As customer demands and regulatory requirements increase, risk management has evolved into a strategic imperative for many organizations. Risk assessments help organizations identify, prioritize, and manage risk in accordance with a methodology and tolerance that is relevant for their business. Absent of this process, most organizations struggle to map and mitigate risks, which can limit their ability to achieve both tactical and strategic business goals.
True risk-based decisions rely on an organizations ability to conduct a risk assessment using a universally accepted methodology or framework. These assessment activities require a defined approach to effectively manage the documentation and data that needs to be collected, tabulated, and evaluated in order to make effective decisions using the results.
Approach
VioPoint utilizes industry leading frameworks like ISO and NIST to conduct holistic risk assessments. Many of our competitors use largely manual techniques to conduct risk assessments. This resource intensive approach extends the time and cost of conducting a holistic risk assessment. VioPoint consultants evaluate risk using Modulo’s Risk Manager NG software platform. During risk assessments, VioPoint consultants use Modulo Risk Manager to streamline the risk management process by using online web surveys, predefined controls checklists, and automated risk calculations. By leveraging this industry-leading GRC software to scope, collect, and report on risk, VioPoint can offer our clients a 30-40% efficiency gain over more traditional manual risk assessment techniques.
Results
VioPoint risk assessments use customer input, established industry frameworks and GRC software to help identify and prioritize risk mitigation activities across the enterprise. For organizations that want to mature their information security program, a risk assessment delivers a variety of benefits:
- Improves decision making, planning, and prioritization by providing a comprehensive and structured understanding of asset and business risk.
- Supports many different industries by guiding stakeholders through the process of scoping, selecting controls, and measuring risk.
- Creates baseline reports that serve as a benchmark to show progress.
- Provides an overview of business risks, prioritizing investments based on the relative importance of individual assets for the business.
- Generates technical and executive reports based on the individual needs of the customer.
- Centralizes knowledge of technology assets (software and equipment) and non-technology assets (people, processes and environment).
- Generates risk indicators for corporate governance.
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