PCI DSS & EI3PA Requirement 12.1.2, section 404 of the Sarbanes-Oxley Act of 2002, and the HIPAA implementation specification at § 164.308(a)(1)(ii)(A) all require organizations to establish a formal process for identifying threats and vulnerabilities that could negatively impact the security of their data. The core idea behind risk management is that there is no such thing as “zero risk.” Every aspect of life and business involves thousands of risks, from natural and man-made disasters, economic crashes, attempts at hacking and theft, to changes in technology and business practices.
A Risk Management program needs to be a regular and ongoing process that follows the business lifecycle, rather than something that is performed once. If risk isn't managed constantly, the program becomes stale and static because the risks are always evolving and changing. At the very minimum, it is essential to recheck your risk assessment and your risk management program once a year, or, after any major change in how you do business, or in the technologies and solutions that you utilize, or a shift in the marketplace.
Risk Management Programs range from the simple, quick and limited to the extremely detailed and complicated. Keeping all of that in mind, we have cost-effective Risk Management Solutions for all areas of IT governance compliance. Please select the link below for more information: