Remove Hazard Remove Insurance Remove Mitigation Remove Retail
article thumbnail

Strategies for Digital Risk Protection

Reciprocity

Hence cybersecurity risk management is crucial to prevent and mitigate cyber threats. Any hazards associated with cloud architectural changes, the use of new platforms such as IoT devices, or new IT systems can lead to digital risk. Mitigation. How do you know which mitigation measures to implement? Technology.

article thumbnail

Risk Assessment vs Risk Analysis

Reciprocity

A risk analysis is conducted for each identified risk, and security controls are pinpointed to mitigate or avoid these threats. Various types of hazards must be considered. After identifying hazards and risks, consider how they are harmful and the possible outcomes. Economic risk. Operational risk. Third-party risk.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

5 Steps to Implement Enterprise Risk Management (ERM)

Reciprocity

Passing or sharing the risk via insurance, joint venture, or another arrangement. Mitigating or reducing the risk by internal controls or other risk-prevention measures. Factor Analysis of Information Risk (FAIR) provides a common risk mitigation vocabulary to help you to address security practice weaknesses. Risk Response.

article thumbnail

5 Steps to Implement Enterprise Risk Management (ERM)

Reciprocity

The reactions to risk include: Acceptance or toleration of a risk; Prevention or termination of a risk; Passing or sharing the risk via insurance, joint venture, or another arrangement; Mitigating or reducing the risk by internal control procedures or other risk-prevention measures. ERM’s Ultimate Objective. Risk Assessment.

article thumbnail

IRM, ERM, and GRC: Is There a Difference?

Reciprocity

For example, retail is now “e-tail,” manufacturing plants are increasingly automated, and nearly every step of the hiring and contracting process happens online, from application to background checks to payroll. The advent of the digital age is partly to blame. Many Needs, One Solution.

article thumbnail

5 Steps To Developing A Corporate Compliance Program

Reciprocity

More broadly, a corporate compliance program reinforces a company’s commitment to mitigating fraud and misconduct at a sophisticated level, aligning those efforts with the company’s strategic, operational, and financial goals. You must assess the efficacy of your company’s compliance program and identify potential hazards.

Audit 52