For organizations, navigating the digital landscape is a battle focused on winning in emerging markets, while disrupting existing ones. This paradigm shift is a result of growing business demands, as well as the requirements of a globalized world.
The digitization of services and processes enables organizations to be more agile and to operate more effectively, whether it’s in terms of delivering great customer service, or enhancing processes with supply chain partners. Going digital also helps enterprises stay competitive in a constantly changing environment of disruptive technologies such as artificial intelligence (AI), internet of things (IoT), cloud, mobility, and big data analytics.
While digital transformation has the potential to drive powerful results, enterprises need to be able to manage the associated risks effectively, including technology related risks, third-party risks, operational risks, regulatory compliance risks, strategic risks, or cyber risks. Resilience is key, but to achieve it, Chief Risk Officers (CROs), Digital Risk Officers (DROs), and Chief Information Security Officers (CISOs) must adopt a proactive approach to digital risk management.
A holistic risk management strategy that focuses on mapping business objectives to the associated digital risks has the potential to deliver better risk visibility and assurance than a traditional siloed approach. Therefore, many organizations are opting to integrate and streamline their digital risk management processes which, in turn, improves their ability to stay competitive in the digital age.Download Solution Brief
Metricstream Digital Risk Management Solution
The MetricStream Digital Risk Management Solution, built on a scalable GRC platform, enables organizations to meet their requirements for digital transformation by effectively addressing various digital risks associated with their enterprise, technology, and third parties.
Through the solution’s enterprise risk management capabilities, users can manage and gain a single view of the top digital risks across the first and second lines of defense. They can also leverage the solution’s IT risk management capabilities to streamline the IT risk analysis process, and establish consistent risk taxonomies. Meanwhile, the solution’s third-party management capabilities deliver comprehensive visibility into the digital risks associated with third-party relationships, thereby strengthening risk awareness and decision-making.
Powerful reports and dashboards provide real-time insights into enterprise risks, IT risks, and third-party risks, enabling organizations to keep up with the pace, volume, and complexity of digital change.
Source: Customer responses and GRC Journey Business Value Calculator
67%Improvement in risk reporting visibility and efficiency for the executive management and board
80%Improvement in risk and control framework related operational efficiency
66%Reduction in the time taken to complete risk assessments
37%Cost savings in risk assessments and associated processes
80%Reduction in third-party onboarding time
50%Reduction in the time and costs required to complete third-party risk assessments, and to identify risks1
Enterprise Risk Management
Enable all organizational risks related to digitization to be managed in a structured and systematic way. Identify and define business objectives, processes, products, associated risks, and controls with clear relationships across these data elements. Design business-specific risk assessments, and assign them to assessors, owners, and other risk stakeholders.
Establish controls based on industry standard frameworks, and efficiently design control test plans and assessments. Measure and track key indicators for risks (KRIs), controls (KCIs), and performance (KPIs). Set thresholds to identify potential risks, and enable them to be mitigated in advance.
Centrally record all findings stemming from risk assessments and control tests. Access real-time information on the digital risk management program through role-based landing pages with dashboards.
IT Risk Management
Simplify IT risk management through a focused and business-driven approach. Identify and define the relationships between IT risks, assets, processes, and controls. Conduct multi-dimensional risk assessments in both a top-down and bottom-up manner.
Record issues from the risk assessments, and assign resources for issue investigation and remediation. Leverage advanced risk reports, risk heat maps, and role-based executive dashboards to gain a 360º view of the organization’s IT risk posture.
Vendor Risk Management
Evaluate and monitor vendor risks related to digitization in an integrated manner. Efficiently manage vendor information gathering, due diligence, onboarding, real-time monitoring, and risk and control assessments.
Enable a consistent, automated approach to vendor registering and onboarding. Define the frequency of vendor assessments based on risk profiles. Simplify due diligence by creating pre-defined questionnaires, triggering assessments at regular intervals, and automatically calculating risk scores based on the vendor responses.
Record and resolve issues identified during vendor onboarding, monitoring, or risk and compliance assessments. Gain powerful reports, analytics, and business intelligence capabilities for a holistic view of vendor risks, compliance, and performance.