Sanctions, ransoms, banking failures and supply chain woes — less than halfway into 2023 and security leaders continue to see how today’s world events can affect any industry at any time. Businesses without a clear risk strategy need to articulate one, and quickly, because they face increased volatility across all operations and business units, from compliance to third-party to cyber and IT. With this rapid velocity of new and emerging risks defining the current risk landscape, it’s crucial for organizations to stay risk-aware and know where internal vulnerabilities lie, so they can strive to minimize disruption while maintaining regulatory compliance and ensuring quicker response in case of an adverse event.
An effective enterprise risk management (ERM) program is how organizations gain visibility into the risk exposure of business activities across the extended enterprise.