Today, common challenges to effectively performing risk assessments are similar in nearly all organizations, but the strategies implemented to identify and prevent these challenges is unique to every organization. Sincere, thoughtful and authentic evaluation of risks facing an entire enterprise or a business segment enables appropriate identification of impending threats. Such a process of risk assessment works as an offensive discipline that helps to create a robust risk mitigation framework. Efficient implementation of a risk-adjusted mitigation strategy creates a competitive advantage that brings superior returns. Modern cybersecurity threats evolve and become more difficult to deal with every day. In spite of the changing nature of threats, their two most common sources remain consistent—human error and third-parties. These weaknesses inherently compound when business is engaged in the transfer of data with another organization. In other words, vendor risk management policy needs to be rigorous enough to account for both sets of threats.
To identify the challenges in information security risk management, existing approaches are compared against each other, and as a result, an abstracted methodology is derived to align the problem and solution identification to its generic phases. The challenges have been identified based on literature surveys and industry feedback.
Risk may vary from vendor to vendor and department to department. What your vendor management department thinks of risk might not be a risk for and IT department. One of the biggest challenges would be maintaining consistent and commonly applied risk terminologies. The most challenging thing that would come across anything would be defining risk itself. It is to ensure that each risk must be consistent and backed by correct instructions along with the clear guidance of laws and regulations that define risk is supported by the regulatory directions.
Challenge that originations usually faces is while reporting two kinds of risks which are what kind or information should be discussed with internal and external management or vendors and how it should be communicated. Handling external risks are not that difficult since external management or public is limited to share certain information only.
We present to you, “Top 10 Risk Management Consulting/Service Companies - 2020.”