Running a business requires you to deal with a variety of hazards every day. While insurance is a popular risk management strategy, it is critical to consider other options for reducing the effect of probable unfavorable events.
One area that is sometimes overlooked is IT risk management. This is an essential component of a comprehensive risk management strategy that covers the entire organization. Beyond addressing risks and their negative impacts on operations and services, it is critical to identify the possible rewards of taking appropriate risks.
Many business owners see IT risk through a narrow lens, focusing only on antivirus software, firewalls, and backups. Unfortunately, these solutions frequently receive little attention, sporadic evaluations, and inadequate testing. Some business owners devote significant time to understanding their business liability insurance while spending only a few minutes on IT solutions designed to protect precious intellectual property. Alarmingly, some firms fail to perform even basic IT risk assessments—sometimes never doing so at all.
With the rise of cloud computing and the shift to hybrid architectures in which certain resources remain on-premises while others are hosted in the cloud, it is more necessary than ever to conduct a thorough inventory of resources, exposures, potential hazards, and their consequences. Effective risk management entails several critical steps:
Risk Assessment: Determine each risk’s possible severity and frequency
Risk Mitigation: Take steps to lessen the possibility or severity of identified risks
Risk Evaluation: Continuously examine the effectiveness and cost-effectiveness of risk reduction solutions. Based on these findings, make the required changes to improve the overall risk management strategy
Oracle Risk Management and Compliance outlines your procedures for recognizing and resolving risks in your business processes. It constantly monitors user access to ensure separation of duties and sensitive access, automates role certification, and detects policy breaches in transactions and changes to audited configuration and operational data.
If you are business owners, it maybe time to examine your IT risk. Do not wait for a catastrophe to expose the flaws in your IT infrastructure. Take proactive efforts now to guarantee that when issues come, your company is well-prepared to tackle them. Prioritizing IT risk management allows you to protect your company’s precious assets, assure operational continuity, and ultimately contribute to the enterprise’s long-term success.
We hope to guide you down the proper route toward effective IT risk management with Oracle.
