It is true that most IT organizations struggle with ensuring visibility into and control over IT risks due to the intricate nature of IT environments in major businesses making it hard to ensure risk management automation.
In fact, it has been difficult to consistently measure and manage IT risk and evaluate its impact on various organizational areas over the year. As a result, it becomes increasingly essential to automate the IT risk management automation process to promote effective tracking and mitigation of IT risks.
Risk Management Automation
Although, most organizations who want to secure their IT investments from internal and external risks related to information security, infrastructure, project management, and more, find it crucial to automate the IT Risk management process.
You may evaluate information security threats and related metrics in real-time using the available internal and external data with the aid of automated risk assessment tools. By joining the dots, managers can see the broad picture and understand what’s happening. These tools accomplish precisely this.
Moreover, Risk management automation uses these automated risk assessment tools to coordinate and automate the data collection process. It also helps in the analysis of the ongoing remediation of cyber security controls according to the selected risk framework throughout a risk assessment.
Automation in Risk Management Ensures
- Fast and immediate initiation and onboarding of risk analysis, excluding the need to thoroughly understand the framework.
- The automatic comparison of relevant information from connected tools with the corresponding controls being evaluated by an organization during a risk assessment, delivering verified data that is not susceptible to human flaws.
- Improved prediction, confirmation, and detention of risk
- The cross-referencing of common controls across several risk frameworks saves time and resources on manually collecting data from the business.
- Collecting valuable data for perception.
- Reporting for senior management and automated dashboards
- Greater visibility into actual risk exposure.
- Tracking and benchmarking of risk posture over time.
- Live risk assessment.
Nevertheless, fraud and surveillance systems such as vulnerability and threat management, identity governance, and compliance auditing systems can be effective sources for automating the IT risk management process, enabling incident response teams to evaluate their risk to the organization either internally or externally.
Internal IT Risks: such as data fraud, unauthorized system access, inefficient IT governance, lack of an information security culture, inadequate employee awareness, or poor application development standards.
External IT Risks: such as the vulnerability of emerging technologies (SaaS, cloud computing, cybercrime, and threats like viruses and worms.
Automated Risk Assessment Tools
Here are 3 main essential risk assessment tools automated to provide assistance to businesses of all sizes to identify, assess, and manage the impact of business risks.
Fusion Risk Management
Fusion Risk Management is a well-recognized cloud-based software solution targeted at operational resilience, encompassing business continuity, IT risk, risk management, and incident management. A company’s specific requirements can be met by customizing Fusion’s comprehensive set of platform capabilities because every organization is distinct.
To take organizations beyond legacy solutions, Fusion offers products and services to enable them to make decisions backed by data with an inclusive and flexible process to achieve operational resilience and mitigate risks.
The Fusion Framework System allows organizations to maintain resilience throughout one single platform. Thus, eliminating the need for multiple disconnected modules across various risk locations. While the recently launched Fusion Analytics enables users to compile important and required data into single platform, to ensure the removal of operational silos and foster collaboration by permitting teams to work as one from anywhere.
Using its Risk Cloud platform, LogicGate offers cloud software solutions for automating governance, risk, and compliance (GRC) procedures. The program enables businesses to transform inefficient enterprise risk management operations into well-organized risk and compliance processes. While managing risk and meeting compliance obligations, Logic Gate uses “GRC” a software designed in a way to align business goals to a company’s IT.
Additionally, a GRC framework can provide various benefits for businesses that take the time to adopt one properly, including enhanced IT investments, silo removal, and better decision-making. Process owners now have absolute control with prebuilt templates, no code-needed app builder, and the ability to craft workflows that suit their needs, with Logic Gates’s enterprise technology.
MindBridge as the world’s leading Al-powered risk discovery platform is presently changing the world and creating a better future for all by improving the global financial system.
From organizational process improvements to traditional risk reviews, MindBrige users possess the Ai-embedded tools, visualized analytics, and comprehensive resources required for more robust and effective analysis, advisory services, and assessment.
Nowadays, competitors might use cyberwarfare to acquire valuable information by breaking into corporate networks or taking advantage of their weaknesses. An organization’s revenue, brand value, and market share may suffer significant losses as a result of such unethical acts of sabotage and vandalism.