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Can Your Risk Management Team See Into the Future?

 

July 8, 2014

 

 

In the super connected lightning fast digital world of today lurks dangers that can bring your company to its knees. These risks are part of our technological society, and yet many companies rely on compliance with industry standards and regulations (PCI, HIPAA, SOC 2, etc) to mitigate them. I’ve talked a lot in this space about Continuous Compliance and Assurance (CCA): the ongoing process of proactive risk management that delivers predictable, transparent, and cost-effective results to meet information security goals. I believe it’s the future of risk management.
What gives me the ability to see into the future? Is it because I own a magic crystal ball – alas...no – and neither does your risk management team.
The only constant in the world of risk management is its unpredictable and changing nature. Standards and regulatory requirements are influenced by litigation, legislation, politics and public opinion around the globe. Over time, these forces crystalize into accepted standards that remain in place for a few years and then they change – and change again.
Moreover, the threats and circumstances surrounding information security are evolving at lightning speed. The rise of mobile communications and commerce, coupled with ever-increasing personalization and the inevitable reality of wearable technology, have created a security environment few would have imagined just a few short years ago. As a result, risk management has become an increasingly complex and multi-faceted endeavor.
While a traditional, in-house risk management departments may attempt to deal with the unpredictable nature of their jobs, most are poorly equipped to deal with the reality of their predicament. With very few exceptions, risk management departments lack the awareness and expertise to forecast regulatory changes and prepare their organizations accordingly. Trapped in a reactive audit cycle without the benefit of real-time monitoring technology, they put out fires and respond to requests for information.
Which brings me back to CCA. It is the best defense against the unpredictable nature of the modern risk management landscape. Savvy companies seek proactive solutions that empower them to keep pace with change and demonstrate up-to-the-minute compliance to clients and prospects. That’s what CCA delivers.
CCA is not a crystal ball. It won’t help you see the future. But it will help you anticipate emerging threats and opportunities, prepare for unforeseen changes and demonstrate ongoing compliance in a world where five minutes ago is ancient history.
By David Grow, Manager, Compliance Services

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