And it starts by utilizing four key features of the Onspring risk management solution.
- Identify your risk and understand how it impact other business areas
- Evaluate that risk
- Plan to treat that risk to bring down its risk impact
- Continually monitor that risk
Watch the video above or read the transcript below for a quick demo of Onspring’s award-winning capabilities.
We always have the ability to identify and add new risk in the Onspring system. Let’s look at one. Here we can see the elements critical to risk managers who are identifying its status.
Is this risk emerging? Will it go away over time? Is this an active or an older, archived risk?
These identification markers can help determine the risk’s impact and how we report on it.
Once you’ve identified risks, it’s time to tie them to other critical elements for the organization. In this case, a data incident risk ties into the processes around managing our network and to general operations.
When you have a better understanding of where the impact of this risk occurs, you can relate this to other risks. Here we can see there are controls in place to help support this risk and reduce its likelihood of occurring.
Next: risk evaluations. They’re one of the cornerstones of a good risk management solution, a tool that can show you the holistic impact that a risk could have. Onspring tracks how often we perform risk evaluations and automates when the next risk assessments are due.
For this risk evaluation, we have time before our next one and we can see that historically, not much has changed over time.
What if a risk identified as catastrophic? And how likely is that risk to present itself? Using features to give us an objective risk score, management & risk owners can see the likelihood of development ahead of time, which gives them time to manage and mitigate.
In this case here, the risk response determined is that we’re going to work on mitigating it. We’re going to put additional measures in place to reduce the likelihood of occurrence. You could also respond by examining the effectiveness of your controls, or transferring this to insurance, but here, it gives us the opportunity, based on mitigation, to choose what we will actually do.
When it comes to treating risk, we need a plan as well as a place for everyone to access the plan, a place that includes tasks, due dates and owners assigned to this plan or maybe multiple plans.
This gives us the opportunity to evaluate based on the effectiveness of our response. What does that do to my risk score? Here we see that that a good response reduces our score quite a bit, bringing us down to a moderate risk rating.
As we track and manage risks, we can also track issues that may come about, which are related to an incident, a loss event that may occur, such as an attempted data breach.
Additionally, our key risk indicators allow us to define metrics on a risk-by-risk basis to determine how well we are performing against that risk. So, in this case here, we’ve got that example of our adverse data exposure and ongoing frequency. We can determine and evaluate how effective we really are, and whether we’re within or outside of a threshold, which is great information to have to stay on top of those threats that show up.