In the rapidly evolving environment that organizations operate in nowadays, Risk Management is an increasingly important tool in corporate management strategies.
Risks affecting organizations can have consequences in terms of economic performance and professional reputation, as well as Information Security and Cybersecurity. Therefore, managing risk effectively helps organizations to perform well in an environment full of uncertainty.
Enterprise risk management (ERM) is a structured, consistent, and continuous Risk Management process applied across an entire organization that allows companies to better understand and address material risks.
ISO 31000:2018 – Risk Management
The purpose of ISO 31000:2018 is to provide principles and generic guidelines on Risk Management. ISO 31000 specifies principles and guidelines for risk management for identifying, assessing and mitigating risks faced by the organizations. It recommends organizations to develop, implement and continuously improve a framework that aims to integrate risk management processes into the organization’s overall governance, strategy, and planning, management, reporting processes, policies, values and culture. This framework can be used regardless of the type of risk and organization on deck; it will help organizations to protect their financial stability and reputation.
- Gain competitive advantage – enhanced risk management will support achieving goals and objectives.
- Reduce costs through proper risk management.
- Respond to change effectively and find viable solutions.
- Create and protect value.
- Increase the likelihood of achieving objectives.
- Productively identify the opportunities and threats.
- Identify and mitigate the risk throughout the organization.
- Gain stakeholder confidence and trust.
- Create a consistent basis for decision making and planning.
Relationship between Principles, Framework & Process – Source: ISO 31000
AZAAN’s Risk Management Services
AZAAN’s Strategic & Information Security consultants follow proven methodologies to design and develop the Risk Management Framework specific to each client and to deliver effective Risk assessments for them.
AZAAN develops a customized strategy based on the characteristics and requirements of each organization, and also provides the required risk management support processes to effectively manage and mitigate the risk.
In particular, Information Security Risk Management provides a detailed articulation of the risks associated with the information assets and supporting ICT resources, threats that could adversely impact those assets, and vulnerabilities that could allow those threats to occur with greater frequency or impact.
- Risk Management Strategy and Framework.
- Establishment of Risk Management principles.
- Enterprise Risk Assessment, including Information Security & Cybersecurity.
- Develop Risk Register.
- Develop relevant policies, procedures and processes.
- Embed Risk Management Framework within the Organization’s overall Strategic and Operational policies.
- Periodic Risk Assessment and monitoring.
Key Services we offer:
Consulting: Using the ISO 31000 standard and other risk management best practices / frameworks including COBIT 5 for Risk, AZAAN provides strong Risk Management advisory services ranging from gap assessments and risk assessments to full-fledged management system implementation.
Training: AZAAN prepares practitioners and auditors for Risk Management through trainings and Risk Assessment workshops. Click here to know more about our trainings programs.
Implementation Toolkit: AZAAN has developed a stand-alone ERM (Enterprise Risk Management) implementation toolkit filled with templates and artifacts for organizations striving to implement effective Risk Management.
Contact us to know more, ask for Quotation and get benefitted from our services.