IT Risk Management Software Solutions

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Most IT organizations struggle with ensuring visibility and control on IT risks due to the complexity of IT environments in large corporations. It is a challenge to ensure consistency in measuring and managing risk on an ongoing basis continually assessing the impact of IT risks in the disparate areas of the organization. Moreover, linking IT risk and compliance life cycles together is critical as a mechanism to interpret control failures within the context of over all business risk and performance allowing for more effective prioritization and allocation of resources to address IT control deficiencies.

Identifying IT Risks: MetricStream supports creating a centralized registry of IT risks, documenting their source and nature, area if impacted, response strategies, key risk indicators and mitigating controls. Classification and mapping of risk events to business risks and compliance requirements provides a complete context for IT risks. Customers can also maintain a library of qualitative and quantitative assessment factors and relate them to the risks. Technology connectors automate the collection of data related to risks such as vulnerability and threats via integration with third-party products.

IT Risk Assessment and Analysis: MetricStream supports IT risk assessments and computations based on configurable risk scoring methodologies and flexible what-if analysis functionality enabling manager to prioritize their response strategies for optimal risk/reward outcomes. Customers can utilize a library of risk assessment questions for conducting surveys based on control statements and procedures that are mapped to various regulations, standards and frameworks to driving powerful risk and compliance reporting. IT risk managers can create questionnaires and assessment tasks for periodic risk reviews, fraud assessments and compliance evaluations for various organizations, processes, assets, facilities, vendors and applications.

IT Controls Design and Evaluations: Once the key IT risks are identified and prioritized, MetricStream leverages industry standard frameworks to enable companies to define a set of controls that mitigate those risks. The solution also allows associated policies and procedure documents to be attached for reference. Assessment plans to evaluate and ensure the effectiveness of the controls can be designed and assigned to owners based on roles and responsibilities. The system supports assessments based on predefined criteria and checklists and has a mechanism for scoring, tabulating and reporting results.

Issue Management and Remediation: Risk and control assessments can automatically route issues and findings to the appropriate personnel for mitigate through remediation action plans. As deficiencies are addressed through corrective actions, the system automatically updates residual risk scores reflecting the true risk profile.