Tag: risk assessment process

IT risk assessment

Infiniti’s IT Risk Assessment Solution Helped an IT Firm to Identify Security Vulnerabilities and Deliver 100% SLA Compliance Across All Applications and Systems

IT Risk Assessment Overview

The IT industry is one of the fastest-growing industries in the world today, mostly due to the rapid evolution of technological and industrial innovations. However, with high-speed innovations opening up new opportunities for IT enterprises, issues related to privacy risks and regulatory compliances have started coming to the forefront. Consequently, IT companies have started redefining their risk management processes to overcome data security challenges and protect volumes of sensitive data.

IT risk assessment solutions are vital for IT companies to identify, monitor, and address potential risks to minimize the negative impact they may have on the company's business operations. Request a FREE proposal to know how our IT risk assessment solution will help you achieve this.

Business Challenge

The client is an IT firm based out of the Northwestern United States. The company wanted to transform its application management system by eliminating operational silos, freeing up capital for strategic growth investments, and making the customer experience globally consistent. However, the lack of a standardized risk management framework posed major challenges for the company. Furthermore, improper use of data, IoT vulnerability, and system failures led to huge capital losses and inappropriate deployment of resources. The company, therefore, approached Infiniti Research to leverage their expertise in offering IT risk assessment solution. With Infiniti’s IT risk assessment solution, the client wanted to identify risks in advance and devise strategies to mitigate them before they impact their business operations.

Other challenges faced by the client were:

  • The client noted that major IT companies in the United States encountered physical threats resulting from physical access or damage to IT resources such as the servers. Therefore, by leveraging Infiniti’s IT risk assessment solution, they wanted to identify all internal and external threats impacting IT companies and take strategies to mitigate them before they impact the company’s bottom line.
  • With Infiniti’s risk assessment solution, the client wanted to identify what security gaps posed threats to the company’s critical information and also wanted to make better security decisions and take smarter proactive measures.

Solutions Offered and Value Delivered

The experts at Infiniti Research followed a three-phased approach to IT risk assessment. The initial phase of the risk assessment process involved determining vulnerabilities in information systems and the broader IT environment. The second phase of the engagement involved risk estimation. This phase involved assessing the likelihood of risks by analyzing the probability of their occurrence. The last phase of the IT risk assessment process involved risk prioritization, in which risks were categorized based on the risk estimate combined with the level of impact that it would cause. Our experts also worked closely with the client to monitor their business, data, and technical landscape to evaluate potential threats most likely to interfere with day-to-day operations. They also performed an in-depth analysis of the organization and examined the current maturity of the information security program in the organization.

With the aid of Infiniti’s IT risk assessment solution, the client was able to identify risks affecting their organization and prioritize them according to their severity. Also, Infiniti’s risk assessment solution helped the client to understand all physical and potential threats influencing the IT industry in the United States. Also, with Infiniti’s IT risk assessment solution, the client was able to identify factors impeding business growth and implement an effective IT risk management strategy.

Furthermore, with Infiniti’s IT risk assessment solution, the client was able to:

Identify security vulnerabilities – With Infiniti’s IT risk assessment solution, the client was able to evaluate the organization’s system by considering external as well as internal threats. By doing so, the company was able to identify current security vulnerabilities, inefficiencies, and non-compliance with standards to security policies. This further helped them to transform their application management system by eliminating operational silos.

Determine new security requirements – By understanding the organization’s weaknesses and potential threats, the client was able to determine steps to eradicate threats and strengthen the system’s security.

Justify spending – Infiniti’s IT risk assessment process also helped the client to understand the financial risks of potential security exploitations. This further helped them to calculate the costs of security improvements and realize the long-term financial benefits of investing in security efforts before an attack.

Improve IT risk management process – Infiniti’s IT risk assessment solution helped the client to understand their current security risks and develop new security plans and policies.

