Figure 2 – Integration provides you with an oversight of your entire risk environment
Figure 2 shows how taking an integrated approach to IT risk management moves you towards the ‘ideal’ business scenario.
To achieve next-level compliance, it’s clear you need better oversight of all the IT risks affecting your business, including your third-parties. Once you understand all the challenges you face, you can implement the controls to inform your decision making, protect your investments and safeguard your reputation and operations.
The trouble is that when trying to resolve their IT risk management challenges, many organisations employ a “technology-first” mindset – if they implement an enterprise solution, they must be protected. Not true. Technology only works if it’s implemented correctly, and to implement it correctly, you need to understand the big picture.
By taking a step back to identify all the IT risks your organisation is exposed to, the interdependencies between your business functions and any existing vulnerabilities, you gain an understanding of your current IT risk posture. Then you have to question your risk appetite and start to identify how you can implement integrated risk management and governance risk and compliance software.
As demonstrated in figure 2, moving towards the ‘ideal’ scenario where everything works in harmony, means that your organisation now has a common language: when talking about IT risk management, the control activities are effective. Your business functions (pillars) are working together, and the whole business can operate ethically and with integrity.