Continuous Risk Management

Our Compliance Department performs our annual risk assessment, now the examiners want us to incorporate our risk assessment process into our day to day operations. Why? This is a question we often are asked.  If you are like a lot of institutions, the risk assessment is performed prior to each examination by one or two individuals.  Once the exam is over, the risk assessment report sits on the shelf until next year.  The report, while shared with the Board of Directors, is unfamiliar to the majority of staff.

(Read the full .pdf article: Continuous Risk Management)

Let’s look at the one of the key regulatory requirements of a risk assessment: Manage and Control Risks.  The concept is that as institutions manage risk, they should be able to reduce information breaches and fraud losses while generally increasing information security.

Information security is every employee’s responsibility, not just the person or persons preparing the risk assessment.  The more that staff is involved in the information security process, the better they will be at protection valuable information.  Better information security leads to less fraud losses, and costs associated with information breaches; all of which makes for a better bottom line.

Scout takes your annual process, performed by a few and turns it into a corporate wide risk management tool.  It follows the old saying, “what gets measured, gets done.” Staff gets a convenient, easy to use and time saving tool to track their information security efforts, you get a dashboard that monitors and reports your risk status, enterprise wide.

 

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