The revolutionary change in the applications management system and business processes helped the company to meet its immediate priorities and better response to customer priorities. Furthermore, Infiniti’s IT risk assessment solution delivered 100% SLA compliance across all applications and systems.

Conducting IT risk assessment can help businesses examine vulnerabilities in your IT infrastructure and enterprise applications. CONTACT US to leverage our IT assessment solution.

How to perform IT risk assessment

How to perform IT risk assessment

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Want to know how our risk assessment solutions can help companies in the mining industry? Read the success story here:

Industry Risk Assessment Enables a Mining Industry Client to Identify Potential Risks in the Brazilian Market

 

financial risk assessment

Infiniti’s Financial Risk Assessment Solution Helped a Manufacturing Firm Effectively Manage Risks and Enhance their Profit Margin by 22%

Today, manufacturing is no longer simply about making products. The recent technological advancements and the evolving customer demands have made it imperative for companies in the manufacturing industry to explore new ways of capturing market value. With this, companies in the manufacturing industry are under relentless pressure to enhance speed to market and customer engagement.

But, like all other industries, the manufacturing industry is also not free of risks. Some of these risks potentially destroy the business, whereas others cause serious damage that can be costly. In this context, it becomes increasingly important for manufacturing companies to monitor and manage all types of qualitative as well as financial risks in the industry. With over 15 years of expertise, Infiniti Research has helped many companies to identify potential risks in the industry and formulate actionable plans to mitigate them.

Interested to know more about our services portfolio and their advantages for your business? Request a FREE brochure.

Business Challenge

The client is a well-known manufacturing firm based out of Europe. The client was facing challenges in identifying the potential risks impeding their business growth. Some of the factors causing risks were delays from transportation, issues with third-party vendors, tariff wars, security threats, and workforce management challenges. All these risks not only affected the productivity of the company but resulted in financial losses for the client.Subsequently, , the company was not able to achieve their quarterly targets for 2 years consecutively. This affected the company’s gross profit.

Other challenges faced by the client were:

  • The supply chain disruptions were causing major challenges for the client. These delays occurred due to transportation issues and quality control issues with suppliers. Therefore, with Infiniti’s financial risk assessment solution, the client wanted to identify these supply chain risks before they impact the company’s bottom line.
  • As cyber risks posed challenges for major manufacturing companies operating in and around Europe, the client wanted to monitor the security threats and mitigate them.
  • The client also encountered difficulties in staff management and succession planning. As staff management was essential to keep the business running smoothly, the client wanted to evaluate the workforce risks.

With Infiniti’s financial risk assessment solution, the client wanted to identify all the risks affecting the company and make actionable plans to mitigate them.

Solutions Offered and Value Delivered

The experts at Infiniti Research thoroughly analyzed the client’s historical sales data, factors affecting their sales, and major risks facing the company. In the initial phase, the experts analyzed the risks that the business is exposed to in its operational environment. The second phase included analyzing the link between these risks and different factors within the organization. They also carried out a comprehensive analysis of the severity of the risks and how it affected the business functions. The final phase of the financial risk assessment engagement involved prioritizing the risks based on its severity and managing them individually.

With Infiniti’s financial risk assessment solution, the client was able to identify all the risks affecting their organization and prioritize them according to their severity. Infiniti’s financial risk assessment solution also helped the client to understand all the factors affecting their supply chain delays. This helped them undertake the necessary steps to effectively meet the demands of their products. Consequently, they were able to reduce over-stocks and stock-outs. The experts also helped the client to identify all the cybersecurity threats facing their company. Infiniti’s financial risk assessment solution helped them to protect all their critical data. Also, the financial risk assessment engagement helped the client to understand the workforce management challenges and mitigate them.

