Risk Management and Compliance - Provision Software
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Risk management is the set of processes through which management identifies, analyzes, and, where necessary, responds appropriately to risks that might adversely affect realization of the organization’s business objectives.

 

The response to risks typically depends on their perceived gravity, and involves controlling, avoiding, accepting or transferring them to a third party, whereas organizations routinely manage a wide range of risks (e.g. technological risks, commercial/financial risks, information security risks etc.).

Challenges

Lack of risk visibility

Not understanding the cyber security risk posture of the entire organization and its potential impact on the business makes it difficult to reduce the business risk and leads to poor decisions.

Outdated and incomplete reporting

Reporting done manually takes weeks and typically returns an incomplete picture of the organization due to information silos, which leads to decisions and response prioritization based on the wrong data.

Inconsistent controls

Overlap of security controls across the organization — or lack of adequate controls or failure to manage them correctly — increases risk of fines and failed audits.

Lack of ownership

If no one takes responsibility for mitigating risk, unresolved issues lead to inefficiency, as the same findings are handled over and over in each risk, compliance or audit management activity.

Manual GRC processes

Manually gathering and verifying risk and compliance data create unnecessary procedural friction, delaying business activities and leading to high cost and inefficiency as time and resources are wasted.

Tactical and bottom-up technical silos

If budget is allocated for the latest security trend or technology without first addressing the security foundation, it will result in a lack of alignment between the controls deployed and organization’s business objectives.

Lack of optimization and automation

Using numerous tools across an organization makes it hard to optimize those tools and complicates the job of adding automation to scale with increasingly sophisticated threats.

How can this technology help you?

Align your risk and compliance management framework with business needs and your enterprise risk appetite, protect sensitive data, compliance with local laws and security standards, and increase the maturity of security processes and governance.

Provide full visibility into cyber security risks and measurable security efficiency and control effectiveness to support better business decisions and prioritization of risk mitigation plans and security budget.

Achieve cost-effective security transformation and minimize delays.

Achieve maximum return on security investment and cost- effective integration with the help of our vendor-neutral consultants, who possess a wide knowledge of technology solutions.

Significantly reduce the risks and improve compliance posture inherent in production applications and systems, while assuring data privacy and increasing your ability to respond to and manage cyber attacks.

Request more information about Risk Management and Compliance solutions

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