Tag: risk management 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

Request for more information to gain more insights into our services for IT companies.

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

 

IT services industry

4 Reasons Why You Should Improve Operational Risk Management in Manufacturing

Basically, risks are of different types and many of them are braided together like reputational risks, financial risks, operational risks, third-party or supply chain risks, legal or compliance risks, and several others. Operational risks, generally, are viewed through the lens of safety management in an organization but for manufacturers, it is important to see the link between safety and operational risk management. The rationale for improving the operational risk management process is not only limited to safety but goes beyond it. There are many compelling tested and verified reasons to improve operational risk management in the manufacturing sector.

In this article, we have discussed a few of those reasons that establish the fact that it is highly essential to improve operational risk managemContact USent process to improve productivity and growth of an organization.

Reasons to improve operational risk management process

Reason 1: Attain financial goals

There are many manufacturers who see the relationship between enhancing productivity and mitigating operational risks. But for better operational risk management, it is essential to move one step further and also see the relation in terms of financial performance. It is important to minimize the impact of operational risks on financial goals. Additionally, manufacturing companies must align operational data with financial data to analyze the financial impact of adverse events.

Reason 2: Improve and increase collaboration

If the financial goals are achieved, it has hard and quantifiable benefits. But implementing an operational risk management process also fetches soft benefits like improved cooperation and collaboration. This can furthermore help in the joint management of risks. The implementation of an operational risk management framework provides the catalyst as well as an incentive for organizations to also boost cross-functional collaboration.Request Proposal

Request a FREE proposal to know how our solutions will help your business.

Reason 3:  Standardize risk assessment

Manufacturing organizations, globally, understand that if they successfully mitigate operational risks, it improves the likelihood that corporate goals will be met. To mitigate operational risks successfully, the same procedures, policies, and risk management process must be applied across all the verticals of the company. Best-in-class manufacturers have standardized risk quantification processes across the enterprise.

Reason 4:  Build a risk awareness culture

To manage operational risks, it is very important to build a culture of risk awareness. This culture helps manufacturers to establish better visibility into control measures of operational risks. This can further help them to integrate a risk mindset, which further minimizes operational risks and their impact on financial and corporate objectives.

To know more about operational risk management, request more info.

Get More Info

IT services industry

5-step Guide to a Successful Risk Management Process

Are you someone who would buy a poster that says, “Risk Happens”? If you’ve answered yes and you believe that life is in no way certain, then you’re definitely a project manager. Risk is a part and parcel of any business venture. In any business scenario, the risk management process encompasses steps such as evaluating, identifying, and prioritizing issues on the basis of their economic impact.Get more info

While executing a project, you will definitely face a number of risks and issues. But how do you manage something that’s as elusive as project risk management in today’s dynamic market space? The answer is simple, you must establish an effective risk management process. Setting up processes can make the unmanageable manageable, and if you want to take what looks like a disadvantage and turn it to an advantage, follow our five-step guide to establishing a good risk management process:


#Step 1: Analyze the situation

Recognizing circumstances where risks arise is a critical aspect of every risk management process. Understanding the relationship between your business and the environment in which the risk exists will help you judge the boundary to which the risk exists.


#Step 2: Identify the risks

Risk identification is another key step in every risk management process. It involves the identification and analysis of specific risks associated with certain hazards. However, risk identification doesn’t imply a situation where you or the management will have to factor in distant possibilities. Every form of risk can be categorized into the following: ethical, financial, legal, and physical. All of these can play a critical role in influencing your business outcomes and brand reputation.


#Step 3: Evaluate or assess risks

This step of the risk management process involves building an understanding of the risks that have been identified and subsequently determining how dangerous that particular risk is and its likelihood. This risk management process takes into account two factors, such as likelihood and severity, and involves the process of evaluating the probability of occurrence and the subsequent impact of each risk factor. The priority can be estimated by combining the effect of probability and consequences.


#Step 4: Regulate or control risks

Once all the steps given above have been completed, the next step in your risk management process would be to control these risks. For instance, in a workshop, if an employee is working under a machine that may fall at any moment on top of him, the process of risk control or regulation would first involve moving the worker to a safer location and then fixing the machine so that it doesn’t harm anyone. The steps involved in risk regulation or control are as follows: eliminating hazards, substituting hazards, isolating hazards, and restricting control.


#Step 5: Monitor and evaluate risks

Risk monitoring and evaluation is the final step in every risk management process. It involves developing an understanding of the impact of the control mechanisms that were developed for the hazard and the risk it poses. If the hazard or issue doesn’t pose the same challenge which was intended to be controlled, then the risk management strategy will be evaluated as successful. This step is critical for ensuring that no mistakes were made and the risk doesn’t spiral out of control.


To know more about risk management process and the best risk mitigation strategies