Furthermore, with Infiniti’s financial risk assessment engagement, the client was able to:

  • Make accurate market forecasts based on patterns derived from historical sales
  • Closely monitor the movements in the market and anticipate activities that could potentially affect the financial aspect of the company
  • Effectively segregate the tasks to prevent possibilities of fraud and internal threats
  • Identify periods of low cash inflows and effectively plan budgets accordingly

With Infiniti’s financial risk assessment solution, the client was able to make better financial planning and meet their quarterly target. Eventually, this resulted in an increase in profit margin by 22%.

A key step to managing your company’s risk is by conducting a comprehensive financial risk assessment. Request a FREE proposal to know how our engagement can help you mitigate the industry risks.

How do you conduct a financial risk assessment?

Financial risk assessment involves a detailed analysis of potential risks affecting the organization. A well-devised financial risk assessment process supports companies in identifying the risks in the industry and provides an opportunity to mitigate the risks that are most likely to occur. Having a financial risk assessment strategy will help companies to prepare themselves financially for the most likely risks in the industry.

There are three basic steps in financial risk assessment.

Gathering industry data – The initial process in financial risks assessment process involves gathering industry-specific data. This involves gathering information about the company structure, client base, third party engagement, and more. The information collected from these sources will help companies understand risks associated with each sector of the organization.

Interviewing key stakeholders – The company should identify key stakeholders in the industry. Gathering information from them will help companies categorize the common risks in the market and prioritize them. By closely monitoring the key competitors, organizations can identify the risk mitigation strategies employed by them.

Documenting the report – The final step in financial risk assessment process involves documenting the findings and developing recommendations for mitigating the industry risk.

CONTACT US to know more about our financial risk assessment solution and their benefits for your business.

Market Intelligence

Assessing Potential Market Risks for a Machinery Manufacturer – Risk Assessment Study by Infiniti Research

Business Challenge 

Manufacturers invest millions of dollars in resources such as machinery, tools, workforce, products, and more. While these resources are necessary for manufacturing companies, they also pose risks for manufacturers. Smallest risks in operations, ranging from theft and property damage to workforce disruptions and natural disasters can heavily impact not only a manufacturer’s bottom line but their ability to deliver goods for clients on time and on budget.

A leading machinery manufacturer in Canada wanted to develop a new strategy to manage risks affecting the growth of the industry and implement appropriate policies and organizational structures to achieve their strategic objectives.

With years of expertise in offering a actionable risk assessment solutions, Infiniti helps manufacturers to devise an effective risk assessment strategy. Request for a FREE brochure to know more about our services.

 

Top Challenges Faced by Machinery Manufacturers 

Problem Statement 1: Commodity and raw material prices

Changes in the prices of raw materials raised the cost of production. This left no other choice for the organization but to raise their prices. In fact, the rise in prices affected their sales and reputation.

Problem Statement 2: Changes in laws and regulations

Changes in laws and legislation, such as minimum wage laws and overtime regulations increased costs rapidly. With Infiniti’s risk assessment solutions, the client wanted to stay prepared to face sudden transitions.

Problem Statement 3: Economic conditions

An overall recession or economic boom can influence the availability and prices of materials, consumers’ buyer behaviors, labor availabilities, and more. Hence, with the help of Infiniti’s risk assessment solution, the client wanted to understand the industry landscape thoroughly.

Problem Statement 4: Threats to international operations 

The client was looking out to export their products to international markets such as the US and UK. But the changes in international trade agreements such as the US pulling out of NAFTA and the UK leaving the European Union were impacting manufacturing companies. The client, therefore, wanted to understand threats to international operations before making the market entry.

Interested to develop a risk assessment plan to deal with unexpected risks and stay ahead of your competitors.

Our risk assessment solutions can help. Request for a FREE proposal.

Solutions Offered and Value Delivered 

Phase 1: Market analysis

By conducting interviews and discussions with leading market players in the industry, the experts at Infiniti Research helped the client understand price fluctuations. This helped them better manage their production process and deliver machineries on time.

Phase 2: Identifying changes in laws and regulations

By analyzing changes in regulations and laws in the US and UK, the experts at Infiniti Research helped the client make better business decisions. This further helped them manage their workers.

