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Overview

Organizations today face a multitude of IT risks, ranging from cyber breaches and IT hacks, to failures in IT assets due to technical issues. Identifying critical assets, and adopting a risk-based approach towards analyzing potential threats are essential to understand your organization’s risk exposure -- be it from a financial, competitive, reputational, or regulatory standpoint.

The key is to establish a robust and automated approach to IT risk management, leveraging industry standards and best practices, as well as technology, to protect IT assets and manage incidents. This approach enables decision-makers to contextualize and manage IT risks based on their business impact.

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MetricStream IT Risk Management App

The industry-leading MetricStream IT Risk Management (ITRM) App enables you to manage a wide range of IT risk related activities in a systematic and integrated manner. The app streamlines IT risk documentation, control definition and management, multi-dimensional risk assessments, issue identification, and implementation of recommendations and remediation plans, along with risk analysis and reporting.

Through a centralized approach, the app simplifies the identification and analysis of multiple risks in IT operations. It also helps contextualize IT risks based on the associated processes, business units, and IT assets. The app enables integrated risk reporting, and helps prioritize risks for effective mitigation. Powerful dashboards provide timely, actionable information for stakeholders to proactively address top IT risks.

Why MetricStream IT Risk Management App

  • Facilitates Access to Multiple IT Risk Management Frameworks

    Offers one-point access to multiple risk frameworks and standards, along with applicable risk management procedures, templates, and controls; enables you to pick and choose the frameworks and templates that best suit your organization’s requirements

  • Aligns IT Risks to Business Risks

    Helps align IT risks to business scenarios based on the results of qualitative and quantitative risk assessments and multi-perspective risk scoring

  • Enables a Systematic and Consistent Approach to IT Risk Management

    Standardizes and streamlines IT risk management workflows across business units, divisions, and global locations, thereby minimizing inconsistencies

  • Supports Configurable Risk Scoring Algorithms

    Provides configurable risk scoring algorithms, and supports the inclusion of multiple risk assessment factors; facilitates IT risk assessments from multiple perspectives, providing a holistic risk view

  • Supports Analysis of Inherent and Residual Risks

    Offers the flexibility to implement business and organization specific algorithms to construct inherent IT risk score formulas, control score formulas, and residual risk score formulas

  • Helps Identify Findings and Actions and Track Them to Closure

    Helps identify IT risk related issues, and provide recommendations to remediate them in a timely manner

  • Aggregates IT Risks

    Consolidates IT risk assessment data from across organizational levels into pre-defined risk reports, user-configurable risk heat maps, and role-based executive dashboards; offers a comprehensive, real-time view of your organization’s IT risk profile

Build the IT Risk Register

M7 Platform Highlights

  • 1

    Engaging and Personalized User Experience
    Makes the IT risk management process simple, context-sensitive, and personalized for each user; facilitates an intuitive and engaging user experience

  • 2

    Configurability
    Supports app configurations and extensions in an upgrade-safe and scalable manner through the MetricStream AppStudio configuration framework; helps the organization adapt to change quickly

  • 3

    Reporting and Analytics
    Delivers powerful visualization tools and analytics to manage and monitor IT risk trends, data relationships, and actions in real time across the extended enterprise

  • 4

    Lean and Robust Architecture
    Is built on a lean, modern, scalable, and extensible architecture that enables the global digital enterprises of today to seamlessly scale up and support new users, while also adding new apps and solutions to meet changing organizational needs

Set Up Risk Algorithms

Features

  • Asset and Risk Repository

    Define and maintain IT risks, assets, controls, and other business entities in a central database. Map IT risks to business entities such as assets, asset classes, controls, and areas of compliance. Document IT risk management related data in a risk register that includes risk description, severity and impact, consequences, risk rating, mitigation plans, and related emerging issues for each IT asset, asset class, and group. Configure IT risk perspectives, quantitative or qualitative risk factors, and IT risk scoring methodologies. Export or extract data from the risk register at any time in various industry standard formats.

  • IT Risk Assessments

    Set up IT risk assessment plans easily. Scope and schedule risk assessments based on your unique requirements. Identify, assess, quantify, monitor, and manage IT risks in an integrated manner by leveraging the pre-packaged IT risk assessment frameworks. Bring together in a single system all IT risk assessment related data, including a reusable library of risks and their corresponding controls, as well as results from individual assessments, key risk indicators, issues, and remediation plans. Streamline the IT risk assessment process by leveraging the app’s workflow capabilities. Prioritize risk response strategies effectively with the help of graphical risk heat maps.

  • IT Risk Scoring

    Calculate and report IT risk scores by leveraging the app’s configurable scoring methodologies, calculation engines, and algorithms. Enhance risk scoring using built-in best practice templates and workflows. Perform risk assessments and computations based on industry standard risk methodologies (such as DREAD and STRIDE). Ensure that each risk assessment takes into account risk impact, likelihood, and other determinants, as well as weight-based assessments of risk criteria values for use in combined valuations.

  • IT Issue and Remediation Management

    Identify issues for remediation and/or disclosure, and assign them to owners across business units. Trigger a systematic mechanism of remediation and disclosure by leveraging the underlying workflow and collaboration engine. Assign resources for issue investigation and remediation. Define an action plan, (capturing the required details), send it to the owner, and track it to closure. Set up automatic alerts and notifications to ensure timely completion of the tasks. Monitor the status and progress of issue remediation across the enterprise, and enable cross-functional collaboration and communication on issue investigation and remediation tasks.

  • IT Risk Reporting

    Aggregate IT risk data into pre-defined risk reports, user-configurable risk heat maps, and role-based executive dashboards for a comprehensive risk view. Deliver a hierarchical tree-view of risk assessment factors and sub-factors. Gain enterprise-wide visibility into the IT risk management process by leveraging executive dashboards and risk heat maps that highlight issues that need to be addressed. Track risk profiles, control ownership, assessment plans, and the status of remediation on real-time graphical charts that can be accessed globally.

Monitor IT Risk Issues and Action Plans

Monitor IT Risks

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