Enterprise governance deals with the separation of ownership and control of your organization, while business governance focuses on the direction and control of the business and IT governance focuses on the direction and control of IT. Using portable devices can increase the risk of data loss (when a physical device is lost), data exposure (when sensitive data is exposed to the public or a third party without consent), and increased exposure to and from any existing security risks. Data security enables organizations to protect revenue, facilitate digital transformation, comply with regulatory mandates, and generate customer loyalty.
Ultimately, assessing risk means that you are aware of anything in the workplace that could cause harm to your employees and other people, including customers. Ideally, security controls should reduce and/or eliminate vulnerabilities and meet the needs of the business. As you build data security programs around new regulations, it is important to adopt new technologies and move to new data deployment models as necessary to avoid complexity and improve data security scalability.
Depending on the size of your organization, you may have access to all of the data that you need. Once your organization determines the true value of its data, it can determine how much to spend to protect it. Policy implementation risk management forms part of strategic, operational, and line management responsibilities, and should be integrated into your strategic and service planning processes.
Comparable to risk reduction, risk mitigation takes steps to reduce the negative effects of threats and disasters on business continuity and cost risk. Typically, escalation of project costs is due to poor cost estimating accuracy and scope creep, but recent advances in information technology that threaten privacy have also reduced the amount of control people have over their personal data, opening up the possibility of a range of negative consequences as a result of access to this information.
Integrating privacy and cybersecurity can benefit your organization by increasing customer confidence, enabling more standardized sharing of information, and simplifying operations across legal regimes. At minimum, financial services firms need to set up effective governance for their regulatory programs, transform and align finance and risk functions, revamp current client on-boarding and data collection processes, and develop crisis management plans. Uncertainty presents both risk and opportunity, with the potential to either erode or enhance value.
Risk management is the systematic process of identifying, analyzing, and responding to project risk. It includes maximizing the probability and consequences of positive attributes and minimizing the probability and consequences of attributes adverse to your project/organization’s objectives. Introducing new implementation blueprints, recommended practices, and a quick start program can help your organization extend and optimize its identity governance and lifecycle deployments. By adapting the attitude and values of your organization to become more aware of risk, you can help your organization to develop a better sense of the nature of uncertainty as a core business issue.
Some keys of success for digital workplaces are an effective implementation of a digital workplace strategy with a changed learning culture as an incentive for compliant staff behavior. In developing your strategies, you may be more familiar with certain risks or have more control, leading to different kinds of risk; familiarity usually leads to objective risk, while control leads to subjective. Being aware and on top of this helps corporate leaders cope with a lack of explicit strategic alternatives, deal with the complexities of uncertainty and risk over long time horizons, and achieve lasting change in their work.
Want to check how your Data Privacy Risk Processes are performing? You don’t know what you don’t know. Find out with our Data Privacy Risk Self Assessment Toolkit: