Engaging the front office in risk management
Effective risk management needs everyone to play their part – both the back office and the front office….
As we start to see the full impact of insufficient cybersecurity, it has become increasingly evident that traditional ways of managing cyber risk and information security compliance in the Digital Era are not enough. Siloed and legacy governance, risk and compliance (GRC) solutions cannot meet the rigorous demands of today’s market.
To improve resilience and achieve long term objectives, organizations require a holistic view of risk and compliance across all business units as well as the supply chain. Traditional GRC fails to offer this view, which is why many leading companies are turning to integrated risk management (IRM).
By 2021, Gartner projects that 50 percent of enterprise risk management strategies within large organizations will involve an IRM solution, and that the market will reach $8 billion annually.
IRM puts risk at the forefront of the cybersecurity program and while not easy, there are some clear benefits to this approach:
By adopting IRM, organizations can deliver efficient and actionable risk mitigation strategies that align with business objectives. More importantly, it puts focus on the unique set of risks faced by the organization – something that a compliance-based approach does not.
All of the above increases the security and resilience of an organization but it is only possible if the organization embrace a risk-aware culture – unfortunately, this doesn’t happen overnight. Often, there is a better chance of success when business leaders lead by example and embed risk into the core of their strategies. This is why, when communicating cyber risk information, we must communicate clearly and often.