Risk Management
Best practice, guidance and opinions in risk management, risk assessment and insight into risk management strategies.
Strategies for Success in Uncertain Times
In these times of economic uncertainty and intense competition, the cost of every misstep is magnified, and each missed opportunity could bring the enterprise a step closer to disaster. Companies everywhere are implementing practices and procedures designed to maximize efficiency and make every operational dollar count toward profitability.
In these times of economic uncertainty and intense competition, the cost of every misstep is magnified, and each missed opportunity could bring the enterprise a step closer to disaster. Companies everywhere are implementing practices and procedures designed to maximize efficiency and make every operational dollar count toward profitability.
Many companies find the task of protecting information completely bewildering, especially due to the proliferation of different sources and destinations of information. In this very helpful article Scott Crawford (Managing Research Director, Security & Risk Management of Enterprise Management Associates) proposes a systematic analysis of data flows as one of the best ways to get rid of information overload bewilderment and the resultant risk.
The design of a Risk Management program should never be seen as a kind of set-and-forget affair! Once the program has been implemented it should be actively managed and monitored to ensure appropriate levels of compliance, protection and risk mitigation. In this very important article Kevin J. Fitzgerald (Director of Fitzgerald Infosec) provides a very useful roadmap for navigating Risk Management post-deployment issues.
Most Recent Risk Management
Online banking fraud is evolving; driven by the use of more advanced phishing techniques more sophisticated viruses, and much better funded fraudsters. The sociopath hacker has been replaced by the rise of the Cyber Cartels, and the overall corporatization of internet fraud.
The financial services industry in Asia Pacific is facing new challenges from a consumer revolution. The generation that has grown up in the internet age is as comfortable in a virtual world as many of us are in the physical world and for these consumers and business people, the current physical and electronic banking offerings are highly limiting. To continue to capitalize on their role as secure and innovative providers of the means of exchange, leading banks must master a new, flexible, collaborative, customer-driven combination of work, play and commerce.
The assurance of continuous availability of business services is today a major issue for many businesses both large and small. This has been brought about by business' high reliance on ICT infrastructure. If ICT fails, businesses struggle to provide services.
A Road-map of the implementation of an ICT Risk Management solution
Once executive management is convinced of the value of being pro-active about risk management the road-map to achieving success is as follows:
Once executive management is convinced of the value of being pro-active about risk management the road-map to achieving success is as follows:
How Risk Assessment is best implemented – Case Study
Risk Management can be applied to the organization as a whole (Enterprise Risk Management) or to a specific area or department. The case study presented here is one which addresses ICT Risk Management.
Risk Management can be applied to the organization as a whole (Enterprise Risk Management) or to a specific area or department. The case study presented here is one which addresses ICT Risk Management.
All too often organizations have preferred to operate in re-action mode when they addressed IT security issues. It seems that deep in the minds of managers lies the belief that major security problems "won't happen to us". They prefer to believe that articles in newspapers and journals highlight the extreme cases wrongly inferring that they are typical, that the stories are exaggerated for shock value anyway, and that the number of incidents are examples of journalistic license. This attitude is often reinforced by the protective approach that management takes towards incidents that do occur. They are kept "in-house" at various levels of management because of the belief that ICT problems reflect badly on management performance.
INDUSTRY PROVIDES LITTLE HISTORICAL GUIDANCE
To date, the implementation of ERM programs has largely been met with organizational confusion and few models of success. Here's why:
To date, the implementation of ERM programs has largely been met with organizational confusion and few models of success. Here's why:
Total Risk Management – making the most of IT Management Investment
IT is a domain where spending is a constant, essential to maintaining a competitive advantage in today's technology dependent world. Within IT, this pace is arguably the most demanding in security, because it is set not by the business or its suppliers, but by threats – both outside and inside the business. With each new wave of threat, the market produces new security tools that seem essential to safety. This leads to an 'arms race' where the enterprise must weigh its expenditures for defence against strategic priorities essential to maintaining a competitive edge.
IT is a domain where spending is a constant, essential to maintaining a competitive advantage in today's technology dependent world. Within IT, this pace is arguably the most demanding in security, because it is set not by the business or its suppliers, but by threats – both outside and inside the business. With each new wave of threat, the market produces new security tools that seem essential to safety. This leads to an 'arms race' where the enterprise must weigh its expenditures for defence against strategic priorities essential to maintaining a competitive edge.
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