Risk Management & Financing the New Venture
Proper Security Procedures:
The goal of effective risk management is to ensure that each risk is identified, documented, prioritized, and mitigated whenever possible. Because all organization face risk, whether positive (i.e., opportunities) or negative (i.e., events that hinder company processed), the challenge of auditors is to know when risk will occur and the impact it will have on the organization.
Besides identifying the risk facing an organization, internal auditors help assess the impact risk can have on company wide performance and processes.
Both the U.S. Securities and Exchange commission (SEC) and the U.S. Federal Financial Institutions Examinations Council (FFIEC) have addressed the need to conduct risk assessments.
Managing Security Risks
Securing your business from operational risks is a top priority for any management team. Technical professionals must make resilience a foundation of digital business. In 2016 and beyond, achieving three important goals – privacy, safety and reliability will require strong planning and execution in the areas of security and risk management.
As attacks on enterprise grow more sophisticated and diverse: companies need to rethink their network defenses and entire enterprise risk management strategies. Security for that matter is not only about protecting the network, but also the data. That requires a combination of tactics, from securing the network perimeter to encrypting data on mobile and storage devices.
Today, many enterprises look at network as taking a layered approach. As security become more complex businesses increasingly see a need for enterprises security strategies, as well as way to collage information from the various tools and evaluate their performance. They are grappling with a new issue created by growing mobility and anywhere, anytime access – making the remote users the “new perimeter” frontier and not the firewall – thus increasing risk to enterprise resources.
IT managers are currently focusing more and more on getting end to end visibility. However, more importantly – the road to enterprise security strategy and risk management starts with consulting stakeholders to determine what level of risk is acceptable. Then you can formulate a policy that lays out the controls that will achieve the goals via implementing a solid IT security risk management plan geared towards organizations IT security objectives driven by business requirements for improved performence.
* * Portion of team project assignment – by Mary Schuler