Integrated Risk Management, Contextualizing Data with an Intelligent Platform for Added Value to Your Everyday Business Functions.
In the cyber risk landscape, companies need to evaluate their GRC solutions and weigh whether they deliver an integrated risk management solution. Even with disciplines as mature as Governance, Risk and Compliance, many mature solutions are as static as spreadsheets their accessibility as well as added intelligence value.
The problem with this model is that it is simple. A traditional system will provide you with the structure and organization to house your data, but beyond that what you get out, is only as good as what you put in. It’s not that a system can compensate for good data hygiene practices, but system’s today have the intelligence to cross-reference relative databases to add additional context to your data and insights to your teams. Until recent innovations such as AI and machine learning, automation was very much limited to information retrieval and task management in many senses.
Measuring What Goes on Outside your Business
Your integrated risk management platform should be more than just a risk register and workflow technology. Evaluating your IRM practice solely from the perspective of your business is no longer enough to report on emerging threats and identify internal vulnerabilities. New regulatory laws and changes, developments with vendors related to your supply chain or company data breaches in your competitive market space all impact how you measure your current business activity and risk management strategy.
Tying Outside Data to Your Integrated Risk Management Program.
A truly integrated risk management system can tie into outside sources of information to expand insights. Take a broader view of your risk environment across global regulatory reach, and ongoing activities with other companies such as incidents or data breaches. To maintain this type of insights organizations typically have a team of dedicated researchers keeping up with regulatory changes that impact your business.
There are intelligence platforms available today that specialize in this very discipline. Using a detailed structure of indexing and tagging articles and alerts regulatory data and updates are stored in an easily searchable format. This structure is not only easily searchable, but the system can also identify relevant or related updates and apply them to your business data using AI technology.
Contextualizing Data with an Intelligence Platform
By leveraging the groundwork of ongoing research and analyst summaries with an integrated risk management platform, your team can alleviate time and resources. Freeing up these resources allows your team to focus on measuring business impacts and implementing new action items. Adding context to the data in your IRM system not only amplifies your resource position, but it also heightens out of the box functionality such as the ability to visualize or map data in a meaningful frame. Measurements like calculating your program maturity against a target range or other businesses within your industry can be executed with ease with the appropriate background readily available.
OneTrust DataGuidance is an extensively researched database of regulatory updates, data breaches, and compliance violations. This data-rich intelligence platform powers the entire suite of OneTrust products, including OneTrust GRC to give your company added insight to better understand your complete risk environment, including emerging market opportunities or new threats.
Learn more about how OneTrust GRC leverages this information to power Integrated Risk Management programs across our customer base.