Business Exposure & Risk Management is the ability to identify potential risks that may affect ongoing business processes, operations, and competitiveness and take appropriate actions to eliminate or reduce the exposures. In today’s global and competitive economy, the risks are varied and organizations need to be aware of potential impacts originating from a variety of sources or environmental factors. Risks may originate due to natural disasters, regulatory changes, political actions, economic situations, market conditions, Internet based attacks and availability of a skilled workforce. Awareness and preparedness for such risks is necessary to improve business efficiency and business resilience.
The goal of cyber attacks is to gain access to an organization’s sensitive business assets in order to realize financial gain, disrupt business processes or gain competitive advantage.
Understanding the sensitive assets that are critical for competitive vitality and are of high value to the organization is fundamental in order to enable business leaders to make decisions on the protection measures to be applied. Cyber attacks are a constant threat as they seek weaknesses within the IT environment that can be exploited in order to extract valuable information.
The objective of risk management is to understand the threat to business programs, identify affected business processes and assets at risk of potential exposure, and to proactively implement controls and take actions to reduce or eliminate potential business disruptions.
- Provides early visibility into potential exposures and risks that may affect business programs
- Enables proactive measures to be taken to avoid potential impacts to business processes and operations
- Identifies specific business assets that are at risk due to identified vulnerabilities
- Codifies risk-based actions to be taken thereby infusing behavior changes and active responses