Risk is the effect of uncertainty on objectives. Managing risk well increases the certainty that objectives will be achieved. Not surprisingly, organizations leading in risk management "capture the prize". According to a PWC Risk Review, organizations more frequently achieve their objectives, are more profitable and less likely to experience a negative profit margin than those organizations that don't manage risk well. In fact, PWC found that 41% of risk leaders achieved an average annual three year profit margin of more than 10%, with no risk leader organizations experiencing a net loss. In comparison, only 31% of organizations not considered risk leaders, experienced average annual three year profit margins in excess of 10% with 7% of organizations experiencing net losses
Pretty compelling data. One would think that every organization would be chasing this certain prize. Yet, there are still a lot of organizations that think a basic risk management program is too difficult and time consuming. With this in mind, earlier this year we announced the RSA Archer® Ignition Program - a fast track approach for launching the foundational elements of a business risk management strategy to help your organization get its program up and running as quickly and easily as possible. The ignition program includes:
- The ability to catalog and monitor Risks to establish a strategic method to view and understand risks across the enterprise;
- A process to manage Issues from audits, risk assessments, and internal compliance processes;
- A Business Impact Analysis framework to quickly catalog and prioritize assets and business processes to build the context to connect risk and prioritize technical and organizational risk treatments;
- The ability to identify and track Third Parties used by your business to understand the emerging ecosystem that affects risk;
- Fixed-price deployment and implementation services to let you quickly stand up your environment; and
- Insights and best practices from RSA University.
RSA Archer Risk Catalog is a central element of the RSA Archer Ignition Program, providing the foundation to record, assess, and track risks across your enterprise, and establish accountability by named first and second line of defense managers. The Catalog includes a three-level rollup of risk, from granular risk statement up through enterprise risk statements. Inherent and residual risk can be assessed utilizing a top-down, qualitative approach, with assessed values rolling up to intermediate and enterprise risk statements.
- Consistent approach to documenting risk, assigning accountability, and assessing risks
- Oversight and management of all risks in one central location
- Ability to understand granular risks that are driving the big risks across your enterprise
- Consolidated list of prioritized risk statements
With RSA Archer Risk Catalog, you can:
- Obtain a consolidated list of the organization's risk
- Enforce a consistent approach to risk assessments
- Prioritize risks to make informed decisions about risk treatment plans
- Create accountability for the ownership of risks
The RSA Archer Ignition Program empowers organizations of all sizes to respond to risk with data-driven facts using a streamlined, fast time-to-value approach. Learn how we can help you capture the prize.
Author: Marshall Toburen
Category: RSA Point of View
Keywords: Ignition, Risk, Risk Catalog, Risk Management, RSA Archer