Having effective technology planning can minimize overall operational risk and enhance operational performance in your organization. Operational risk is the risk of financial loss or damage to the reputation of the group arising from breakdowns in processes, inadequate internal controls and procedures, systems and technology, fraud, or deliberate and malicious damage. Once risks have been identified, your organization must either evaluate existing controls or develop new ones to reduce the vulnerabilities to an acceptable level of risk.
Telecom business and operations support systems have been evolving, systemically changing the role, architecture, and overall placement of IT systems in telecommunications. Though superior and more sophisticated tools have been developed, findings may be limited due to the lack of representative data. Data stewardship is the operational aspect of data governance, where most of the day-to-day work of data governance gets done.
You aspire to excel in every aspect of your work and to seek better ways to accomplish your mission and goals. Careful attention to organizational risk governance, transparency, and personal accountability is critical in an operational transaction-processing organization to helping affirm to organizations that the trust placed on them is being properly upheld.
Business intelligence (BI) platforms are applications to analyze critical business data so as to gain new insights about business and markets. Cover organizational approaches that help to tailor the program to your organizational risk profile and the risk appetite. These risks fall into several familiar categories – credit, fraud, compliance, liquidity, systemic, operational or transactional, strategic, and reputation.
Risk management is an integral part of business and your organization should aim to promote risk awareness culture throughout. Addressing risk is often a high priority for the board and effective risk management is a key component of the way you conduct your business on a daily basis. Risk analysis is the activity of examining each identified risk to refine the description of the risk, isolate the cause, determine the effects, and aid in setting risk mitigation priorities.
Unfortunately, the cyber ecosystem you have developed and upon which society is increasingly reliant appears to develop (or have exposed) a new vulnerability as soon as a current one is patched, and old problems keep being introduced. Positivity is key to your culture, which means you support each other and have a lot of fun along the way.
Strengthening portfolio management as a business growth control can be supported by tools that can provide information on portfolio mix strategies, early detection on credit quality drop, customer behaviors, and risk profile. Additional procedures for risk management policy reporting and implementation should be established in a system-level procedures manual. For the most part, whenever a new piece of technology is introduced to an environment, it should be for a defined business reason and PKI is no exception.
Mitigating risk is what cybersecurity is all about, and the fundamental insight on how to think about risk is a great place to start your journey. Align your strategy, processes, people, technology, and information to support agile risk management. There can, however, be disagreement between the information security manager and the business development manager who will have to be responsible for evaluating the results and identified risk.
Want to check how your Operational Risk Appetite Processes are performing? You don’t know what you don’t know. Find out with our Operational Risk Appetite Self Assessment Toolkit: