In October 2015, RSA completed a global survey of almost 400 organizations to gather insight into current trends and perceptions regarding Risk Management. The survey utilized RSA’s proprietary Risk Intelligence Index to ask questions around key areas of risk and how organizations are addressing the changing risk landscape. The Risk Intelligence Index is based on the RSA Archer Maturity Model that measures organizations’ GRC program components across five stages of maturity.
The number, complexity, and velocity of risks are increasing, and the speed at which these risks emerge means your organization has much less time to effectively respond. In addition, organizations are managing many different types of risks – like cyber, third party supplier, competitive and new products/service risks – within different business silos and assessing them using separate methodologies and measurements. Unfortunately, the current ad hoc risk management approach is overloading your resources and does not provide a consistent, real-time risk picture for your executive team.
When business operators use repeatable processes and unied software to manage risk and compliance, the benets are huge. Every part of the business becomes more agile, resilient, risk intelligent and condent. This illustration shows how to improve business processes, gain risk intelligence, and contribute to planning for performance.
The value of mature GRC capabilities can be summed up through another acronym—ABC: Aware, Bespoke, and Confident. And while these are not the only attributes of effective GRC, together these three offer the opportunity for greater success that most organizations have failed to grasp, at least up until now.
To fully appreciate the current state of strategic risk management and where it is headed, one must have an understanding of its journey. We outline that for you below from the viewpoint of managing supply chain risk.
As third party and vendor ecosystems continue to grow and expand, managing risk effectively becomes both a complex challenge and a critical necessity in today’s highly connected business environment. Below are are three ways that companies can begin to better manage and reduce third-party risks.
A Risk Management Information System (RMIS) is an essential component of the overall work platform for risk management functions within both mid-size and large organizations. Risk managers who are most adept at using the RMIS, along with a comprehensive work platform, not only achieve process efficiencies, but also are able to lower their Total Cost of Risk (TCOR) and provide better reporting to senior management.
The MetricStream Vendor Risk Management (VRM) App enables you to manage, monitor, and mitigate vendor risks efficiently and effectively. By integrating global vendors onto one cohesive framework, the app gives you complete visibility into vendor risks. The app also streamlines and standardizes vendor management processes, right from vendor on-boarding and risk profiling to ongoing vendor monitoring and oversight.