The pace is accelerating, the stakes are higher, the lines are blurring and the tolerance of employees, customers, regulators, shareholders, media and the public for failure is approaching zero.
The current third-party cyber risk assessment model is cumbersome, outdated, not scalable and lacks visibility into the entire threat landscape. It’s no wonder that CISOs lay awake at night, concerned about their risk profile and the effect of vendors on it.
With a rapidly growing business that includes a robust vendor ecosystem and portfolio of companies, Blackstone needed a force multiplier that would help them create an efficient, effective and scalable third-party cyber risk management program.
Successful implementation of an enterprise risk management (ERM) strategy must include involving the correct people in your organization, developing and effectively communicating your ERM value proposition, and utilizing innovative risk management software to create sustainable, repeatable processes that in- corporate ERM as part of a business unit’s daily activities.
The practice of Enterprise Risk Management has been around as long as there have been enterprises, but now technology has caught up and organizations can take advantage of effective enterprise risk management processes to optimize the level of risk.
Seeing is believing. That’s why conveying risk data in visual formats can make such an impact: When data is visual, it’s easier for stakeholders to comprehend complex concepts and detect trends. This can lead to more informed and expedient decision making, and ultimately, more proactive risk management.
The best practices outlined in this paper can be used as the foundation for creating baseline security configurations that will be effective at protecting your environment as well as helping you meet these compliance regulations.
Integrated risk management brings together all areas of risk effectively and efficiently, reducing costs and enabling insights that have previously been unobtainable. With integrated risk management there is one source of the truth, consistent overview of risks, economies of scale, and efficiencies in treating risk.