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How to Increase the Efficiency of Your Risk and Compliance Management Strategy By 50%

The proliferation of new business processes and the changing government rules and regulations around the globe are posing challenges for small and big companies alike. However, many companies still rely on an old-school approach when it comes to risk and compliance management. Business risks today are highly volatile and rapidly changing. Consequently, the compliance and risk management approaches of every company should continuously evolve to survive these dynamic changes. Experts at Infiniti Research believe that shifting focus on the alignment of functional processes and creating a symbiotic relationship between them can play a major role in enhancing the risk and compliance management of companies. Here are some proven strategies that can be adopted to improve the existing risk and compliance of companies.

At Infiniti, we help clients to gain a comprehensive view of the gaps in their risk and compliance management by setting benchmarks and analyzing their existing processes. RFP to get in touch with our experts for more insights.

How to improve risk and compliance management

risk and complianceUse a unique compliance and risk strategy

By adopting a unique risk and compliance management strategy, companies may anticipate future industry trends across business, products, processes, services, and geographies. This will help the organization gain a competitive advantage through well-planned compliance management programs.

Right combination of tools and technology

The risk and compliance process of companies can be made more efficient by identifying and adopting the right combination of technology and best practices. With the amount of advanced tools and technology today, this would be a rather easy task. Using a tool that can extract data from the system and then provide comprehensive insights on deviations from the desired risk and compliance policy will prove to be useful.

Collaboration and functional integration

Risk and compliance should be integrated into an enterprise-wide risk management process. This helps ensure that any issues faced by the organization relating to risk and compliance are not considered in isolation. It must include all activities related to risk and compliance management, and it should provide a framework that can be leveraged to assess an organization’s exposure to risk. This gives organizations a better opportunity to make timely and well-informed decisions.

If you’d like to know how Infiniti’s solutions can help overcome your business challenges, get in touch with our experts.

Enhance corporate governance

Compliance and risk management is closely linked to corporate governance. Effective corporate governance sets the tone for understanding risks and risk management capabilities and aligns the risk appetite with the organization’s opportunity-seeking behavior. Furthermore, elevating risk management to a strategic level strengthens board oversight, clarifies risk management roles and responsibilities, sets risk management authorities and boundaries, and ensure effective communication of risk responses in support of key business objectives.

Training initiatives

Not just the employees, even managers in some of the top companies around the globe still are completely unprepared to address risk and compliance related issues. Considering the fact that compliance is one of the greatest risks your organization faces, appropriate training should be at the top of any company’s risk management plan. Moreover, having well-defined processes as well as documented policies, procedure and guidelines help ensure better risk and compliance management throughout an organization.

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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

 

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