Boost Your Business Success with Standards-Based Risk Management

In today’s fast-paced business world, it’s crucial to understand and implement effective risk management strategies. We’ve talked about the importance of risk management and the challenges of large-scale frameworks before. Many organizations find it tough to handle extensive risk assessments, which is why a solution like standards-based risk management is a game-changer.

Understanding Risk and Cybersecurity

When top organizations like the National Institute for Standards and Technology (NIST) prioritize risk assessment, they’re addressing a major shift in how compliance and security are managed. Traditionally, compliance involved teams of experts checking processes, technologies, and software against compliance standards. This approach assumes that cybersecurity is just a collection of security controls that can meet every organization’s specific needs.

However, regulatory bodies see the limitations of this approach. Risk management can become too complex, abstract, or assume too much expertise. While using risk management to understand cybersecurity is beneficial, it requires a balance between abstract risk management frameworks and standards-based approaches.

Approaching Compliance-Based Risk Management

A strong risk management strategy should lead to an effective compliance strategy. But moving from risk to compliance can be challenging due to several factors:

Bridging the Knowledge Gap: Without a deep understanding of risk management strategies, it’s hard to translate risk into control implementation.
Understanding Risk Tolerance: Organizations must balance business priorities, compliance obligations, and customer needs.
Maintaining Real-Time Compliance: Threats, regulations, and technologies change rapidly. Without understanding these changes, organizations can’t identify vulnerable or non-compliant sectors.

Compliance alone doesn’t create operational value, and focusing only on risk management won’t help understand compliance requirements. Therefore, it’s crucial to approach risk with your compliance framework as the foundation.

Benefits of Grounding Risk Management in Compliance

A standards-based approach to risk management can help navigate the complexities of compliance and risk management by addressing specific challenges. Benefits include:

Clarity Regarding Risk Profile: Security regulations provide a clear picture of what’s expected, making risk assessment more understandable.
Iterative Integration and Scalability: Starting with a compliance baseline helps integrate other systems and business priorities into your overall risk strategy.
Converting Compliance Regulations to Business Value: Compliance is the starting point for IT relationships. Risk assessment helps extend security to address different partnerships and vendor relationships.

The traditional approach to compliance can be reversed by using compliance to provide a structure for risk assessments.

Approach Compliance and Risk Management with Expert Guidance

Our approach to compliance and risk is about ensuring both work for your company. With decades of experience, we help companies manage security obligations and risk assessments tailored to their unique needs.

To integrate compliance standards into the risk management process, we use advanced platforms to create visualizations of risk as an extension of understandable regulations and compliance standards. This cloud-based platform connects your team with all the information needed to drive productive and scalable risk and security strategies.

Ready to take the next steps in your risk and compliance journey? Work with a company that knows risk assessment.