Blog | December 15, 2020 | 4 MINS

Risk Management Tools: Discover and Quantify Risk for Your Business

Understanding your business’s risk posture can be a daunting task given the amount of data you hold, the sheer volume of associated risks, and the subjectivity of manual risk assessments. As a result, businesses are evaluating risk management tools to better understand their organizations risk posture while making the most informed, risk-based decisions.

How can my business understand our risk posture?

Risk quantification gives your business a standardized approach for measuring and prioritizing risk across the entire organization. By leveraging risk management tools, your business can reduce subjectivity and increase automation to better understand your risk posture.

Register for the webinar: 5 Steps to Overcome Data Overload: Using Data Discovery & Risk Formulas to Standardize Risk at Scale

The benefits do not stop there. By freeing up resources and creating a common risk language across the business, each line of defense is better prepared to manage risk.

  1. The first line of defense (e.g. operational managers) traditionally views managing risk as a chore. With newfound risk insights, these individuals can make more informed decisions on the business’ strategic initiatives.
  2. The second line of defense (e.g. risk and or compliance professionals) is also in a position to drive risk program maturity. These individuals can focus on evaluating the risk of new strategic initiatives that move the business forward.

Risk quantification moves the needle of progress forward by empowering both defense lines to focus on strategic initiatives rather than daily chores.

How can we maximize risk quantification with risk management tools?

Well, it comes as no surprise that business reliance on technology has heightened the number of data points that a risk management tool must monitor. Just think about all of the risk-adjacent systems a business might leverage, such as threat management systems, configuration management databases, vulnerability scanners, human resources systems, etc. Each of these play a role in how a business understands their risk posture.

This brings up two critical questions:

  1. How does a business keep track of their risk-adjacent systems?
  2. How does a business use the data across these systems to better understand their risk posture?

Automated data discovery is the answer. Organizations can benefit from leveraging a risk management tool with automated data discovery capabilities to easily discover and catalog data across the cloud and on-premises while also tracing shadow IT.

Once all relevant risk-adjacent data is in your risk management tool, then you are able to leverage the power of risk quantification. Simply put, the additional context provided from your risk-adjacent systems can be fed into your risk management tool with automated data discovery to gain an even deeper understanding of your business’s risk posture.  Only then will you have the risk context necessary to prioritize risk-related decision making.

Register for the webinar to hear us discuss how to overcome data overload. We’ll review how to quickly connect enterprise data through automated data discovery and translate the data into meaningful risk insights.

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