Often Risk is an afterthought to strategy setting and risk management is an appendage to performance management. Recent events have reminded management and directors that a comprehensive view of their risks is no longer a luxury, but a requirement, so that they can provide the appropriate incentives and controls to counter the potential for individuals to discount risks that are significant to their organizations.
STG’s Enterprise Risk Management (ERM) professionals’ partner with management to ensure that risk is appropriately considered in the strategy-setting process and is integrated with performance management. We work with companies to design, implement and maintain effective capabilities to manage their most critical risks and address cultural and other organizational issues that can compromise those capabilities. We help them evaluate technology solutions for reliable monitoring and reporting, and implement new processes successfully over time.
STG can deliver the cyber risk management framework that is also compliant and benchmarked to standards such as ISO27005:2011.
STG takes into account your business landscape, threat profile, inherent risk level and your risk tolerance level that would be acceptable to the business in case of the risk materializing. The risk management framework will be customized to meet your business landscape and we adopt different strategies depending on your level of maturity and ability to perform, maintain and monitor risks on an ongoing basis.
We often find implementing a detailed risk management framework for an organization that has not established sounds controls and not reach the maturity curve expected has the counter effect.
STG recommends including the following attributes in cyber security risk management frameworks to make it effective;
1. Effective framework that includes the entire organizational eco-system
2. End-to-end scope coverage
3. Risk assessment based on threat modeling
4. Proactive incident response planning
5. Dedicated cyber security and risk resources