Risk Management
As Said,Risk management is a program management tool to assess and mitigate events that might adversely impact the program.Successful implementation of risk management will increase the program's likelihood of success. This RMP(Risk Management Plan) will:
- Serve as a basis for identifying alternatives to achieve cost, schedule, and performance goals,
- Assist in making decisions on budget and funding priorities,
- Provide risk information for Program Reviews or Milestone decisions, and
- Allow monitoring the health of the program as it proceeds.
Faced with growing threats to information assets, organizations need to continuously and proactively identify information risks and implement controls to mitigate them. The key security challenges include the following:
- Meeting complex compliance requirements for customer and employee data across different geographies
- Ensuring employee buy-in on security controls
- Designing security programs to address core security issues
- Ensuring security of mobile devices and wireless technologies
- Minimizing vulnerabilities in information systems and electronic data transmissions leading to identity theft, fraud and revenue loss
Our view is that management must address risk in a holistic way that includes strategic, financial, operational and compliance risk components. A company's Board of Directors should clearly articulate the organization's Risk Appetite, and management should work on integrating organization-wide risk management processes, systems and methods to reduce cost and enhance business value.
Techno Tec's Risk Management program enables integrated risk views and risk consolidation programs to implement new generation models, liquidity risk modeling and advanced scenario analysis. It increases periodic review of models by focusing on back/stress testing and enables fine-grained analysis of and real-time access to data.
Advansys's Information Risk Management practice has an outstanding track record in providing Security and Risk Assessment, Auditing, and Identity and Access Management solutions to global clients in various industries including telecom, insurance, retail, and banking and financial services. Our key offering includes Risk planning,Risk Assessment,Risk Handling and Risk Monitor. Advansys follows very detailed process in each of these stages Using deep domain expertise, proven process and skilled resources certified by leading security organizations .
Our Risk Management Process is as follows:
- Risk planning: It consists of the up-front activities necessary to execute a successful risk management program. It is an integral part of normal program planning and management. The planning should address each of the other risk management functions, resulting in an organized and thorough approach to assess, handle, and monitor risks.The said is achieved by particular driven process,procedures Resource Allocation,Documentation and Reporting,Metrics and Plan Update.
- Risk Assessment: The process includes the identification of critical risks, which could have an adverse impact on the program, and the analyses of these risks to determine: the consequences, the probability of occurrence, the impact of the consequences on the program, and the time frame during which the consequences are likely to occur.
- Risk Handling
Advansys mainly uses four risk-handling techniques, or options.They are:
- risk avoidance, which eliminates the sources of high risk and replaces them with a lower risk solution;
- risk transfer, which is the reallocation of risk from one part of the system to another.
- risk control, which manages the risk in a manner that reduces the likelihood of its
occurrence.
- risk assumption, which is the acknowledgment of the existence of a particular risk
situation and a conscious decision to accept the associated level of risk without engaging
in any special efforts to control it.
- Risk Monitoring: Our Risk Monitoring process and procedure systematically tracks and evaluates the performance of risk-handling actions.Essentially, it compares predicted results of planned actions with the results actually achieved to determine status and the need for any change in risk-handling actions.
Association with Advansys will ensure the following benefits:
- Information security cost optimization
- Adoption of international standards and industry best practices
- Effective integration of the information risk management framework with overall enterprise risk management strategy
- Identification of core security issues and risks
- Enhanced security processes with minimum risks
- Improved IT security governance leading to better planning and decision-making
Our Enterprise Risk Management (ERM) solution can help you assess the current state of your company's enterprise risk management, develop an integrated framework and operating model, and build the roadmap and business case for ERM transformation. Our services also include the execution capabilities to support enterprise risk management transformation, including data and systems integration, and the virtualization of certain aspects of enterprise risk operations.
