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Technology Risk

When businesses weave technology into their organizations, they end up relying heavily on those technologies that support functions and store information. The inherent risks associated with depending so completely on systems and hardware can leave a business reeling in the event of failures. A second line of defense, independent, view into an organization’s Technology Risk is critical for meeting heightened regulatory expectations. A consistent approach to running a Technology Risk Assessment (TRA) that firmly aligns business objectives, establishes a repeatable process for control testing, integrates the assessment into change management, and establishes a strong governance structure that allows for challenge over test of design and the thresholds that are set for metrics that inform the effectiveness of controls. There are numerous benefits in performing a Technology Risk Assessment (TRA) and integrating those results into an existing operational risk management framework:

  • Aligning business objectives with a Technology Risk program in such a way that balances risks and rewards, enables businesses to be well-informed and be more nimble in pursuit of the strategic objectives.
  • Comprehensive processes that identify, assess, and prioritize mitigation of techno logy-associated risks allow an organization to avoid the risks that could be most damaging.
  • Integrating a technology risk framework into the operational risk framework enables streamlined management of all risks.
  • A repeatable and comprehensive Technology Risk program is needed to ensure compliance with heightened regulatory standards.
  • Understanding technology risks and being able to assess quickly enables the business to adapt to new and changing technologies.

Our Services

Consistent Taxonomy

The technology responsible for enabling and codifying a TRA will of course come from a thorough taxonomy, categorizing your existing risk and compliance programs. We will assist in creating a meaningful set of controls for the governance of the newly classified data that will work in tandem with external processes to provide fluid interaction with the information most important for your business. We will work with you to determine how that information is shared across the business, what the relevant hierarchy will be, how it will be analyzed and presented on an ongoing basis to most effectively mitigate technology risks.

Technology Control Objectives

With an extensive TRA, we can help to understand where an organization has technology risks and the extent of those potential risks. After determining and understanding what those risks are, we can create a uniform set of control objectives for those identified risks and ensure that those controls are the ones needed.

Test of Design and Effectiveness for Controls Aligned to the Objectives

The very definition of a blind spot is something that’s not visible from the standard view of a situation. That’s why, after identifying, organizing and designing controls for technology risks, those controls must be tested and stressed extensively to ensure that nothing has been left in those blind spots. Once the controls have been tested and put into place, they should be monitored on an ongoing basis due to the developing nature of the tech landscape.

Incorporation of TRA into Overall Risk Framework

Once the TRA has been completed, the resulting risks, controls and necessary governance must be integrated into the overall operational risk framework to become a long-term value to the organization.

Extending the consistent TRA to third-party vendors

In the same vein as incorporating TRA into the actual risk framework organizationally, a new perspective on technology risk must also be extended to third-party vendors working with the organization and its potentially sensitive information. The standards, controls and policies surrounding technology risk management should not be any less rigorous when dealing with third parties.