A comprehensive risk management approach provides the ability to identify, assess, respond to, and monitor cyber security-related risks and provide organizations with the information to make ongoing risk-based decisions. Examples of cyber security risk management processes include the International Organization for Standardization (ISO) 31000, ISO 27005, NIST Special Publication (SP) 800-39 and the Electricity Sector Cybersecurity Risk Management Process (RMP) Guideline.
IT risk is a component of the overall risk universe of the enterprise which includes strategic risk, financial risk, environmental risk, operational risk, legal and compliance risk, and information technology risk.
IrisLogic experienced that many times company executive informed us that they are aware of the overall risk areas at high level, and need help in identifying the critical ones and prioritizing them. IrisLogic developed simplified and integrated risk management approach which focuses on IT operational risk management, IT process risk management, and IT technical risk management.
IrisLogic approach is flexible and simplified based on management priorities and to fit the budget. The scalable approach adopts different risk assessment methodologies includes ISO, NIST, etc. and frameworks includes RISK IT, OCTAVE, FAIR, RMF, and TARA as corporates continue to expand budgets. The approach supports both qualitative and quantitative aspects along with technical and non-technical frameworks (frameworks are detailed in Information Technology Framework implementation page).
The framework based approach explains IT risk and enables users to:
- Integrate the management of IT risk into overall ERM of the enterprise
- Make well informed decisions about the extent of the risk, and the risk appetite and the tolerance of the enterprise.
- Understand how to respond to the risk.
- IT Risk Assessment – Process, Operational, and Technical
- Simplify existing IT risk management processes
- Implement sustainable risk assessment methodology within established budget
- Prioritize risk
- Training staff on risk assessment methodology
- Risk and risk appetite assessment
- Assist with risk assessment framework selection and implementation