurity, points to the same conclusion that enterprises are well-aware of the necessary adoption of a comprehensive ERM framework to identify and manage risk.
However, the shifting cybersecurity threat landscape and constant technology changes continue to pose significant challenges to security and risk professionals.
Optimising Risk through ERM
Risk management goes beyond the adoption and configuration of an ERM framework to address business risks. The main challenge is not proactive risk identification, although it’s critical and largely accomplished within a security or risk management system.
According to research, enterprises are mostly struggling with risk optimisation – minimising risk exposure, testing new technologies against potential threats, exploring new opportunities.
Our SHEQX (Safety, Health, Environment and Quality) management solution, part of the XGRC product range, is an integrated management system that aggregates SHEQ data in a single, auditable database, to manage analysis and reporting effectively.
This fact may require a different, holistic approach to enterprise risk management, and a step further to take action in addressing the risks of the future. Other challenges are inadequate security/risk budgets and insufficient security resources.
For example, in an ICASA study, most enterprises agreed that they had initiated the required processes for risk identification; however, the executives said there was still plenty of room for improvement. This fact concerned risk optimisation, the maturity of risk analysis, and the alignment to the evolving risk ecosystem.
The deployment of an integrated ERM framework is critical for proactive and agile risk management to analyse and communicate risk clearly to enterprise decision-makers. However, risk and security professionals must conduct their due diligence and put a focus on continuous optimisation once the system has been deployed.
The XGRC Software range of integrated system solutions is designed to meet all the requirements of your organisation’s Governance, Risk Management and Compliance (GRC) strategy, from planning to monitoring and reporting.
Enterprise Risk Management (ERM), part of the XGRC Software product range, enables the methods and processes used to manage enterprise risks and seize opportunities to achieve your strategic objectives.