Enterprise Risk Management Software Solutions
Cybersecurity should be treated as an enterprise issue, not just an IT issue
The most commonly used and internationally recognized Enterprise Risk Management (ERM) framework is the COSO framework (Committee of Sponsoring Organizations). ERM is defined by the COSO as "a process, effected by an entity's board of directors, management and other personnel, applied in strategy-setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives."
Organizations have begun to embrace the concept of enterprise risk management as a way to strengthen their organization’s risk oversight. The objective of enterprise risk management is to develop a holistic, portfolio view of the most significant risks to the achievement of the entity’s most important objectives.
Governance, risk and compliance is the cyclical integration of risk assessment, compliance with standards to mitigate risk, and oversight of continuous compliance monitoring. Risk management is the most important part of an organization’s governance, risk and compliance program (GRC). But a well designed GRC framework does not replace the need for robust enterprise risk management program. Regardless of the approach or the methods used, a thoughtful Governance, Risk, and Compliance (GRC) technology should help enable the organization’s ERM process, making it user friendly, efficient, and adaptable.