Integrated risk management (IRM) is “a set of practices and processes supported by a risk-aware culture and enabling technologies that improve decision making and performance through an integrated view of how well an organization manages its unique set of risks,” according to research firm Gartner Inc.
Business risk in the United States may be higher during the novel coronavirus pandemic than at any time in our generation, making risk management a must. What are your strategies for risk mitigation—not only in your enterprise but up and down your supply chain—amidst COVID-19 disease outbreaks? Business interruption is a growing concern right now.
As cybercriminals continue to use the novel coronavirus pandemic to launch cybercrime scams and cyber attacks on teleworking applications, virtual private networks (VPN), and other technologies associated with remote work, many organizations find themselves in crisis mode, as well. Your enterprise may be scrambling daily to protect your sensitive data, reduce the likelihood of data breach, and guard against malware and ransomware attacks as well as other cyber threats.
Change is hard—and during the COVID-19 pandemic, it’s happening at breakneck speed. Your employees and business partners need to know now, more than ever before, that they can trust you to be honest and transparent with them. This is the essence of ethical leadership. We’re standing on shaky ground as the virus sweeps through our nation and upends our economy. People are losing their jobs, their health insurance, and perhaps even their savings.
As cybercriminals step up their efforts during the COVID-19 crisis to infiltrate your information systems, identity and access management (IAM) processes are more important for cybersecurity than ever. Aimed at preventing data breaches and unauthorized access to your systems, IAM becomes more critical as more of your employees perform their work from home. The firewalls that protected your system perimeter won’t suffice any longer, because there is no perimeter.
Vendor risk management (VRM) is a broad category that encompasses all measures that your organization can take to prevent data breaches and ensure business continuity. Legal issues, past performance, and creditworthiness are some of the common VRM issues that all companies review frequently. Additionally, cybersecurity and the reduction of third-party security risks are increasingly important.
Internal audit and compliance departments benefit from having a comprehensive framework to use to perform corporate risk assessment and internal control testing as well as fight fraud. The most popular framework is the COSO Framework. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) was originally formed in the United States in 1985 to combat corporate fraud.
Cyber resilience is your ability to prepare for, respond to, and recover from cyberattacks and data breaches while continuing to operate effectively. An organization is cyber resilient when they can defend against cyber threats, have adequate cybersecurity risk management, and can guarantee business continuity during and after cyber incidents.
Regulatory compliance is continuously evolving, which makes it increasingly imperative that everyone involved in the Compliance Management System (CMS) understand their responsibilities. Various sectors mandate oversight, including healthcare, finance, and cybersecurity. It is also a foundational business practice to safeguard company reputation and demonstrate integrity to consumers and the public. Compliance management is a top-down system, like most workplace cultures and business processes.
