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To address these challenges, LogicManager’s True Risk calculation accounts for not only the standardized questionnaires and publicly available sets of financial, security and operational data, but also the references between your vendor and your key businessservices, your data, and your strategic priorities.
But, with the invention of a crystal ball not on the horizon, organizations need an alternate way to gain a complete view of their important businessservices and be better prepared to prevent a potential disruption before it materializes. In today’s fast-paced world, resilience must be a strategic priority for businesses.
Given third parties support strategic and important businessservices, it is critical to ensure that your organization has its arms around th e risk s that come with them to ensure the resiliency of your own operations. The Old Model of Third-party Risk Management.
LogicManager’s True Risk calculation accounts for not only the standardized questionnaires and publicly available sets of financial, security and operational data, but also the references between your vendor and your key businessservices, your data and your strategic priorities.
Operational Resilience is a fundamental part of future-proofing businesses, furthermore, if your business has a robust operational resilience capability it will also bring many strategic benefits, particularly around cost reduction, organisation agility and the overall customer experience.
After all, Operational Resilience is not limited to the financial services industry. The intent is to establish “resilience-by-design” in strategic investments and critical projects.
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In mapping all the important businessservices, many resilience managers reported finding themselves overwhelmed by the amount of data that required capture and analysis. This shift to pursuing a “data over documents” approach will allow firms to tie together the available data and translate it into useful, viable strategy.
Delivering the planning at the businessservice level requires some degree of mapping of those businessservices,” Crask explained. Although COVID-19 is driving changes in business continuity to this resilience focus, some organizations may be hesitant to evolve along with it.
They also emphasize the need for organizations to strengthen their business continuity (BC) and operational resilience programs as well as prioritize agility to mitigate emerging threats and ensure compliance with global regulatory mandates.
LogicManager’s True Risk calculation accounts for not only the standardized questionnaires and publicly available sets of financial, security and operational data, but also the references between your vendor and your key businessservices, your data and your strategic priorities.
While we know that complying with it will take considerable time and investment, you are to an extent future proofing your business. You’re investing to make sure your important businessservices can withstand the unknown. That future proofing element is vital because you can’t always predict what is going to happen.
By integrating these core components, the NIST CSF facilitates a strategic, flexible, and scalable approach to cybersecurity, allowing organizations to adapt the framework according to their specific needs, risk levels, and business environments. Your enterprise manages its assets according to their priority.
By integrating these core components, the NIST CSF facilitates a strategic, flexible, and scalable approach to cybersecurity, allowing organizations to adapt the framework according to their specific needs, risk levels, and business environments. Your enterprise manages its assets according to their priority.
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