Phase 3: Sales forecasting

The experts helped the client calculate the average sales rate for the next five years. Also, with the help of Infiniti’s industry risk assessment solution, the client was able to gain a thorough understanding of the industry landscape.

With Infiniti’s risk assessment solution, the client was able to identify factors impeding market growth and implement an effective risk management strategy. Also, with the help of our industry risk assessment engagement, the client was able to monitor their market attractiveness. This further helped them to make checklists of potential risks and further devise effective measures to reduce bottlenecks and enhance their overall business efficiency.

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Infiniti’s Industry Risk Assessment Strategy Helped a Renowned Food Industry Firm to Address Potential Risks in the Food Market and Enhance Business Performance

The client is a well-established food manufacturing firm with business units and operations spread across the United States. 

Predicaments Faced 

As the food industry is witnessing an increase in the competition with a considerable number of food industry companies offering a wide array of product ranges, the client realized the need to devise an effective risk management strategy to reach out to their customers in an agile and seamless manner. With Infiniti’s industry risk assessment strategy, the client also wanted to identify opportunities to position their product offerings based on the target audiences and maximize savings. Furthermore, with the aid of Infiniti’s risk assessment strategy, the food industry firm wanted to gain deep-dive insights into the severity of risks based on small, medium, and large businesses to ensure better transparency in the business processes.

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Market Intelligence

5 Steps to Sustainable Digital Risk Management

Digital risk management is the next step in enterprise risk and security for organizations that increasingly rely on digital processes to run their businesses. Digital risk has a long-term effect on the initiatives, decisions, and actions of an organization. Therefore, organizations that mostly rely on digital processes to run their business should have a clear vision of security and digital risk management. If you fail to manage digital security, it is likely to sabotage your revenue. Digital risk management is a critical process as it impacts the performance of your business. It begins with identifying the potential risks, analyzing them, and finally controlling them. However, this critical task has been made easy by the modern-day technology that allows every business to create a structured and sustainable risk management program. Today, it is easy, but it requires a bit of vigilance since “what means apples today may turn to be oranges tomorrow. To make it simple for you, here are a few simple steps to help you create a sustainable digital risk management program:

Steps to Sustainable Digital Risk ManagGet More Infoement

Step#1: Follow a structured program that can assist dynamism

Today, security has become a wider-level issue. Online merchants are facing huge losses with the rapidly growing risks and frauds that need to be evaluated constantly. So, for businesses that need to deal with big data, threats mainly arise due to the improper and unstructured way of handling sensitive and personal data of customers. Ensuring data protection and encryption is the key here. This is the very first and basic step to follow in sustainable digital risk management.

Step#2: Discover loopholes with machine learning and AI

Adoption of new technologies has been benefiting all businesses today. Machine learning and artificial intelligence are smart innovations of the modern age that will become a crucial part of security solutions in the days to come. Businesses need to take complete advantage of both the technologies to manage fraud detection, security, and other regulatory compliance functions. Therefore, employing these technologies to discover loopholes forms a very important step for sustainable digital risk management.

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Step#3: Identify and analyze major challenges

Any digital risk management program begins with the identification of key vulnerabilities and risks across all business functions. Risk identification helps you mitigate such risks. Business leaders along with the members of the organization should make informed decisions and choices through a structured risk assessment and identification program that supports flexibility, resilience, and accountability across different business functions.

Step#4: Recognize new possibilities with blockchain

The latest and the most trustable crypto technology of blockchain has the potential to obstruct both internal and external threats. Today, several sectors like banks and other financial organizations have adopted this technology. This technology promises to deliver incredible digital risk management possibilities in the supply chain, healthcare, banks, insurance, and other areas that deal with huge data and currency transactions.


Are you looking for ways to mitigate risks? Do you think beyond traditional risk and security issues? Get in touch with us now to know how our digital risk management solutions can help you protect your sensitive data

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